Andrew Davies, VP, Global Market Strategy, Financial Crime Risk Management, Fiserv, talks about how increased speed and convenience in payments increase fraud risk, how financial institutions can address financial crime threats through technology and processes,
and how firms can derive further benefits from their investment in fraud prevention – including by leveraging customer transaction information to identify new opportunities.
There are obviously many ways to walk the tightrope between convenience and security but IMO the customer segmentation approach advocated by McKinsey in its article entitled
Is cybersecurity incompatible with digital convenience? comes closest to cracking
this Holy Grail. Of course it won't work in countries where overzealous regulators ram a one-size-fits-all version of extreme security down the throats of the banking industry.
© Finextra Research 2018