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In a world where transaction fraud and online scams are more sophisticated than ever, banks and financial institutions face hefty bills for losses when customers fall prey to criminals.
Due to a mix of legal obligations and voluntary codes, stolen money is usually refunded in full, but with such crimes on the rise, is this sustainable?
New, more secure authentication solutions to prevent fraud and theft in the first place are now coming online, but if the human factor can’t be planned for, could we ever see customers bearing more of the risk profile?
Faced with everything from traditional passwords, two-factor authentication and one-time password codes sent by text, to the likes of voice recognition, face recognition and fingerprint scanning, it’s easy to see why people get confused or become frightened about using authentication.