How Digital Banks Will Fight Fraud in the Future
When was the last time you visited a physical bank branch and talked to a real live human about your account? It's probably been a while — and that’s the point.
The fintech world is becoming more digitized all the time. Eventually, there won’t even be brick-and-mortar banks.
That’s all well and good. But, as we innovate the future of banking, we need to consider how to fight fraud online. Unlike in-person banking, digital banking doesn’t allow for a teller to verify someone’s ID with his own two eyes.
In reality, it's not as scary as it sounds. Depending on how you think about it, there are more ways to detect fraud online than in person. You can track IP addresses, phone numbers, emails — and you can verify them all instantly.
One hold up to fully digital banking (and transactions in general) remains: Your social security number. Those little paper cards with that long-form number have been used for ages as our unique identifiers. But really, SSNs have been breached so many times that they’re not an ideal universal identity option anymore.
So, what’s next?
In our latest podcast episode, host J Cornelius and guest Heidi Hunter reveal the future of identity verification for fintech companies and users alike.
You’ll Also Learn:
- The importance of detecting fraud while providing a friction-free user experience.
- A three-tiered approach to innovation for customer-facing fintech companies. Hint: It involves sales, support, and biz collaboration.
- What tokenized IDs mean for the UX of transactions.
About Heidi Hunter
Heidi Hunter is the Vice President of Product Innovations at IDology. In her nine plus years with the company, she’s steadily (and impressively) moved up the ranks.
IDology is a leader in digital identity verification and authentication, and Heidi is a trusted expert on and innovator of ID and fraud prevention solutions.
Additionally, Heidi has a proven track record in client consulting, strategic partner management, and data science. She has also developed SaaS and deployed several successful, intricate client applications.