In customer authentication, organizations must deliver security and usability — because customers expect both. Ideal methods are accessible to all customers, simple to use and secure. One-time passwords (OTP) sent directly to a customer’s device of choice are perceived to check all three of these boxes. However, as mobile fraud continues to grow, organizations must improve their text OTP security protocols to maintain safety — or they may lose not only revenue, but customer trust and market share as well.
Many organizations lack the capabilities and technologies needed to effectively prevent and mitigate common OTP authentication frauds, such as SIM swaps. However, there are solutions that allow organizations to proactively identify the risk of sending OTPs to fraudsters, ensure their customers’ security and satisfaction during crucial authentication activities.
Watch this American Banker hosted webinar to learn how your organization can be proactive with OTP fraud prevention techniques:
- PTP and SMS-based phone frauds, and why they have become especially attractive to fraudsters
- Why traditional fraud defenses often cannot stop phone scams
- How forward-thinking financial institutions are leveraging identity and device-based data to target and prevent phone frauds
