Identify Risk to Reduce Fraud in Banking Transactions
We trust banks with much of our personal and organizational assets. In securing our assets and putting them to work for us, banks have many exposure points to fraud:
- Account opening and identity verification
- Loan and credit applications
- Transaction initiation and clearing
- Safeguarding of money, data, and IP
Thieves and hackers are continually testing the banking system. After all, that’s where the money is.
At the same time, the vast majority of people and transactions in the banking system are trustworthy. Slowing down legitimate transactions creates friction in the flow of commerce. Unnecessary friction can erode customer satisfaction and profits.