Today, banking is easier than ever. Customers can engage with their financial institutions through multiple channels and devices. These diverse banking methods and behaviors are fantastic for customers, who can seamlessly make payments and deposits, check their balances, and transfer funds from any device or channel from anywhere and at any time. This omnichannel approach provides customers with a smooth, consistent and simple experience while facilitating interactions with their financial institutions.

Fighting Omnichannel Fraud

While having access to omnichannel banking makes life easy for consumers, it can pose a handful of unique security challenges for the banks themselves. It potentially opens financial institutions up to more risks, creates complex work for fraud teams, requires greater visibility across channels and gives cybercriminals a number of different ways to break through security measures. Banks need to ensure that all channels — everything from online transactions to ATMs — are seamlessly working with the banking systems, security controls and infrastructure.

For financial institutions to allow customers to use omnichannel banking, they need to take the exact same approach to identifying risks and stopping fraud. Bank fraud teams must identify cybercrime risk, payments risk and customer behaviors in unison to see the complete security picture. Many legacy fraud systems using black box solutions may have a hard time adapting to omnichannel banking. This can ultimately lead to too many false positives or missed fraudulent activities.

Read the white paper: Uncovering omnichannel fraud faster and more effectively

Faster Fraud Detection

IBM Trusteer now offers an integrated approach to help detect omnichannel fraud with IBM Safer Payments, which helps financial institutions protect payment channels, identify and stop threats, lower false positives and keep pace with evolving threats. In addition to omnichannel fraud protection, this new offering will help financial institutions:

• Reduce cost with prebuilt connectivity.
• Identify risks in real time with push events to help spot below-the-radar risks.
• Provide visibility to Trusteer data elements to increase accuracy and lower false positives.
• Identify new fraud patterns and countermeasures gathered by Trusteer-dedicated research to help you stay ahead of changing threats.

The combined solution of IBM Trusteer and IBM Safer Payments enables financial institutions to look across payment and indicator channels, and build a profile of a customer’s identity and behavior. This helps banks distinguish between true customers and fraudsters.

Breaking Down Silos

Customers no longer bank in silos, so banks need to break down their own security silos. Providing omnichannel security through the combination of fraud indicators, device risk, cross-channel anomalies and customer life cycle anomalies helps fraud teams identify risk and suspicious activities across the board.

Read the white paper: Uncovering omnichannel fraud faster and more effectively