This morning, it has been announced that major high street banks have failed to adopt “two-factor” security steps that could protect customers from scams. Which? found that only five out of the 11 providers it tested offered this kind of login for online banking and that banks could be doing more to prevent fraud. Nick Brown, managing director at global identity data intelligence specialists GBG commented below.
Nick Brown, Managing Director at Global Identity Data Intelligence Specialists GBG:
Identity data intelligence, then, has a huge role to play in not only uncovering incidences of fraud, but also preventing fraud from occurring in the first place. By using more data, analytical insights and triangulation of multiple identity proofing techniques to authenticate a user and prove they are who they say they are, banks can minimise the impact of fraudulent activity for both the customer and the business itself. In short, banks need to realise the full impact the trusted use of identity data has in helping fight fraud.”
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