With a web or mobile e-sign application, banks and financial services representatives may ramp up in minutes to ensure that deals can be signed on the same day that they are requested.
Fremont, CA: As customers use more online and mobile banking platforms for their financial transactions, a direct consequence of the pandemic and decreased in-person touchpoints, hackers perceive this change as an opportunity to detect errors through these same bank channels. And this is driving a surge of new fraud attacks.
Here are three ways to protect digital banking channels:
Facial Recognition in Identity Verification
Application manipulation is another technique used by fraudsters to target customers during the pandemic. Banks can avoid this form of fraud and detect when hackers try to use synthetic identities through digital networks by performing digital identity verification checks as the first line of defense. The use of ID document authentication with facial comparison is one of the most successful methods. A consumer may use a smartphone camera to check a government-issued ID and then use a selfie. Biometric facial comparison technologies with liveness detection verify that the ID is genuine and unaltered and that the person opening the account is indeed the individual shown on the ID.
Mobile App Security through In-App Protection
As more consumers participate in financial transactions through mobile banking apps, banks can take additional steps to safeguard their mobile apps by introducing in-app protections. Mobile application shielding offers extra security features beyond what is being provided by device operating systems, such as intrusion resistance, tampering, and reverse app engineering. This form of application protection is essential in securing applications and enabling them to function securely in hostile environments. And the truth is that mobile app developers don't have a chance to keep up with the pace and intensity of new attacks.
E-Signatures to Enable Remote Transactions
E-signatures are one of the innovations that banks can easily implement to instantly increase the speed and convenience of their business processes. With a web or mobile e-sign application, banks and financial services representatives may ramp up in minutes to ensure that deals can be signed on the same day that they are requested. By integrating digital identity verification technologies with e-sign solutions, financial institutions will continue to provide critical services throughout the pandemic, such as digital mortgage lending and remote online notarization for home purchases.
