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Helping Businesses Stay Compliant and Profitable Through Complex Authentication Decisions

Businesses stay compliant and profitable through complex authentication decision

Modern digitally-fueled organizations need to be agile enough to respond quickly to changing market demands. But increasingly they also need to satisfy regulators and keep fraudsters at bay while maintaining customer confidence and meeting rising consumer expectations over the user experience. Behind the scenes, the best anti-fraud platform tools need to provide three essential elements: compliance, improved customer experience, and frictionless fraud decisioning.

A New Era of Strong Customer Authentication (SCA)

Fraud is a fast-moving landscape and the truth is that traditional authentication solutions are no longer fit-for-purpose. Login security and step-up processes are clunky, linear and fail to take account of risk or the cross-channel nature of fraud. Customer expectations are changing. Tech-savvy consumers expect a seamless transactional experience, but businesses need to manage fraud risks.

The need to make the right decisions on fraud has been given even more importance with the introduction of mandatory multi-factor authentication (MFA) by new European banking rules known as PSD2. So-called SCA will now need to be enforced unless a set of low-risk criteria are met. The challenge for firms will be to understand these criteria, and when step-up is required. Failing to get this right could seriously affect a firm’s bottom line.

Research reveals that as many as 21% of shoppers leave the online checkout because the payment process is too long, and 18% because of excessive security checks. Online retailers cannot afford to discourage customers in this way.

Complex Authentication Decisions

Simility’s complex authentication decisioning capabilities provide an intelligent orchestration layer for businesses to rightly identify fraudulent, suspicious and good customers.

Based on anomalies found on different transactional data inputs (i.e., device, behavioral biometrics, location data), Simility accepts, rejects or steps up authentication. The transaction outcome is fed back into the Simility engine, making it smarter.  This enhances the analysis of future transactions, thus reducing the number of falsely declined transactions in the short term.

A New Way

The key to effective decisioning is to bear in mind the “three imperatives”: compliance, customer experience, and fraud risk. When it comes to the customer experience, solutions must be elegant and highly usable. Fraud risk should drive the authentication outcome.  

This is what Simility offers – an adaptive decisioning platform that drives the three imperatives to keep regulators and customers happy while minimizing fraud risk. Simility’s Decision Orchestration works in synergy with best-in-class data and intelligence using strong analytics and insights to provide intuitive link analysis to handle complex authentication decisions in a digital-first world.

Want to know how Simility enables businesses to use decision layers for intelligent orchestration of authentication and fraud decisioning?  Download the Solution Brief: Complex Authentication in a Digital-First World now.

Vanita Pandey

Vanita Pandey

Vanita is the Vice President of marketing and product strategy at Simility.In this role she is responsible for establishing Simility's brand, driving Similty's go-to-market strategy as well as product and market positioning. Prior to Simility, Vanita worked atThreatMetrix where she was responsible for the strategic vision and go-to-market for ThreatMetrix products and solutions. With extensive experience in strategy, innovation, product management and analytics within the payment industry, Vanita previously led merchant development and global go-to-market for Visa’s digital products. Prior to Visa, Vanita held a range of diverse positions at some of the world’s leading financial institutions including Capital One, Standard Chartered Bank and ABN AMRO Bank.
Vanita Pandey