During the pandemic, fraudsters are still using application fraud to exploit consumers. Criminals use personally identifiable information found in the more than 15 billion consumer credentials available on today's dark web marketplace to submit loan applications posing as real people.

FREMONT, CA: Customers are increasingly utilizing online and mobile banking channels for their financial transactions as a result of the pandemic and reduced in-person touchpoints, which hackers see as an opportunity to exploit vulnerabilities across these same bank channels. This is resulting in an increase in new fraud attacks.

Let's take a closer look at a few of the technologies that will help banks accelerate their digital transformation and modernization efforts while improving user experience and ensuring all transactions.

E-Signatures to Securely Allow for Remote Transactions

As consumers migrate to digital channels, their expectations for a consistent user experience rise. For companies seeking to recover from the pandemic, the convenience and speed of their digital transactions for complex processes such as loans will be critical in resuming operations.

E-signature technology is one of the technologies that banks can easily implement to increase the efficiency and convenience of their business processes. Banks and financial services representatives can ramp up in minutes with a web or mobile e-sign application, ensuring that agreements can be implemented the same day they are requested. However, by combining digital identity verification technology with e-sign solutions, financial institutions will continue to provide critical services such as digital mortgage lending and remote online notarization for home purchases while the pandemic is ongoing.

Facial Recognition is an Essential Part of Identity Verification

During the pandemic, fraudsters are still using application fraud to exploit consumers. Criminals use personally identifiable information found in the more than 15 billion consumer credentials available on today's dark web marketplace to submit loan applications posing as real people.

By introducing digital identity verification checks as the first line of defense, banks can avoid this type of fraud and detect when hackers try to use synthetic identities across digital channels. The use of ID document verification with facial comparison is one of the most efficient methods. A customer should easily scan a government-issued ID with a smart phone camera and then take a selfie. Biometric facial comparison systems with liveness detection ensure that the ID is genuine and unaltered and that the person opening the account is the person pictured on the ID.

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