Fighting Banking Fraud Without Driving Away Customers

FIGHTING BANKING FRAUD WITHOUT DRIVING AWAY CUSTOMERS

Effective Methods for Targeting Cybercrime in Financial Services

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TABLE OF CONTENTS

Introduction ............................................................................................................ 3 Stopping Fraud: One Goal Among Many ........................................................... 4 Moving Toward a Unified, Secure Customer Experience ............................... 4 Online Retail Banking: A Focus on Customer Satisfaction ............................. 6 Credit Cards: Higher Costs and Less Chance of Recovery ............................ 7 Commercial Banking............................................................................................. 9 An Illustrative ROI Formula for Risk Solutions ................................................. 9 Conclusion .............................................................................................................12

Fighting Banking Fraud Without Driving Away Customers

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INTRODUCTION

Nowadays the ability to stop fraud is only half the story. Risk mitigation and fraud prevention efforts must also support a financial institution’s strategic goals of increasing customer satisfaction and contributing additional revenue—all while protecting customers and the organization’s reputation. Fraud prevention services must provide a unified approach across all lines of business including retail, card and commercial, while simultaneously preserving the customer experience and improving profitability. As it relates to the online channel, financial institutions need customer-friendly technology that provides protection for their online portals at login, as well as account and transaction creation associated with the entire suite of products and services that they offer. Perhaps no single threat jeopardizes banking relationships with their customers more than account takeover and the subsequent fraudulent transactions and...