There is no doubt that cyberfraud management and identity verification are top concerns in financial services, as consumers shift more of their financial activities online and to the mobile channel. The head of digital channels for a community bank commented, “Fraud is going up in all channels—mobile and online.” This was corroborated by IDology’s 2015 Fraud Report, which saw an increase in overall suspected fraud attempts for a third year in a row – 36% in 2013, 40% in 2014, and 46% in 2015.
Not only are customers using mobile for everyday activities like checking an account balance, transferring funds, and reviewing transaction history, but even the account opening process is moving to mobile. Some of the executives interviewed mentioned that they had plans to offer mobile-based account opening within the next two years and doing so is just a question of getting the necessary capabilities ready. An executive from an online-only bank that has made significant investment in offering a best-in-class mobile experience said that onboarding via mobile device is almost preferable to onboarding via the desktop Web channel since mobile devices provide a rich set of data on the user including geolocation tags, device ID, and SIM identifiers.
IDology, along with Mercator Advisory Group, hosted an informational hour-long webinar discussing Mercator Advisory Group and IDology research on identity fraud with a focus on the financial services industry. The webinar discusses risks and challenges the financial services sector is facing from identity theft originating from online apps and mobile devices. Topics covered include:
- Mobile banking interactions are growing, including account opening;
- Why and how mobile drives opportunity and risks for financial institutions;
- Balancing security and user experience; and
- Perceptions of mobile security and reliability.
For more information on how IDology’s identity verification and fraud prevention solutions are assisting financial organizations, give us a call at 866-520-1234 today.