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Early Warning Blog

2017 – The Year You Optimize Your Outbound Contact Strategy

Posted by Jeff Kamholz, Sr. Business Development Executive on Sep 19, 2016

Improve Retail Initiatives, Debt Collection and TCPA Compliance

Whether conducting outbound calls or texts for any purpose - including growth strategies, notifications, debt collection, etc. - increasing institutional and regulatory pressures contribute to the challenges organizations face in optimizing their customer calling strategies. And no surprise here, risk reduction and compliance will continue to be a leading strategy for organizations in 2017.

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Topics: Authentication, Mobile Number Verification

Top Five Trends in Home Loan Origination

Posted by Jim Mortensen on Sep 08, 2016

  1. Recognizing the problems associated with manual underwriting steps:

The traditional loan origination process is well-known for including several manual, paper-based underwriting steps that cost borrowers in time (and stress) and lenders in resources. According to a recent J.D. Power Survey, 68 percent of customers have to provide additional documents after completing the loan application process, and 48 percent of customers were asked to provide the same document more than once. The outdated process isn’t just costly for the borrower. MBA’s Quarterly Mortgage Bankers Performance Report found that inefficiencies in the home loan origination process drove personnel expenses to an average of $5,131 per loan in the fourth quarter of 2015, compared to $4,674 per loan in the third quarter of that same year. Loan production also stalled to 2.4 loans originated per production employee per month.

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Reinforcing Authentication Best Practices

Posted by Rich Rezek, vice president market development, Authentication Solutions on Aug 21, 2016

Industry Dialog on SMS OTP Picks Up

In last month’s blog, we touched on the latest draft of the Digital Authentication Guideline (DAG) (open for public preview) from the United States National Institute of Standards and Technology(NIST), discouraging companies from using SMS-based authentication as a form of out-of-band (OOB) authentication. We shared insight from Al Pascual, senior vice president, research director and head of fraud & security at Javelin via his blog No, SMS OTP Isn't Dead.

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Topics: Authentication, Identity

Industry Experts Rank Early Warning as Top Provider in Digital Identity Assessment

Posted by Jim Mortensen on Aug 19, 2016

The term “Digital Identity” has been popularized to link a consumer to his or her transactions online. The definition itself varies by generation, signifying the important evolution taking place. Millennials tend to associate their digital identity to online activities, social media data or biometric information while their predecessors tend to classify personally identifiable information such as a Social Security number, Driver’s License information and banking identity information as the core elements that make up their identity credentials. In truth, a consumer’s digital identity has evolved to encompass all of these things and more.

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Topics: Authentication, Identity

No, SMS OTP Isn't Dead

Posted by Al Pascual - JAVELIN on Jul 31, 2016

Last week’s announcement from NIST that SMS one-time-passwords (OTP) were deprecated as a form of out-of-band (OOB) authentication put the industry in a tizzy.  Funny thing was that NIST did hedge a bit in its language, but it seemed that the agency was relegating SMS OTP to the junk pile when reading some of the posts out there.  

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Topics: Authentication

Securing the Mobile Wallet Experience

Posted by Jim Mortensen on Jul 14, 2016

Last month, Al Pascual, senior vice president, research director and head of fraud & security at Javelin, authored an article, “Mobile Wallet Fraud: This is Just the Beginning,” as part of our ongoing conversation on this topic and in conjunction with a recent report, white paper and webinar on the subject. In that content, Pascual raises awareness of the projected growth in mobile wallet adoption, forecasted to grow to just under 90 million by 2019. However, for consumers yet to adopt mobile wallets, concern for security is cited as the primary reason. Pascual also points out the opportunity for fraudsters to enroll compromised card-not-present credentials onto a mobile wallet as the transition to EMV diminishes the opportunity to commit fraud at the point of sale.

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Topics: Mobile Wallet Fraud

Fostering Financial Inclusion While Combatting the Growing Risks of New Account Fraud

Posted by Robin Love on Jun 29, 2016

Urged to open their doors to more consumers, banks are simultaneously under pressure to reduce the impact of rising fraud. Combatting new account fraud while working to foster financial inclusion is a tall order. As banks continue to search for the best way to keep fraudsters out of the banking system while bringing more consumers in, they should consider solutions that address these two seemingly distinct challenges in unison. The methodology and the technology that banks use to screen and validate new account applicants should have a dual purpose, identifying consumers worthy of deposit accounts and also uncovering criminal intent.

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Topics: Authentication, Identity

Mobile Wallet Fraud: This is Just the Beginning

Posted by Al Pascual - JAVELIN on Jun 21, 2016

Even though the early rush of Apple Pay fraud has been stemmed, mobile wallets remain a valuable target for fraudsters. In 2015, approximately 112,000 consumers reported being victims of mobile wallet-related account takeover and this is likely to get worse before it gets better, largely due to three major factors: EMV, the growing adoption of mobile wallets, and the technical skill of cybercriminals.

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Topics: Authentication

A Perfect Storm of Identity Fraud is On the Horizon

Posted by Julie Conroy, Aite Group on May 23, 2016

New account acquisition is an increasingly challenging proposition for financial institutions (FIs) of all sizes. Opportunities for new account fraud are further exacerbated by the growing number of digital-native millennials, or consumers that prefer to conduct commerce in the online and mobile channels. Additionally, Dodd-Frank dramatically changed the economics of retail banking in the United States, while the Consumer Financial Protection Bureau (CFPB) is intensely scrutinizing new account risk assessment practices, pushing FIs toward greater financial inclusion.

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Topics: Authentication, Identity

6 Trends Impacting Consumer Demand for Faster Payments

Posted by Early Warning on May 12, 2016

Whether it be televisions, cars, computers or mobile phones, consumers have come to expect constant advancements in the technology they use every day. Consumers rely on technology to make their lives easier, and banking technology is no exception.

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Topics: Payments