RETAIL BANKING

RETAIL BANKING

Consumers see themselves and their financial institutions (banks) as their primary identity protectors.1Meet this demand by giving your account holders protection that empowers with MyDigitalProtection.

 

Today banks use layers of protection that begin with card verification and alternative easy solutions, followed by advanced ID authentication strategies like device ID fingerprinting and authentication by quizzes,

Retail-banking

then more advanced strategies as well as real-time transaction tracking and rules-based filters. The use of advanced identity authentication is still restricted, whereas manual reviews consume a large portion of fraud mitigation budgets

 

Javelin Strategy & Research found that 52 percent of consumers are confident financial institutions can safeguard their financial data with the appropriate precautions.

 

Furthermore, 44 percent of consumers trust that their financial institutions will protect them from financial loss in the event of an identity crime.

 

MYDIGITALPROTECTION enables retail banks to provide an innovative solution to a critical consumer concern – online crime and identity-based fraud. It can be delivered as a packaged account benefit and as a value add for customers who suffer fraud on their accounts.