Building trust in the face of fraud

American Banker + Mitek white paper

How verification and authentication best practices allow banks to protect customers and provide exceptional experiences

Customers expect banks to provide a seamless customer experience without compromising their financial well-being. Protecting customers is a tall order on its own, especially in a constantly evolving environment where criminals take advantage of social engineering and powerful tools such as generative AI to find new ways to commit fraud. Identity verification and authentication technologies offer banks a way to advance both of these priorities — if they can identify the right mix of tools to support their systems across all channels.

In April and May of 2024, American Banker in partnership with Mitek, surveyed 158 banking professionals about the strategies and tools they are using to prevent and mitigate fraud, with an emphasis on identity verification and authentication.

Download this study to learn more about the top priorities that banking experts say will help them deliver secure and convienent customer experiences:

  • Advanced fraud protection and the customer experience

  • Strategic priorities that identity verification and authentication solve for 

  • Omnichannel banking and fortifying the weakest link 

  • Future proofing fraud mitigation and AI

Findings show that financial institutions that implement a comprehensive approach to optimizing their identification and authentication tools will ensure they remain ahead of their competitors and ahead of emerging fraud trends.

Download the complete white paper now! 

American Banker white paper - Building Trust in the Face of Fraud

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69%
of banks

say fraud prevention is their top customer experience priority

70%
of financial institutions

say they plan to increase investment on tools that provide low friction and high security

67%
of respondents

say that biometrics are a good deterrent to account takeover attacks

“Fraud is expanding rapidly across all channels, allowing criminals to easily take advantage of the latest AI technology to target low-hanging fruit like checks and branches where modern tech may not be adopted yet”

- Chris Briggs, SVP of Identity at Mitek

Watch Chris talk about fraud prevention

 

 

Methodology

This research was conducted online by Arizent between April 16 and May 11, 2024, among 158 banking professionals across job titles and functions. Respondents were screened to ensure they have direct involvement with or significant knowledge of identity verification/authentication, cybersecurity and/or risk/fraud.

 

About Mitek

Mitek (NASDAQ: MITK) is a global leader in digital access, founded to bridge the physical and digital worlds. Mitek’s advanced identity verification technologies and global platform make digital access faster and more secure than ever, providing companies new levels of control, deployment ease and operation, while protecting the entire customer journey. Trusted by 99% of U.S. banks for mobile check deposits and 7,900 of the world’s largest organizations, Mitek helps companies reduce risk and meet regulatory requirements.

 

About Arizent Research

Arizent delivers actionable insights through full-service research solutions that tap into their first-party data, industry SMEs, and highly engaged communities across banking, payments, mortgage, insurance, municipal finance, accounting, HR/employee benefits and wealth management. They have leading brands in financial services including American Banker, The Bond Buyer, Financial Planning and National Mortgage News and in professional services, such as Accounting Today, Employee Benefit News, and Digital Insurance.

 

Modernizing IDV & authentication capabilities is a strategic priority for 7-in-10 banks surveyed.

Download now