Money 20/20, Las Vegas, NV
One of the nation’s largest banks today said it is adopting Early Warning’s Mobile Authentication and Mobile Status Services to enhance security of its mobile banking app and mobile browser. Early Warning, a leader in collaborative risk solutions, designed the mobile security suite of solutions to improve confidence that the mobile device used to access an account in a digital banking transaction belongs to the account owner, thereby reducing fraud and risk and improving the customer experience.
Enabled by Early Warning’s Mobile Identifier, Mobile Authentication and Mobile Status Services answer two fundamental questions for banks interacting with consumers through apps or online: Who am I interacting with right now; and has anything changed on the mobile account (SIM swaps, ported phone numbers, etc.)?
The top 5 bank will begin phasing in Early Warning’s Mobile Authentication and Mobile Status Services for their mobile app and mobile browser as a pilot beginning this month. By May 2015, the Services will be included in the bank’s mobile app download available in app stores, and it will run in the background when account holders access their accounts through the mobile browser. In total, the Mobile Authentication and Mobile Status Services will be involved in over 7.3 million daily online banking interactions through mobile devices.
“Because we have real-time access to Mobile Network Operator data reflecting 94 percent wireless coverage and more than 297 million wireless customers, Early Warning can authenticate devices and monitor for status changes,” said Aaron Bartrim, Early Warning’s Chief Innovation Officer. “This means financial service organizations can gain a higher degree of confidence that the consumer on the mobile device is the true customer.”
According to Aite’s recently published Impact Note, “Mobile Revolution: Sparking Fraud’s Evolution,” criminals have recognized the attractiveness of the mobile channel, and as transaction volume grows, so do the attacks. Likewise, financial institutions need to employ layered defensive strategies in the mobile channel.
"As the volume and risk associated with mobile transactions grows, it is incumbent upon financial institutions to better protect the mobile channel," said Julie Conroy, Research Director at Aite Group. “Device and identity authentication leveraging source data from the Mobile Network Operators is an excellent way to do this, providing a verification that the consumer owns the device being used, while not inserting friction into the user experience."
For more information on the Early Warning Mobile Identifier and all of Early Warning’s mobile solutions, visit earlywarning.com/land-mobile-authorization.php, or the Early Warning booth, #918, at the Money 20/20 event at Aria in Las Vegas, Nov. 3-5. About Early Warning For more than 20 years, Early Warning has worked with financial services organizations of all sizes as well as government entities to advance collaborative risk management as well as improve customer service and operational efficiencies. For more information, visit www.EarlyWarning.com.