Banking and retail transactions are increasingly moving online and on mobile, making digital commerce the new norm for consumers. At the same time, cyber criminals are getting smarter with rapidly evolving and innovative attacks on these digital transactions. This shift highlights a need for better ways to distinguish real consumers from fraudsters in the digital world.
In a recent research report, Aite Group explores new opportunities to enhance the customer journey and evaluates the pros and cons of emerging authentication solutions, such as biometrics, device identity and behavior pattern analysis.
The future of digital commerce means better experiences for users without sacrificing strong, proactive fraud prevention. These authentication technologies can bring together both greater security and optimal user experience. Ideally, consumers should be able to choose their preferred means of authentication.
While these options can be beneficial for the consumer, there is still a lot of work to do on the part of financial institutions and merchants as they begin to understand the value of these technologies and determine the best ways to orchestrate effective solutions. One barrier they face is that a great deal of complexity still exists within the authentication marketplace; technologies do not always work together to create positive user experiences. Financial institutions and merchants may also experience internal resource constraints resulting in multi-year development timelines.
Aite’s report examines these pain points and what the industry needs in order to accelerate adoption of stronger authentication solutions that keep all transactions safe, secure and convenient. See our infographic and request a copy of the full report.