Banking customers increasingly prefer to use their mobile devices to manage their accounts, which is driving the need for banks to push digital transformation across all channels. However, the growth of online and mobile banking has also prompted a rise in cyberattacks, eroding consumer trust and elevating the risk of fraud. Legacy solutions haven't been able to keep up: passwords aren't sufficiently secure, SMS is a highly vulnerable communications channel, and tokens are too expensive and inconvenient to distribute. Transition to modern authentication that strikes a balance between a higher level of security and a frictionless user experience. DetectID lets customers use their mobile phones to safeguard all interactions on any banking channel.
