Global businesses are prioritizing mobile-first strategies that cater to the needs of a growing, tech-savvy customer base that expects frictionless access to online goods and services. But payment fraud shows no sign of letting up, and verifying identities continues to be a tricky proposition for banks as cybercriminals diversify and increase their attacks.
And while financial institutions find themselves in a cat-and-mouse game with fraudsters, customers want financial services that meet their online lifestyle.
I’m the Same Person. Why Is Every Login Different?
It’s simple. Beyond their desire for great products and services, consumers expect three things from their bank and financial service providers—security, privacy, and convenience. What they don’t want is a different authentication experience—biometrics for mobile banking, passwords (weak and/or forgotten) for brokerage, and yet another login for mortgage payments.
And while the majority of millennials purchase goods and services online, according to one study, 38 percent of them abandoned mobile banking activities because the process took too long.
At the same time, concerns about identity theft, wire-transfer fraud, ATM skimming, and credit card scams loom large in the minds of consumers. And rightly so. Payment fraud is on the rise and in the news.
People depend on their financial service providers to protect them from fraud. Even the most sophisticated consumers are unsure how best to protect themselves.
This is driving the need to deliver a consistently positive digital experience across products and services. And with today’s economic, competitive, and regulatory pressures, banks can benefit by offering streamlined cross-channel access—creating a new way to grow customer loyalty and sell more products and services.
Imagine having a single view and deeper understanding of customers, enhancing security, while at the same time offering a common authentication experience. State-of-the-art payment fraud prevention technology is making this happen.
Enter Identity Risk Insight Suite (IRIS)
IRIS—a single cross-channel fraud prevention solution—enables banks to use the same capabilities available in Broadcom’s proven CNP payment security systems across the entire enterprise.
It provides the ability to recognize good, returning customers by piecing together their digital identity from the complex digital DNA users create as they transact online. High-risk behavior can be pinpointed in real time, whether at new account applications, logins, or payments—reducing friction and unnecessary step-ups.
The solution leverages Broadcom’s robust data set by synthesizing different types of anonymized interaction information. And by robust, we mean the largest consortium of global fraud data—with hundreds of millions of devices associated with billions of global e-commerce payments.
IRIS supports financial services across the enterprise, including online banking, mortgage, insurance, lending, and more. And our patented predictive neural network modeling and risk-based authentication capabilities enable banks to share anonymized customer data across all digital financial services and offerings.
IRIS extends our proven risk-based authentication capabilities—currently applied to the highly regulated payments space—across the enterprise to drive out fraud on all digital channels and satisfy industry mandates.
Bottom line: With a single view and risk-based authentication across the enterprise, banks can detect and prevent fraud in real time. This can reduce fraud, build trusted transactions, and implement an omnichannel authentication experience for customers.