How do you determine a legitimate account or loan applicant from a fraudster with as little impact to the consumer experience as possible? Gone are the days when consumers would walk into a branch to open accounts or apply for loans. Many of them now instead prefer to use digital channels or to contact the call center, which makes it more difficult for financial institutions to ensure that consumers are who they say they are. While it's true that these institutions could make consumers jump through hoops to prove their identity, added friction to the process results in higher abandonment rates and less consumer satisfaction.
Recorded live at the American Banker conference, financial fraud experts Adam Russell and Sam Jackson discuss how to decrease fraud and keep consumers safe without increasing consumer friction.