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We live in an incredible, and incredibly connected, world with nearly half the population now online – and there is no turning back. The estimated 8.4 billion connected devicesthrough the internet of things combine with advances in artificial intelligence (AI) and other innovation to deliver personalized payments.
For the millions of digital natives, practically born with a device in hand and connected to the virtual world, this is nothing new. Rather, it is the fulfillment of the possible that they have been waiting for: The ability to increase transparency, interact with brands and move faster, with less friction. For businesses serving them, the focus is on living up to this promised user experience. For the consumer, some with up to 90 online accounts and who find passwords difficult to remember, we have room to improve.
Delivering on this digitally connected, experience-oriented environment requires a new way of protecting the consumer’s identity and their money. This means securing the billions of connected devices and reinforcing trust with the consumer. Threats like cyber-attacks, breaches, hacks, ransomware and the challenge of knowing the identity of a shopper from 2,000 miles away are very real.
So, we stand at a critical juncture as the physical and digital worlds converge. To engender trust we need to fight the fraud of the future with security of the future – today.
Done right, and the consumer gets a much better experience: fewer declines, less friction and a consistent, speedier process. Tomorrow’s system today gets smarter over time. It is able to make better decisions because it knows if a consumer is traveling and should approve a purchase made in a foreign country; or recognizes a gamer who needs to buy an item in real time to save their virtual village; or if a customer is doing any number of things that are consistent with past spend behavior.
The security of the future goes deeper and gets involved before the customer presses “buy” in their shopping cart. Why? Because securing the transaction is table stakes. In an age of personalization, protecting the person and improving their experience is what security will be all about.
This article originally appeared at: bank innovation