Part 3: The Digital Peephole
Thoughts on National Cyber Security Awareness Month
Last week I blogged about how multi-layered security can help protect your account holders—as well as your brand and reputation—from cyberattacks. This week, I’m taking it a little further to describe how Q2 protects your brand by helping you “take a peek” at who’s trying to get into your digital channel.
My wife and I live a little bit out in the country, so we love having a peephole in our front door. It’s an extra layer of security. If our neighbor Donna rings the doorbell, we can take a quick look to validate her identity—to put it in security-speak—and then grant her access. If, on the other hand, we take a peek and discover an unwelcome guest or an intruder, we can keep the door locked and take whatever other steps are appropriate.
The peephole is such a simple device, but it makes a huge difference in our experience of living where we live, and of navigating visitors. Similarly, online and mobile security processes can make a big impact on experiences when banking in the digital realm. A lot of key customers that FIs are currently targeting—millennials and high-net-worth clients in particular—are seeking out better online and mobile experiences. To attract and retain these account holders, you need solid security that protects their assets and improves their experience—like a digital peephole.
Consider the benefits of a digital peephole—a way to validate a visitor before they enter your network or gain access to your account holders’ or FIs’ assets. As you work to deliver digital services, you need to know that whoever’s ringing your proverbial doorbell isn’t a threat—and to validate that they are who they say they are.
Your digital channel should have identity detection capabilities that can accurately assess user identities and recognize anomalies. Knowing which browsers your customers use and ensuring the same browser from a same IP address helps ensure we know your key customers. Detecting multiple IP access or requiring re-authentication whenever a device is unused for a specified period of time also helps keep unwanted intruders out.
You may want additional security features for different groups of customers. Your digital channel should allow for stronger authentication controls by groups with access to higher risk transactions or entitlements.
Just remember, there’s a balance to be struck between security and experience. After all, if we keep our neighbor Donna waiting too long too often, she’s not likely to come around. It might hurt our friendship—or cost your FI clients. This can be tricky; in the effort to avoid the negative experience of a security breach, it’s possible to create too much friction for users. That’s why Q2 provides so many security processes that occur invisibly and instantly behind the scenes, only becoming visible to the user or FI in the event of an anomaly.
Another thing that helps balance experience and security: be a good neighbor. Once Donna’s inside, she’s like family. Treat your account holders with impeccable service with an unbeatable digital banking experience. They’ll appreciate the time and energy you put into making them—and their security—a priority.
Join me next week as we discuss how Q2 protects your brand with our multi layered security approach by detecting anomalous transactions.
Thank you and Happy Cyber Security Month.