Welcome to the three-part blog series brought to you by Eltropy, your go-to digital conversations platform for community financial institutions. In this series, we will delve into the crucial role of video banking in combating complex fraudsters and securing your institution against ever-evolving threats. We’ll explore why adopting video banking is a game-changer for your institution’s ability to fight fraud, bolster security and solidify consumer trust.
Understanding the Growing Threat of Fraud
The rise of technology and digital advancements has opened new avenues for fraudsters to exploit vulnerabilities in financial institutions, leading to a surge in fraudulent activities such as phishing, smishing, or vishing attacks and identity theft. Detecting and countering these evolving threads of fraud has become a pressing concern for CFIs.
The Escalating Complexity of Fraud
With our day-to-day technologies getting smarter, this, unfortunately, means that fraudsters are too. Fraudsters are continually developing new tactics and tools, leveraging the same technological innovations that institutions use to enhance customer experiences. This means that community financial institutions must match the rate in which fraudsters are finding, implementing and perfecting their own tools. Traditional security measures may not be sufficient to tackle these modern threats effectively.
As a result, community financial institutions must proactively implement robust fraud solutions to stay ahead of these complex criminals. This is where tools like video banking come into play, as they give community finanical institutions the power to fight back against higher levels of complex fraud. With smart ID scans, Video Verify, and MFA all built into the system, your team can rest easy at night when they have a video banking solution that works hard for them to fight fraud.
The Impact on Customer Trust
Financial fraud not only affects the institution’s bottom line but also erodes the trust that customers place in their financial partners. Reports of fraudulent activities can tarnish an institution’s reputation and lead to a loss of existing and potential customers. Video banking offers a unique opportunity to build trust by enabling face-to-face interactions, assuring customers of your institution’s commitment to their security and privacy. Being able to connect face-to-face with consumers anytime and anywhere is essential two-fold.
From a security standpoint, you are able to battle back against fraudsters that are utilizing the newest technologies and add more security to your community financial institution. Additionally, and just as importantly, the face-to-face interaction establishes that strong level of trust that your consumers crave, especially with a rise in digitization and some consumers not being able to come in person in the same ways they used to.