The pandemic provided many financial institutions with a digital reality check as they scrambled to accommodate the surge in digital channel usage. As the future of money is changing, this has also presented financial institutions with an opportunity to rethink current technology investments as they adjust their business models and take a step closer to a digital-first strategy. With an expected increase in digital channel investment, preventing digital fraud while improving customer experience will be the key to attracting new customers and retaining existing ones.
I’ve attended many security conferences over the course of my career in cybersecurity, but this was my first time at Money20/20 USA. I had to blink a few times when I stepped onto the show’s Expo floor. Did I take the wrong flight and end up at a security conference — or, to be more specific, an Identity conference?
In 2019, a fantastic customer experience is arguably the biggest factor driving business growth. But if that’s the case, outdated, clunky, technology tools and solutions are one of the greatest hindrances. Particularly when considering digital banking security.
Countless articles have been written about the techniques cybercriminals use to harvest personal information and about ways to prevent online identity theft. However, less attention has been given to the economic engines that grease the wheels of financial cybercrime. Fraudsters have realized that the dark web provides a full cloak of anonymity, creating fertile ground for new darknet markets to surface and a strong incentive for criminals to launch cunning cyberattacks.
There’s no question about it, the future of banking and payments is mobile. But there’s a major barrier to mobile banking reaching its full potential.
Identity, biometrics, and authentication took center stage at the world's largest payments & financial services innovation event