Accountholder Engagement Enhances Security
What makes up your financial institution’s engagement toolkit?
Perhaps you have a great app, timely mobile and email notifications, or even a strong social media presence. These initiatives keep your accountholders tuned into their finances on their time. However, these perks offer much more than meets the eye.
Once thought of as “millennial-focused,” mobile apps, social media, and other engagement tools now do more than just keep your financial institution relevant. Today, they’re a vehicle for proactive security measures that strengthen the financial health of both the FI and accountholder, building stronger FI customer relationships.
This shift has not only enhanced the account holder experience but has also put accountholders in a better position to protect themselves. This leads to reducing fraud losses — a liability often borne by financial institutions due to legal and self-imposed fraud provisions. In fact, nearly 40 percent of consumers detect fraudulent activity before their bank notifies them.
With annual identity fraud losses totaling $56 billion, taking an engaging approach to fighting identity crime is more attractive than ever.
So, how can you enrich your engagement toolkit with these same security-focused, consumer-friendly features? Here are our three keys to building a fraud-fighting engagement toolkit:
Incorporate personalized advice into the conversation
Your engagement initiatives already require a multi-platform presence. Among the top mediums are online, mobile, social media, and email. And now it’s time to take it up a notch. Distribute not only conversation-worthy information via these platforms but empowering content and tools that help protect account holders from fraud.
Something as simple as a blog post on the latest trending scam or outbound notifications to victims of the latest breach can have a lasting impact on your accountholders. Consumers are flooded with conflicting or generic advice. Yet, they’re delighted to take clear action as part of a financial health “to do” list based on their particular financial status, risks, and available actions. If you can help them cut through the clutter of options, this is a conversation they want to be a part of. They just need you to start it.
We are the first to personalize identity safety risks and recommendations right down to the individual account holder level with BreachIQ, based on each consumers’ personalized data breach history.
Proactively protect sensitive information
Prevent a financial emergency before it starts by providing account holders with advanced security features in their mobile or online offerings. Employ high-security standards in your engagement tools, such as two-factor authentication, alerts, card controls, and strict privacy guidelines for social media.
Victims of account credential breaches are advised to update their passwords, yet many struggle to do so because of the difficulty retrieving unique account credentials for every digital site. As a result, one of Sontiq’s most utilized features is our encrypted Password Manager. Users secure passwords in one convenient location — reducing bad habits like reusing passwords, writing them down or using easy-to-remember passwords.
Alert them to potential data misuse or exposure
When an individual’s identity is misused, the first question is “how”? The identity theft world abides by one law: supply and demand. Hackers fuel the supply-side by breaching information-rich organizations or deploying targeted scams that fulfill identity thieves’ high demand for sensitive data on the black market.
As part of our commitment to proactive protection, Sontiq sends email alerts for large-scale data breaches and scams. We provide AI-driven, breach-specific identity risks and prescribed action steps rather than generic advice. These alerts are based on our proprietary capability to assess only the risks consumers should watch out for (out of all 12 possible risks). And we prescribe only the pertinent preventative measures that best fit the particular identity credentials exposed in the particular breach.
If an individual is impacted, Sontiq acts as an extension of our partner’s accountholder experience by deploying world-class restoration services. Impacted individuals work directly with a U.S.-based certified Resolution Specialist who walks them through a 32-step restoration process to isolate the threat and prevent further data misuse.
These added engagements are instrumental in shaping a stronger accountholder, yet they can feel like a rather lofty aspiration. Ensure your accountholders are in control of their identities and that you’re managing your risks by bringing an expert onto your team.
As a leader in the identity protection market, Sontiq provides relevant fraud and identity theft protection tools at every touchpoint. This approach empowers accountholders while helping our partners reach their goals.
For more information on Sontiq Identity Theft Protection, schedule a demo today.