Fraudulent activity and scams continue to rise leading banks need to build trust and confidence in their digital offerings
As digital banking continues to grow so too does the range and sophistication of fraudulent activity and the threat of scams, meaning banks must ensure customers feel especially secure while undertaking any financial operation.
Company reputation is a liquid, fragile being, and so lacklustre security at a bank is a sensitive affair and becoming more so. In 2020, unauthorized financial fraud losses across payment cards, cheques and remote banking totalled £783.8m, according to UK Finance. According to Cornerstone, nearly eight in ten mobile banking users rate managing balance/fraud alerts as either “critical” or “important” features.
For customers, trust is paramount, but there’s a balance between holding their hand through the digital landscape and intruding on the banking or payment journey. In each instance digital banks have interpreted this in their own ways.
For many providing customers with full control over their cards, limits, and security directly in-app is a progressive way of ensconcing the relationship. Temporary card blocks are now ubiquitous and in most cases users can turn a card back on if it is found. Not only does this provide an enhanced layer of security - with many banks allowing users to block international payments, ATM withdrawals and other forms of engagement - it adds an additional level of personalisation in allowing the customer to feel entirely in control of their finances.
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