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However, theres room for improvement in the eyes of the banks.
Adapting to these changes will demand greater flexibility in managing emerging technologies and compliance complexities.
Lets explore how they can adapt to meet these challenges effectively.
Senior Vice President of Identity at Mitek Systems.
Some banks may not even realize they are falling victim to these advanced tactics.
Banks often fail to fully grasp the scope of fake profiles, leaving critical gaps in their defenses.
To combat this, banks are investing in technology to analyze customer interactions and detect fraud.
Success requires a balanced approach that prioritizescustomer experience, compliance, and fraud prevention equally.
By leveraging data and weighing customer lifetime value against fraud risks, banks can adopt a more nuanced strategy.
The FS industry has an opportunity to collaborate leveraging technology to develop better identity lifecycle strategies.
With the right combination of resources, institutions can develop scalable programs that adapt to future regulatory changes.
We’ve compiled a list of the best identity management software tools currently available.
The views expressed here are those of the author and are not necessarily those of TechRadarPro or Future plc.
