Early Warning Blog

Has Your New Account Screening Evolved?

Posted by Robin Love on Oct 27, 2016

Balancing New Account Growth and Risk Mitigation

Although financial institutions (FIs) have been screening new account applicants for decades, guidelines for how to best utilize that decision-making data has become increasingly scrutinized in an effort to ensure consumer fairness and financial inclusion. Not only have the variety of data sets available to FIs today versus even five years ago advanced significantly, but so too has the sophistication of the consumers applying for new accounts.

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Topics: Authentication, Identity

[Infographic] Improving Digital Identity Assessment

Posted by Early Warning on Oct 17, 2016

As account opening continues to expand to online and mobile channels, institutions continue to tailor product offering to meet the needs of the consumer, validating identity and risk has become increasingly complex. Learn more about how to improve the digital identity assessment process with this infographic. 

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Topics: Authentication, Identity, New Account Fraud, Digital Identity Assessment

Connect with Early Warning at Money20/20

Posted by Early Warning on Oct 13, 2016

Find out where we'll be, what we've got planned and how to connect with us!

Are you ready for this year’s Money20/20 event? We hope you’re as excited as we are for the world’s largest payments and financial services innovation event! We can’t wait to show you what we’ve been working on since announcing our acquisition of clearXchange at Money20/20 last year!

Following is everything you need to know about what we have planned for the conference, and how you can connect with us.

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Topics: Money2020

Early Warning Exhibiting at the 2016 MBA Annual Convention and Expo

Posted by Jim Mortensen, vice president of Identity Solutions on Oct 06, 2016

Traditional methods of verifying borrowers’ liquid assets continue to cost lenders millions each year – not to mention, this process is growing increasingly susceptible to financial misrepresentation and fraud. Early Warning will be at the 2016 MBA Annual Convention and Expo October 23-25 in Boston, showing lenders how they can transform the lending experience for borrowers while lowering costs and risks.

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Topics: Asset Search and Verification, Mortgage

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, vice president of Identity Solutions 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, vice president of Identity Solutions 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, vice president of Identity Solutions 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