In a short period of time, in-person interactions have gone remote and virtual, creating increased reliance on digital channels for normal identity functions, including new customer onboarding, transaction approval, and account recovery. Because every digital interaction starts with establishing the customer’s identity, it is a crucial part of a successful digital transformation. However, in 2019 alone, over 7,000 reported security breaches exposed 15B personal records, revealing a vast array of personally identifiable information (PII) ranging from social security numbers to knowledge-based authentication (KBA) answers. These breaches fuel identity fraud, which reached $16.9B in losses in 2019.
Successful identity innovation helps financial institutions seamlessly add and retain new customers while reducing fraud. When combined with robust data security and compliance, biometric tools offer a powerful approach to keeping fraudsters out while letting in more genuine customers. At a time when financial institutions and consumers alike are under an increasing financial strain, these improvements to security and useability can efficiently boost growth alongside customer loyalty.READ THE FULL ARTICLE
We use necessary cookies to make our site work. We'd also like to set optional analytics cookies to help us improve it. We won't set optional cookies unless you enable them. Using this tool will set a cookie on your device to remember your preferences.
For more detailed information about the cookies we use, see our Cookies page
Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.
We'd like to set Google Analytics cookies to help us to improve our website by collecting and reporting information on how you use it. The cookies collect information in a way that does not directly identify anyone. For more information on how these cookies work, please see our Cookies page.Save and close