BROOKFIELD, Wis.—Fiserv said it has launched new capabilities to enable financial institutions to enhance cybersecurity while improving the consumer experience.
Fiserv said its SecureNow: Login Defense facilitates accurate recognition of suspicious devices, enabling banks and credit unions to increase cyberattack detection rates while reducing the number of times customers are required to take extra steps to access accounts, according to the company.
SecureNow: Login Defense is an extension of SecureNow from Fiserv, which the company said is a centralized, real-time cybersecurity platform that integrates multi-factor and device-based authentication with behavioral analytics to enable financial institutions to combat fast-moving threats while simplifying the digital experience for legitimate users.
Global Consortium
Fiserv said the solution incorporates device reputation insights from the global consortium of iovation, a TransUnion company, and location data from Neustar, a provider of real-time information services including security solutions, to analyze potential risk based on a wide range of device-related factors such as account access frequency, history and location. Fiserv said data shows devices being used by an attacker are recognized in real time 90% of the time.
SecureNow includes multiple layers of behind-the-scenes security so the experience is seamless for the customer, according to Fiserv, a feature it said was key in its selection by South Carolina FCU, which implemented SecureNow to improve digital usability while increasing security.
“For us, the story had been, ‘Let’s ratchet online banking down so tight that we won’t ever get any fraud out of it,’ which turned out to be a relatively successful approach,” said Brad Williams, chief technology officer with SCFCU. “But the byproduct was a challenging user experience for our members. After seeing what SecureNow could do for us in the background, we felt comfortable replacing some of the front-end security measures we had in place in order to provide a simpler user experience.”
Challenge Rates Decline
Since implementing SecureNow, South Carolina FCU has seen challenge rates decline from 28% to less than 10%, meaning fewer members are having to key in a one-time passcode or are getting locked out of accounts. This not only improves the member experience, it also helps lower call center volume, Fiserv said.
Fiserv cybersecurity experts operate the SecureNow platform for financial institutions, reducing overhead and allowing clients to focus on core digital business activities.
“SecureNow replaces traditional security mechanisms with data-driven risk decisioning and monitoring to deliver robust protections against rapidly evolving threats,” said Dan Bjerke, senior vice president, Digital Banking, Fiserv. “This allows financial institutions to deliver the seamless user experiences digital banking users demand without compromising on security.”
Complementary Offer
Fiserv said SecureNow complements other cybersecurity solutions it offers, including CyberProtect and Cyber Secure, which are designed to mitigate risks within the financial institution as well as risks associated with customer-facing services, Fiserv said.
For info: fiserv.com.