Holistic fraud prevention: transforming the customers’ experience

Financial institutions are on a perpetual quest to improve customer engagement to drive increased transactions, account balances, loyalty, and ultimately profitability. Banks found that online banking fulfills this objective; online banking customers (especially online bill-pay customers) have become more profitable than their offline counterparts. Providing exceptional, seamless service to this highly valuable and growing segment is critical. Unfortunately, the imprecise, antiquated fraud controls that many financial institutions use degrade the service, which is counterproductive to their business goals. Banks struggle with balancing requirements for fraud mitigation and compliance while improving customers' online experience and their own profitability.

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