SOLUTIONS

Fraud Prevention for the Banking Industry

Protect your business from potential risks and threats with HID’s comprehensive fraud prevention suite. Our solutions help you detect, prevent, and mitigate fraud effectively while ensuring seamless experiences for your users.

Seamless Security, From Onboarding to Every Transaction

According to industry estimates, one in twenty digital transactions is fraudulent. Protect your customers — and your bottom line — with a comprehensive approach to fraud prevention, custom built for financial services.

The HID fraud prevention portfolio is an integrated set of solutions designed to help banks and other financial service providers safeguard assets and adapt to evolving threats. From streamlined identity verification to real-time transaction monitoring and a powerful authentication platform, these technologies leverage advanced AI, strong authentication capabilities and intuitive workflows to protect users without compromising convenience.     

Take a Preventative Approach to Fraud Prevention

The cost of fraud is staggering. In fact, a single data breach costs organizations an average of $4.45 million! 

Safeguard your business with the industry's leading fraud prevention solutions. From onboarding to every login and transaction, our comprehensive portfolio shields your customers at every touchpoint, delivering both security and seamless experiences.

reduction in online fraud* 80% Minimize friction and maximize customer loyalty with seamless security at each log-in and transaction.
fewer false positives* 90% Don’t waste time on threats that aren’t real. Multilayered, real-time detection reduces loss and increases efficiency.
banks and financial institutions worldwide HID is trusted by the world’s most regulated industries, with certified solutions that safeguard data and respect user privacy.

* Based on independent customer testing

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Built for Banking

Financial fraud is relentless. HID’s fraud prevention portfolio helps banks, credit unions and other financial institutions deliver both comprehensive protection and an exceptional customer experience. These multilayered technologies offer:

  • Frictionless Onboarding — Support KYC, AML and protect new accounts from the start with streamlined identity verification that works in seconds to confirm customer identities
  • Risk Based Authentication — Block suspicious log-in attempts and step up authentication when you need it with adaptive technologies that adjust to different risk profiles and transaction contexts
  • Zero-Day Fraud Detection and Mitigation — Prevent fraudulent transactions with real-time transaction monitoring and behavioral intelligence that analyzes unique, AI and measurable patterns in customer activities

The Broadest Fraud Prevention Portfolio

HID’s fraud prevention portfolio integrates multiple technologies to protect each log-in and transaction.

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AI-Powered Risk Management

Real-time threat mitigation and risk-based authentication using AI, behavioral intelligence and machine learning

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Digital Identity Verification

AI-Powered identity verification for digital onboarding and beyond – using automated ID document verification and biometric selfie facial matching

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HID® Approve, Powered by the Authentication Platform

Scalable mobile and desktop authentication for secure log-in and transaction signing

Stay Ahead of Evolving Threats

We help you prevent:

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Identity Theft

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Account Takeover

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Authorized Push Payment

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Phishing

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Malware

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Cyber Attacks

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Social Engineering

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App and Device Hacks

Security at Scale

Threats change. With HID’s fraud prevention portfolio, you’re always a few steps ahead. Here’s what sets us apart:

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Comprehensive Protection

Our cutting-edge solutions safeguard each stage of the customer’s digital banking journey.
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User-Friendly Technologies

We help you create extraordinary customer experiences with tools that balance security and convenience.
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Scalable Architecture

Rigorous tests ensure that we deliver the speed, scalability and security you need — without compromising back-end performance.

What Fraud Prevention Experts Are Saying

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“HID Global’s infrastructure can scale as needed … [providing] advanced fraud reduction with built-in identity proofing capabilities that utilize the latest high security crypto standards.”

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“HID has become a benchmark in the industry for its vision, strategy, and execution excellence ... to remain one of the top choices for biometric authentication and digital ID solutions.”

Trusted by Banks Worldwide

HID’s award-winning fraud prevention portfolio is trusted by the world’s most regulated industries, including 100+ banks and financial institutions around the globe.

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Erste Group, Austria

Read the success story
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Al Ain Finance, UAE

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Baiduri Bank, Brunei

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Certified to the Highest Standards

Take Fraud Prevention to the Next Level

Keep Up With the Latest in Fraud Prevention

Frequently Asked Questions

1. What is fraud prevention, and why is it important for banks?

Fraud prevention involves implementing measures to detect, prevent, and protect against fraudulent activities. For banks, it is crucial to safeguard assets, protect customer data, and maintain trust by ensuring security across all transactions.

2. What are the main threats and fraud types that banking institutions face?

Common threats include cyber-attacks, identity theft, phishing, account takeovers, authorized push payment (APP) fraud, malware, social engineering scams, new account fraud, SIM swapping, app and device hacks and more. HID's fraud prevention solutions help banks detect and stop these threats in real time.

3. How can HID's fraud prevention solutions help protect against fraud?

HID's comprehensive fraud prevention portfolio combines identity verification, real-time transaction monitoring, risk-based authentication and AI-driven threat detection to secure against threats, ensuring end-to-end protection.

4. What are the benefits of using a multilayered fraud prevention strategy?

A multilayered fraud prevention strategy provides robust security by using multiple lines of defense across the complete customer banking journey, such as biometric identity verification for account onboarding, risk-based authentication for secure account log-in and transaction signing, and behavioral intelligence that analyses user and device behavior during every interaction to automatically mitigate threats. These elements work together to provide a super secure banking journey.

5. How does HID’s AI-powered Risk Management Solution prevent fraud?

HID’s AI-powered Risk Management Solution analyzes behavioral patterns, transaction contexts and device information to identify and respond to suspicious activities. It leverages machine learning algorithms to continuously adapt to new threats, providing real-time protection.

6. What steps should banks take to protect against emerging fraud and threats?

Banks should adopt a comprehensive fraud prevention strategy, including advanced authentication methods, accurate identity verification and intelligent threat detection systems, that integrate to prevent fraudulent activity at each stage of the customer journey – staying ahead of increasingly sophisticated fraud tactics. 

7. What are the adverse effects of not having a fraud prevention strategy in place?

If banks and financial institutions do not effectively prevent fraud, they risk customer data, organizational data, damaged reputation and increased costs. Implementing a solid fraud prevention strategy enables financial organizations to maintain a trustworthy reputation, boost customer loyalty, meet fraud-related regulatory requirements and reduce costs associated with losses as well as manual operations.

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Fraud Advisory and Mitigation Services

Learn how our dedicated group of fraud analysts, cybersecurity engineers and cybersecurity advisors enhances institutions’ ability to tackle fraudulent activities and threats.

Read the executive brief
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Setting New Standards in Secure, Scalable Authentication

See how HID and Temenos partnered up to test the limits of banking authentication scalability.

Read the blog post

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