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The early days of a customer’s initial relationship with their banks are a lot like the dating game. At first, the customer feels the excitement of getting to know their bank, getting a shiny new credit card, and exploring the fun features of the bank’s app. But just like any other relationship, the honeymoon period fades. If they experience too many failed login attempts, they might start to think their bank is more trouble than they're worth. They start to question If this bank is the “one.” They may even swipe right and look at other banks.

Customers’ impatience puts financial institutions in a tight spot as they try to simultaneously protect customers from fraud and also deliver a smooth, seamless user experience. Feedzai’s industry-recognized 3-in-1 Digital Trust solution with Hunter gives financial institutions all the tools necessary to protect customers from fraud, deliver the experiences they expect, and empower analysts to flip the script against fraudsters.

Most importantly, Feedzai’s Digital Trust can help banks put customers first by keeping their relationships friction-free. 

When it Comes to Digital Banking Experiences, Consumers Want More

 Banks saw a massive influx of customers shift to digital channels in the early days of the pandemic. At first, customers were willing to accept some inconveniences along with all the other adjustments they were making in everyday life. 

Today, the post-pandemic honeymoon for digital experiences is officially over. Consumer expectations have risen. However, banks know that fraudsters followed customers to online channels and now have a host of new avenues to push their tactics, including banks, eCommerce, and, yes, dating platforms. To address these challenges, banks have implemented stronger fraud prevention controls. The downside is these controls also add friction to legitimate customer experiences.

The problem is exacerbated by banks having invested in multiple platforms for each new channel they’ve added to their portfolio, allowing data from multiple sources to spread across multiple platforms. It also makes it more challenging for banks to get a holistic view of their customers’ behaviors across different channels.

The 3 Pillars of Digital Trust

Feedzai’s Digital Trust solution empowers banks to both prevent fraud and deliver the seamless experience their customers expect. The solution is built on three key pillars: behavioral biometrics, device profiling, and malware prevention and detection. 

  • Behavioral biometrics: Using behavioral biometrics, banks can understand how user normally holds their device, touches their screen, their typing speed, and more. 
  • Device profiling: The solution assesses a mobile device’s unique attributes to assess its trustworthiness. This includes its newness, the networks it has interacted with, and if it has been linked to any fraudulent activity.
  • Malware prevention/detection: The solution assesses a device’s vulnerability to malware and reviews a wide range of malware threats.

The combination of all three pillars makes tackling fraud a more efficient and precise exercise for analysts.

Other solutions typically offer only one or two of the pillars. But if one or more components are missing, fraudsters will exploit this vulnerability.

Each pillar collects data based on the user’s interactions and device usage across mobile channels. The solution consolidates this information into a customer profile or BionicIDTM. A customer’s BoinicID essentially acts as a unique digital fingerprint that evolves along with the customer’s behavior. It’s this BionicID that allows Feedzai Hunter to do its job and track back to the source of fraud.

How Feedzai Hunter Uncovers the Source of Fraud

Digital Trust with Hunter is an interactive link analysis tool that helps analysts understand the shape of fraud to improve their fraud alerts and reviews.

The first layer of protection from Digital Trust provides automatic active defenses against multiple threats, including phishing attacks and malware such as remote access trojans and remote access tools (RATs). If fraud does occur, Hunter gives analysts a visual tool to understand where the fraud originated. Analysts can write new rules to prevent future fraud attacks with this knowledge.

Hunter explores correlations between the fraud and multiple data points collected and stored in the customer’s BionicID. With detailed information located in one place, banks can access a highly visual fraud tool that can reduce investigation times.

Unfortunately, sometimes fraud will occur. But what’s most important is how banks work to address it afterward. For example, suppose a customer experiences fraud. In that case, analysts can use the Hunter tool to visually pinpoint how the account was accessed by looking at each device used to log into an account. 

Investigating a user’s information that a fraudster might have exploited could uncover potential threats to other users. Multiple devices may be tied to a single account, such as a smartphone, laptop, or different computers. Hunter links the devices and networks involved in the fraudulent case to other potential victims who may interact with those same interfaces.

With this knowledge, analysts can flag the suspicious devices and prevent them from being used to commit more fraud. With this knowledge, banks can create rules to protect the client. These rules may include terminating a session, automatically logging off, or locking an account if the suspicious device is detected.

How Feedzai’s Digital Trust Fights Fraud Differently

Feedzai’s Digital Trust, along with Hunter, offers three distinct benefits that allow banks to both prevent fraud and deliver seamless customer experiences. 

  • Efficiency: Makes fraud prevention more seamless by centralizing multiple data sources, including behavioral biometrics and devices, in one place (the customer’s BionicID). Using Digital Trust combined with Hunter, analysts can efficiently conduct investigations, reduce triage times, and uncover more fraud.
  • Precision: Hunter also enables more meticulous in-depth investigations. The capability of linking millions of data points, in a well-organized and visual way, in a single place, is critical to exposing fraudulent activity.
  • Responsiveness: Analysts can change and correlate their investigation with Hunter’s link analysis capabilities. They can review user, network, session, and device information in real-time at any point in their investigation. The feature’s nimbleness allows analysts to adjust their investigation with greater flexibility. It also allows them to keep adding more variables or replacing existing ones based on their investigation’s path.

Delivering both a seamless customer experience and preventing fraud can be a challenge. Digital Trust goes beyond fraud protection to build better customer relationships and instill confidence to detect abnormal behavior sooner. Banks can use Digital Trust to understand which customers are using data across multiple channels and block those fraud threats. This type of investment lets customers know their bank has their back – and can ensure a happy, committed relationship for years to come.