Financial institutions encouraged to boost security to secure future

News by SC Staff

A recent security reminder for financial institutions has been welcomed.

A recent security reminder for financial institutions has been welcomed.


Supporting the recent recommendations by the FSA (Financial Services Association) that institutions should boost investment in security measures, VeCommerce believe that customer loyalty can be won with promises of heightened security.


The FSA claimed that by boosting investment in security measures to counteract rising fraud, financial institutions can retain existing customers, and attract new ones, during the recession.


Brett Feldon, EMEA managing director at VeCommerce commented: “The FSA's concerns outlined in its agenda for fighting crime next year, draws attention to some key priorities that the banking community should ignore at their peril. Fraud is certainly still on the rise, especially of the online variety, but the internal threat is also greatly magnified with the arrival of more turbulent economic conditions.


“In particular organisational change such as downsizing or even redundancy will inevitably introduce more risk as personnel become more transient. This is a problem that is heightened still further within contact centres where employees often have access to sensitive customer data on a daily basis.


Feldon claimed that strategies such as voice biometrics, that can shield sensitive customer details from internal staff and decrease the risk of external fraud, are being utilised more and more.


Feldon said: “These strategies can achieve cost-savings through a reduction of fraud costs and added operational efficiencies but also create an enhanced customer experience, providing a clear competitive differentiator that will enable organisations to win and retain existing and new business.” 


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