Intelligent CIO Europe Issue 57 - Page 65

CASE STUDY is walking into our branch . It ’ s an area where we ’ ve seen criminals innovate almost as quickly as banks have and for us it ’ s about keeping ahead of criminals as they evolve their approaches to try and compromise the security of those channels .
How does biometric technology play a part in ensuring your customers experience the most secure journey ?
Biometrics is an essential part of our customer verification procedure and gone are the days where we can rely solely on the likes of passwords and usernames to verify who we ’ re dealing with . We employ biometric detection in our online banking services in order to verify that we ’ re interacting with the genuine customer . We partnered with a number of third-party companies to deploy that technology and what it ’ s doing is looking at the type of device being used , how it ’ s being held , how the customer ’ s interacting with it , such as the speed at which they type , the hand they ’ re using , the profile , whether they ’ re walking at the time , their location and hundreds of other factors that I haven ’ t even mentioned . All of these criteria are used to build a profile of the person using that device and we can then match it against what we ’ ve seen previously for that customer . We use that as a verification tool and we also use it to help our risk assessment when those customers then go on to make payments , which is the key point of risk for us in respect of our existing customers . We ’ ll use that to determine whether we want to pause those payments for further checks based on the behavioural profile of the usage up until that point .
What are some of the key initiatives you include in your business strategy for preparing against fraudulent attacks ? of them those that are high risk where we may need to make further checks .
What overall business benefits has Onfido provided during the process and how do you plan to keep working together to remain cybersecure ?
Onfido has enabled us to deliver a cutting-edge , streamlined onboarding journey for new customers . Our journey for new customers to open a personal current account is now one that takes around 10 minutes which benchmarks it in an industry leading way . We ’ ve only been able to achieve that thanks to the technology that we get by partnering with Onfido to give us the verification and the validation that we ’ re dealing with a genuine individual and that we can verify their identity . Without that capability with Onfido then we ’ d still have to rely on much less efficient , much less effective tools to detect high-risk customer applications .
How will you continue on your Digital Transformation journey with security top of mind , to offer your customers the best experience in digital and traditional banking ?
Fraud risk management is a job which is never done and it ’ s an area where we need to continue to invest . Technology is moving forward at pace and the activity of criminals is doing the same . For us , it ’ s about continuing to invest in our controls so that we ’ re able to keep up to date with the techniques used by criminals but also to continue to find ways to help our genuine customers bank with us in the most simple and frictionfree way they can . p
We ’ ve got several initiatives underway around ensuring that we use the latest technology to spot and stop scams and the key thing for us is that that applies end-to-end in the customer life cycle . So let ’ s not just wait until the point where customers are moving money for us to intervene . We ’ re looking at how we can deploy new technology into our account opening and customer onboarding journeys . We ’ re also looking at how customers log on in the most efficient , effective way to detect fraud and we ’ re also spending a lot of time focusing on our card fraud verification tools . That ’ s an area that ’ s changed massively this year with new strong customer authentication regulations coming in and making sure that the processes we ’ ve got to verify card payments find that right balance between security and ease of use . And then it ’ s also about having the latest technology to risk assess all of those payments that customers are making so we can pick out from all
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