Happy February! How are your New Year's resolutions faring? If you're one of the many working towards a healthier lifestyle this year, kudos to you. Many find the keys to success are moderation, steadiness and, perhaps most importantly, a balanced strategy.
Funny enough, the same balanced perspective paradigm is at the forefront of conversations within the anti-fraud community. Seemingly, we all expect more thanks to our mobile-first, app-induced experiences. With the majority of transactions originating from a mobile device or app, it is not surprising mobile channel fraud has increased over 600 percent in three years.
Our financial lives cross from one device to the next and we expect fluidity – even amongst in-person experiences. In a short time you may login (mobile or PC), transfer money, edit your bank profile, pay bills, stop by the ATM, or enter a bank branch. Cross-correlation behind the scenes is key to ensuring our consumer experience is frictionless. Tip the scales too much in the direction of heightened security, and you have unhappy customers.
“Why am I being stepped-up right now? – I always make this type of payment.” Consumers want to feel as though the journey between devices, the online experience and the in-person components are seamless and balanced, so as to not flag fraudulent behavior unnecessarily.
Back to your resolution: how do you balance meal preparation and exercise time devotion? The right amount of cardio with weights? Food portioning? Time of day consumption? Appropriate dietary groups that consider vitamin and mineral intake? A holistic strategy is necessary for anyone attempting new diet and exercise plans.
The same balanced approach to security and convenience across all channels is crucial – and it keeps getting more complex. Tuning policies to coincide with risk-based decisions from machine learning models. Balancing the inflow of cases, and ensuring marked fraud is providing the feedback loop to the risk engine. Prioritizing cases appropriately. Stepping up authentication only when appropriate. Balancing these components ensure the best possible experience. If only it stopped at the crossroads of web and mobile, right?
To bring together that balanced experience, organization’s need a hub. An anti-fraud hub that brings together disparate channel data, and leverages machine learning to generate a consumer risk score. A hub that has visibility into the web, mobile, call center/IVR, ATM and branch such that organizations make the right decisions at the right time. A single omnichannel view means seeing multiple banking channels as a single, multi-faceted environment. A view of fraud risk across the environment is necessary and cross-channel correlation is essential to establishing that single omnichannel view. Machine learning is the mechanism for cross-channel correlation that, over time, establishes a single view of the customer—a digital identity that transcends channels—and provides fraud protection for that digital identity.
When customers joined us in the RSA® Executive Briefing Center throughout 2018, they made their “resolutions” known in the voice of the customer segment. Distill those messages to fraud and it sounded like this:
We need to:
- Distinguish between legitimate and fraudulent behavior for consumers across channels
- Centralize fraud management and break down business channel silos
- Quantify the business impact with business context around a given fraud incident
What’s your organization’s new year’s resolution, and how is it shaping up six weeks in? Are you finding the right balance within your strategy?
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Author: Mathew Long
Category: RSA Fundamentals, Blog Post
Keywords: Banking Fraud, Digital Banking, Fraud Management, Omnichannel Banking, RSA Fraud & Risk Intelligence Suite