Riten Gohil - Sphonic - London 20 May, 2015, 12:35 0 likes

Tolga, my friend 'you are the man' on this topic for sure and have read this 'series' with great interest. I wholeheartedly agree with your comments and there is a running theme which I believe should be an important requirement : 'Ability to on-board innovation in the security space at relative ease'. By this I mean the security innovation landscape is moving at a rapid pace, I see this on a day to day basis. So as your tip 12 - maybe this is a key theme.

E.g. how does a fraud system take on board Apple Touch ID as an authentication method - if starts to be the way your conusumers behave. Beyond Apple Touch ID what's the next big security innovation, something Biometric related no doubt so being able to map this into a fraud process and system is key.

Stay ahead of the curve, as they say.

 

A Finextra member 20 May, 2015, 13:46 0 likes

Riten! Very pleased to hear from you :) Many thanks for your feedback, I think you got a point there - there has been a huge transformation in onboarding processes and a wide room for security innovation. So I will mention this topic in upcoming tips (no promise for no: 12!). Digital Onboarding can solve most of the problems bank currently face, at the same time legislation and compliance lagging behind this I am afraid. 

I hope to see you soon, either in Vienna or London or any other neutral place, like Amsterdam where I will present at EFMA. 

 

Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 20 May, 2015, 16:27 0 likes

Not sure whether factoring in Apple Touch ID is a part of the authorization system or fraud detection system. On another note, if onboarding a credit card into Apple Pay can be called "digital onboarding", it introduces an entirely new for banks by way of Apple Pay Fraud. 

Riten Gohil - Sphonic - London 20 May, 2015, 18:07 1 like Tolga, always glad to hear from you and yes London, Vienna, Amsterdam are always possible but you know I'm an Istanbul guy - Ulus 29 to be exact :) Let me clarify when I talked about on-boarding innovation, I meant the integration of innovation into the banks fraud platform not necessarily for the use case of on-boarding. What my key point is with all of the innovation in the security industry fraud systems must be easily be able to adopt new technologies without long tech projects. The demand will be driven by your customers, you won't have a choice as it is part of their digital behaviour. So Apple Touch ID as an authentication method (RBS & Natwest are doing this already) or be it behavioural biometrics, document verification etc etc all these tools need to be easy to deploy into your target fraud system so you can future proof your technology and not have to rip out and replace in 2 years time when the platform becomes legacy.