In Europe and the U.S., financial services organizations and their customers are enjoying the benefits of a digital revolution. Digital channels have transformed the way consumers interact with their financial service providers. Digital channels have bolstered the ability of banks and insurers not only to attract new customers but also to engage with existing customers at a lower cost and with a broader range of relationship-enhancing capabilities. At the same time, the introduction of new digital capabilities has drawn the attention of criminals.
- 48% of organizations are not confident in the effectiveness of their identity verification methods
- Over 50% of organizations rely on basic pattern checks as their risk assessment tool
- 48% of financial organizations and 35% of insurers rely on SMS One-Time-Passwords (OTPs) as the preferred step-up authentication.
These are all reasons for organizations to re-evaluate their current methods and investigate how they’re impacting both customer experience and fraud loss.
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