2018 Trends in Risk and Fraud Mitigation: Customer experience and security strike a balance

Consumers’ expectations for speed, ease and convenience are permeating every aspect of their lives, including how they manage their finances. At the same time, financial criminals are rapidly evolving their methods of attack.

Striking the right balance between providing a positive experience and keeping financial institution customers safe from criminal threat will take on even greater importance in 2018. A new landscape created by regulatory requirements, faster payment and settlement cycles, digital developments, open banking, and advancements in artificial intelligence and machine learning will set the stage for establishing this balance. Here are risk and fraud mitigation trends to watch in 2018.

1. The Digitization of Financial ServicesOver the last decade, digitizing banking services has typically meant delivering traditional banking services through a digital channel – opening an account online or accessing a balance on a mobile device, for example.

 

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