When your banking customers are on the line

Posted on: February 20th, 2014 by Art Barger

Despite all the warnings and the federal recommendations around identifying customers online and over the telephone channel, it’s hard to believe that having true, two-factor authentication is still a challenge for some banks. Well, if industry regulations or security threats aren’t enough to get financial institutions to adhere to today’s authentication best practices, then maybe losing the one thing banks value the most — their customers — will.

To protect customers and their accounts from fraud and other harmful abuses, the article, “The Best Banks That Protect Your Money from Hackers and Thieves,” suggests that financial institutions have at the very least minimal protection against criminals and their evolving schemes. The article also recommends that consumers gain a better understanding of their bank’s authentication procedures, and warns them about banking with organizations that don’t have adequate two-factor authentication processes in place.

As security and the user experience climbs the ladder of priorities for today’s savvy consumers, having an extra layer of security can give banks a competitive edge over other brands vying for the same customers. This is where your authentication and security processes can actually play a role in your ability to retain customers and earn new business.

When it’s too easy for banking customers to access their accounts or change their passwords over the telephone, you can bet the same is true for crooks, too. This is where customer identification tools like the TRUSTID® Physical Caller Authentication solution can help set banks apart.

Through our real-time telephone network forensics, we provide financial institutions with a way to better protect their customers by meeting multi-factor authentication requirements and enhancing their overall banking experience over the telephone. By automatically validating the physical location of the device used for all inbound calls, we use the Caller ID and ANI as identity credentials for verifying the authenticity of each call. And we do it before the call is answered, which allows the caller and contact center agent to skip the lengthy and disruptive interrogation process that traditional knowledge-based authentication (KBA) solutions require the moment a bank representative picks up the phone.

With TRUSTID, call center agents know beforehand if the call can be trusted or if it runs a risk. By accomplishing this behind the scenes and in real-time, financial institutions gain an extra layer of defense to fulfill a critical component of the FFIEC’s two-factor authentication (“Something you have”) recommendation and improve the overall banking experience, both of which play a role in boosting consumer confidence.