At this time of the year the criminal element and fraudsters are at their busiest. Banks have a responsibility and a very strong financial and reputational risk to protect.
This cannot be at the cost of customer convenience or customers will go where there is less friction.
How do banks implement strategies and solutions that will satisfy all stakeholders and protect both the bank and their customers. There is a critical third element to this process and that is the retailer. As more and more purchases are made online – e-commerce and the rapid move being made by innovative banks in launching C- Commerce (Chat commerce) one has to include the merchants – both physical and virtual (present and not present) into the equation. They certainly do not want the risk of fraudulent transactions being passed on to them – BUT – not at the cost of losing customers.
From a security perspective one has to have 2 of the three recognised authentication standards in place:
– something you own – e.g your cellphone
– something you know – e.g your Pin
– something you are – behavior, biometrics etc.
Biometrics and their widescale adoption are some way off but we do believe that over time this will be more commonplace. Right now, however, we need to work with authentication that the customer has, know and remembers and works with what the banks and the retailers already have and that does not require massive investment or changes to technology and systems.
WIZZIT have the tools, experience credibility and track record to implement a recognised solution that is PCI DSS accredited in a matter of weeks and leave the security and fraud and compliance departments of the banks very happy; customers delighted and merchants excited.
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