Roadmap to secure digital banking and delight customers

by Jenn Markey on October 18, 2021

Digital payment credential use including smart phone mobile payments is skyrocketing. E-commerce continues its sharp upward trajectory with the associated exponential growth in card-not-present (CNP) transactions. And remote account opening has become the norm. Sound familiar? What about growing consumer privacy concerns? Increasing incidents of identity theft? Intensifying threat landscape?

There’s no doubt that banking is undergoing unprecedented digital transformation creating new opportunities and challenges for financial institutions, merchants, and consumers. With global identity fraud losses topping $56B last year, here are some best practices to help secure your digital financial service delivery and data, while also delivering a superior consumer experience.

Seamless account opening – Verify consumer identities with secure self-service identity proofing and onboard customers with the option to issue digital and/or physical credentials.
Secure digital banking – Keep consumer identities safe with strong customer authentication (SCA). As well, prevent the compromise of otherwise valid credentials with device reputation checks and employ runtime application self-protection (RASP) for mobile app integrity. Secure banking portals with TLS/SSL certificates.
Consumer privacy protection – Encrypt digital records and apply strong data protection with lifecycle management of keys and certificates. Tokenize personally identifiable information (PII) to separate consumer data from other data (i.e., credit check).
Fraud detection and prevention – Apply behavioral biometrics and user behavior analytics with adaptive authentication to quickly identify suspicious patterns. Prevent fraud with automated real-time response.
Secure payments – Improve payment efficiency, security and traceability with 3DS compliance for CNP transactions, transaction signing and verification with mobile push, and digital document signing.