Security and convenience can work together. Even thoughfinancial institutions use different authentication technologies toprotect channels and produce faster, smoother transactions, theyfrequently result in an inconsistent customer experience.

Mary Ann Miller, senior director, fraud, executive advisor andindustry relations at New York-based financial crime and compliancesolutions provider NICE Actimize, provided some recommendations forkeeping transactions safe and easy to use.

1. Increase speed of settlement andauthentication.

“When you think about faster payments, you want to make sure youare coordinating and correlating any authentication approaches thatyou use with your fraud strategy as well,” Miller said.

In this ever-changing environment, customers need a consistent,secure multi-channel authentication experience, while reducingclients’ risk and optimizing their overall authenticationcosts.

She suggested obtaining information in the background throughanalytics such as geolocation and the type of device to helpidentify users.

2. Provide a smooth memberexperience.

It could be cumbersome to gain access to the banking channelwhen there is redundant authentication, such as requiringbiometrics and answering knowledge-based questions.

“If you are attempting to authenticate with your financialinstitution why are you left at the front door?” Miller explained.She noted it is important to have the technology in place to leadaccountholders and help them authenticate themselves quickly toaccess products or services.

3. Manage multiple authenticationforms.

“It is important for all authentication events to be profiledacross the customer relationship, so if an account takeover isattempted on one channel, the financial institution recognizes iton all channels,” Miller said.

She added, looking at authentication across channels is arelatively new but important process.

4. Understand the threats.

Because members have a more personal relationship with theircredit union, Miller said it is important, if they are offeringservices that are new authentication techniques — such asselfie-recognition and biometrics— credit unions are going to have some of the challenges thatbigger financial institutions face.

It is important that credit unions ensure fraud and authentication teams networkwith big bank counterparts to ensure they understand currentthreats and trends.

NICE Actimize’s Authentication-IQ applies advanced analyticsthat decide the best authentication method to leverage in a giventransaction, based on the risk of fraud, consumer preference, andcost efficiency.