Response to the FBI’s Recent Announcement - Increased Use Of Mobile Banking Apps Could Lead To Exploitation

The events of 2020 have created new risks and opportunities for individuals and organizations that will have profound implications for the way customers conduct their lives going forward and accelerate digital interaction as the norm. The US has seen a 50% increase in mobile banking this year. However as a recent FBI announcement states, as mobile channel usage increases, it is increasingly being targeted by cyber actors https://www.ic3.gov/media/2020/200610.aspx. While practical in the short-term, the recommended risk mitigation solutions degrade the customer experience by putting the onus on consumers to enhance their passwords and asks enterprises to enable two factor authentication putting more of a burden on the consumer.

Adding to this, customers also have to endure differing security and authentication models for each channel creating friction and frustration. Examples of this fragmented approach are authentication techniques for mobile banking are different than that of the call center.   The fragmented approach for channel security is also expensive for the business to deploy and manage and provides the fraudster with easy pickings as they seek out the weakest link in the chain. The result is that, despite security technology getting better each year, the breach and fraud rates continue to grow.

A far better solution is for enterprises to rethink security to a solution that removes the risks the FBI cites by eliminating passwords altogether, validate apps are the proper ones, scans for malware and provides for many more factors of authentication and consistency across channels, all while enhancing the customer experience. This meet the needs of the digital-first world ensuring security, safety and convenience with anywhere, anytime experience.

Uniken is the leader in creating digital-first customer journeys that have a phenomenal experience while being completely secured against the ever evolving and expanding threat environment. Powered by the REL-ID platform, businesses can enable any channel to service any request at any time, in a secure, frictionless way. By unifying endpoint, identity and channel security solutions into one, tightly integrated, customer experience focused platform, REL-ID enables organizations to secure, authenticate and transact with complete peace of mind.