Financial institutions have an interesting challenge because customers want a simple, secure online experience and cybercriminals continue to find new and innovative ways to infiltrate online channels and steal customers’ personal and account information.
According to a 2017 survey conducted by the American Bankers Association (ABA), banks stopped nearly $17 billion in fraudulent transactions in 2016. Here are some of the challenges financial institutions face.
- Financial institutions must manage risk while delivering exceptional customer experience with uninterrupted access.
- They must maintain a comprehensive, multi-layer approach to ensure all channels are protected, which means it is critical to catch the most important events with minimal review.
- By only reviewing the most risky activities, financial institutions are able to accelerate their time to detection so they can drastically decrease electronic fraud losses.
- Mega-breaches take place daily and new malware strains emerge every few seconds, which makes it difficult to know who is on the other end of an online transaction.
Our solutions provide ultimate protection against financial fraud and enable monitoring in a single comprehensive solution because they include the following critical features.