When customers put money in a bank, they need to trust it will stay there. Because of the high stakes involved for the customer, such as financial loss, and how long it takes to resolve fraud and potential identity theft, customers are sensitive to the security of the bank as well as fraud prevention measures. Banks that experience high volumes of fraud are likely to lose customers and revenue. The key is to protect customers and their accounts before problems start. That way, banks can launch products and services that keep customers engaged and draw new ones.
Banks looking to grow and expand should proactively consider how fraud concerns impact achieving their goals. La Banque Postale (LBP) saw firsthand the need for risk assessment as it began working to attract more young customers and was named one of the top three banks in France.
However, banks cannot protect their accounts and infrastructure without knowing their risk level as well as specific vulnerabilities. Security begins with a complete and comprehensive risk assessment. With that firmly grasped, then organizations can take the next step to prevent or stop attacks and fraud. Risk and fraud are constantly evolving, too. Financial institutions now often team up with trusted partners who specialize in financial cybersecurity. That way, they can focus on their main goal – providing great service to their customers.
French Bank Faces Account Takeover Fraud
As they set out to achieve their goals, LBP realized they needed to move to full Instant Payment (IP) in less than an hour across all payment types. For a successful and secure IP ro ..
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