This post was originally published on Finextra (Security)
Financial institutions face a growing challenge in protecting customer assets while maintaining a seamless banking experience. And, as victims of Account Takeover (ATO) fraud continue to grow, the challenge is no longer just about preventing fraud, it’s about restoring customer confidence in a digital landscape where trust has become the most valuable currency.
Fraudsters have become increasingly adept at manipulating customers, using sophisticated social engineering techniques to gain access to online banking profiles. In 2024, account takeover issues reached critical levels, with around 29% of Americans experiencing account ATO fraud.
Traditional authentication methods rely heavily on static passwords and one-time codes, which can be easily compromised. As nearly a third of US customers can attest, fraudsters can easily trick account holders into revealing authentication information by impersonating bank representatives, asking customers to read back one-time passwords (OTPs) or provide access to their online banking profiles.
Without a robust device trust mechanism, customers have no way to verify the legitimacy of these interactions leaving fraudsters free to take over accounts and make unauthorized external payments.
Silently securing the customer for better security and peace of mind
Customers are tired of being caught in the crossfire. They are nervous of experiencing financial
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