Using Smartphones Smartly
As Internet commerce began to take flight a decade ago, there was great concern that the growth of online business would be stymied by consumer’s reluctance to entrust their personal and financial data to the emerging security risks of vulnerable websites.
Yet, Internet commerce has grown unabated, as businesses have proven their ability to (usually) protect client data, and to cover consumers for losses in those cases where they don’t.
A Multi-Faceted Approach
Effective risk assessment should combine multiple factors including complex device recognition, identity authentication and real-time risk evaluation, while balancing mobile authentication with customer ease of use. Recent guidance from the Federal Financial Institutions Examination Council supports the position that for fraud prevention to be viable, it should rely on more than one method of validation.