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When Your Company Is Ready to Get Serious About Fighting Online Fraud, Here’s What to Consider

P********, a birthdate, your mother’s maiden name. These and other simple verification methods are no longer enough to protect anyone against online fraud. Unfortunately, chances are your customers still think that the name of their first pet or their favorite teacher will protect their online accounts.

As recent years have shown us, we all know that’s no longer true. Today’s sophisticated online fraudsters have even found ways around multi-factor authentication and the access codes sent to your phone – and there’s no end in sight. Research from Javelin Strategies and Research’s 2022 Cybersecurity Trends and Predictions mirrors other cybersecurity professionals’ warnings that cyberfraud attacks in 2022 will only accelerate.

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That’s why now is the time to get serious about protecting your customers’ data and their online transactions.

Time for New Strategies and Tools

Today’s online criminals are combining sophisticated technologies and a deep understanding of human behavior to create increasingly ingenious ways of sneaking past your security systems. It is no longer safe to think your homegrown security protocols will protect your company or your customers. Sophisticated criminal attacks require equally sophisticated responses, and that’s why it’s critical for companies to proactively initiate partnerships with professional security experts.

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When auditing security technology experts, look for a partner whose systems take a “linked and layered” approach to security – one that incorporates multiple security technologies to preserve a quality customer experience. This type of powerful protection requires a wide range of expertise to identify all potential results and create a system customers will adopt and appreciate.

To assist in this process, my colleagues and I have identified three factors to help you select a best-fit technology partner. In turn, you can substantially increase your company’s ability to successfully deploy online protection systems that will protect, and even enhance customer loyalty.

  • Value: Price should not be your most important factor; instead, look for value. The most important aspect of selecting a security technology partner is depth and breadth of expertise. A system that successfully protects your most valuable asset – your customers’ trust – will earn its keep.
  • Proven results: At Mitek, we call this “banking-grade” protection. The type of linked and layered approach we advocate is used by the top banks in the world. As mentioned, it’s a carefully deployed security systems that combine identity verification, authentication of government-issued documents, real-time “liveness” detection and AI-assisted biometrics, offering protection that also preserves a quality customer experience.
  • Protection throughout the entire customer lifecycle: Verifying a customer’s identity in real-time as they open an account is no longer sufficient as new account fraud has become one of the most common types of online criminal behavior. Instead, it’s important to deploy systems that verify and authenticate customers’ identities as they navigate their account often based on account activity. Doing so protects both your company and customers in a comprehensive manner that is constantly looking to safeguard important and confidential data. 

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New research shows that customers understand today’s security threats and appreciate companies that take the security of their information and transactions seriously. The fight against online fraud is never-ending, but by partnering with a proven security technology partner, you will keep your company – and your customers – ahead of the game.

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