This international bank places customer experience at the heart of its service. The bank strives to offer an omnichannel experience to the customers; they can even start a banking activity in one channel and seamlessly finish in other. The focus is on continuous improvement to make the customer journey as efficient as possible. It offers a broad range of retail, small business and commercial banking products and services.

With more than 8.5 million customers, it is one of the 10 largest banks in America. With ThreatMetrix, the bank could:

  • Improve customer satisfaction by reducing authentication friction
  • Minimize manual reviews, reserving for genuinely high-risk transactions
  • Provide tighter fraud control by strengthening RSA authentication with global shared intelligence from the ThreatMetrix Digital Identity Network
Business Problem

The financial services industry continues to be a lucrative target for fraudsters looking to infiltrate existing customer accounts or set up new ones to launder money, and this bank was no exception. However, its existing fraud solution was challenging a set number of events based on assessment, which was causing excess friction for good customers and hampering their online experience.

For example, customers were challenged at login if they used a different browser or device than usual. Challenged customers were required to connect with the call center to get authenticated. This process introduced delay, dissatisfaction and high levels of customer friction. In addition, the existing solution posed an operational challenge. The bank’s call center experienced customer call volumes as high as 7 million every month, burdening the operations team and dramatically increasing call center costs.

The bank needed an intelligent fraud solution that could passively authenticate legitimate customers in real time, reducing friction while accurately detecting high-risk transactions before they were processed.

The financial services industry continues to be a lucrative target for fraudsters looking to infiltrate existing customer accounts or set up new ones to launder money.

Frictionless Customer Authentication Orchestrated by the ThreatMetrix Digital Identity Network

The best way to tackle complex, global cybercrime is using the power of a global shared network. The ThreatMetrix Digital Identity Network collects and processes global shared intelligence from millions of daily consumer interactions, including logins, payments and new account applications. Using this information, ThreatMetrix creates a unique digital identity for each user by analyzing the myriad connections between devices, locations and anonymized personal information. Behavior that deviates from this trusted digital identity can be accurately identified in real time, alerting bank to potential fraud. Suspicious behavior can be detected and flagged for review, step-up authentication or rejection before a transaction is processed, creating a frictionless experience for trusted users.

Key Features of the ThreatMetrix Solution
  • ThreatMetrix Smart ID identifies returning users that wipe cookies, use private browsing and change other parameters to bypass device fingerprinting. This improves returning user detection and reduces false positives. Derived from the analysis of many browsers, plug-in, and TCP/IP connection attributes, Smart ID generates a confidence score that detects multiple fraudulent account creations or sign-in attempts.
  • The Bank was able to simplify the new account creation and account login process by layering the ThreatMetrix solution in front of RSA authentication. This allowed for passive recognition of returning customers, even if they logged on with a new device or via a different browser. Only those customers failing this authentication were reviewed further, meaning trusted customers experienced less friction.

Leveraging intelligence from the ThreatMetrix Digital Identity Network, this international bank can accurately detect fraudulent activity in real time by passively authenticating customers, supporting a frictionless online experience.

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