Adoption of mobile banking was already accelerating prior to the pandemic, but the disruption emerging from the onset of COVID-19 has put the pedal to the metal. For younger generations, mobile-first banking is increasingly the norm, with Gen-Z favoring the mobile channel at 56%.
Does increased mobile banking inevitably lead to increased fraud at financial institutions? Not necessarily, but FIs must prepare for new fraud threats and walk a fine line with their mobile channel. Move too quickly, and institutions and customers could face significant fraud losses. Move too slowly, and institutions could face customer churn.
On this episode of the Financial CrimeCast, we’re joined by Brian Keefe, Portfolio Pre-Sales Consultant with NICE Actimize, to explore how can FIs find the right balance when it comes to mobile banking. He provides insights on current fraud trends in mobile banking, strategies for winning the war against mobile banking fraud, and why FIs should assume that any device is already compromised.