The Pivotal Role of Emerging Technology in Fighting Fraud and Improving the Customer Journey
We recently shared our latest whitepaper looking at the role of PIN as an identification & verification (ID&V) tool.
ID&V plays an important role in fraud prevention, customer data protection and regulatory compliance. When a consumer is using online banking, or wants to register their card with a merchant for the first time, they have to authenticate themselves and verify their card.
For example, a variety of procedures are used during the authentication process, but they are largely complex, convoluted and don’t have a 100% completion rate in the consumer’ first attempt. The poor user experience this process brings, especially for first time users, is an impediment to mobile banking adoption. It is very hard to get consumers to trust something new after a bad initial experience.
Such cumbersome ID&V processes also result in significant amounts of abandoned transactions and businesses face the challenge of balancing convenience and security. Our whitepaper outlines how enabling multi-channel and multi-factor authentication via the cardholder PIN addresses some of these challenges.
Our Chairman and CEO, Phil King, said of the findings “With soaring fraud figures there has never been a greater need for a rationalisation of ID&V. Even though many innovative authentication solutions are being proposed, most are much less convenient than they seem for consumers.”
The appeal of using cardholder PIN for verification is that the cardholder can identify themselves by entering their known and trusted card PIN. This makes registration very simple, quick and straight forward, which in turn will encourage more cardholders to embrace mobile payment methods.
Coming soon will be further insight pieces on this topic, including a deep look at one-time-PIN/password (OTP) and key methods, which banks and merchants use today to register cards onto their online platforms.