As my colleague Brian noted in his last post, our EMEA Fraud Forum last week generated interesting discussions among fraud leaders from several of the region’s top banks.
Three things stood out for me — all of them presenting opportunities to financial institutions.
First, what we think of as “fraud” is increasingly bleeding over into the area of cyber security. In light of recent data breaches, financial services providers need to step up and become the preferred guardian of consumers’ data, not just their money.
Second, there is an opportunity to involve consumers in identifying and protecting against fraud. This is critical, as banks have to balance better fraud protection with an improved consumer experience. In some cases, proposed legislation might even require consumer opt-in to enable certain anti-fraud programs.
Third, fraud is a moment of truth for consumers. How you handle fraud when it occurs can be a point of differentiation.
The open dialogue brought out a number of issues that we’ll be exploring, both here on the blog and in our product development initiatives.
For more information on fraud as a consumer interaction, see our white paper “Can Fraud Alerts Raise Customer Loyalty?”