Remove Identity Theft Remove Mobile Banking Remove User Authentication
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Top 5 Surprises from FICO’s Fraud and Digital Banking Survey

FICO

million identity theft reports filed in 2021, many of which relate back to banks and lenders. At the same time, mobile banking, payment and money transfer apps are exploding in popularity, as 89% of respondents to a recent Insider Intelligence study use mobile banking, including 97% of Millennials.

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Finance Policy Predictions 2020: AML, Authentication, Collections & CRA

FICO

However, the current rules do not address changes in the industry like the advent of mobile banking. As banking has moved online, identity proofing and user authentication become more of a necessity.