September 25, 2017
September 22, 2017
September 19, 2017
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:
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.
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.
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.