Defending Customers from the Fraud “Butterfly Effect”

It's important for banks and credit unions to safeguard their systems in order to prioritize customer data safety and trust. Have you heard about the fraud butterfly effect?

According to The Financial Brand, criminals used to just steal money after breaking into a banking account. Now, they’re grabbing everything they can, even people’s identities.

To respond to what some observers have called a fraud “butterfly effect,” the industry needs a butterfly net, a system built across banking technology and channels to defend account holders more effectively.

Matthew Doffing spoke with Fiserv's Patti Reid (and pulled data from the Federal Trade Commission and GetApp) to learn more about the impact of this phenomenon on bankers.

The good news is that solutions like Conductiv, using Permissioned Data, can create a barrier to thieves by requiring credentials that only the user knows. Beyond username and password, other approaches can include consumers sharing fingerprint biometrics, facial scanning, and retinal scanning.

Read the story from The Financial Brand.