An Open hub with best in class in-house and outsourced fraud prevention services
Gemalto Assurance Hub (GAH) is an open hub that allows banks to assess every single online banking session in real-time. It comes with best-in- class solutions (Threatmetrix users and device identity network and Behaviosec's behavioral biometric) already pre-integrated to analyze a broad range of attributes and signals from the user and the device, such as geo-location, device profiling, IP address, device assessment and behavioral biometrics.
Based on a set off rules defined in the Policy Manager, GAH evaluates the level of assurance banks should monitor for every single transaction performed by their customers and recommends the most appropriate authentication methods. Gemalto Assurance Hub helps financial players make the right choice to minimize fraud: allow the transaction, block the transaction or challenge the customer with a step-up authentication. Thanks to GAH, banks can define a granular authentication policy based on customer segmentation, customer preferences, use cases, and their own parameters.
As a Hub, GAH is scalable and can integrate easily existing risk management solutions and any business rules the bank has already. As such it removes the whole complexity for any financial player to use Gemalto Assurance Hub offering optimized user experience and minimizing risk of fraud thanks to risk-based authentication method.
Enhanced fraud prevention
Banks are facing not only a dramatic increase in the number of cyber-attacks but also sophistication and complexity of those attacks. Fraudsters and hackers are constantly challenging the security measures put in place by banks to protect their customers' sensitive data.
In parallel, online and mobile usage have been growing a lot and are expected to continue in the next coming years. There will be more than 26 billion global IP networked devices or connections (up from 16.3 billion in 2015) and more than 600 million global wearables (up from 96.7 million in 2015) showing the diversity of devices and therefore the incremental difficulty for banks to stay ahead of the cyber-criminals while maintaining a smooth user experience.
Regulations are more demanding to banks requiring to:
Better protect the consumer, by enforcing stronger security for data access and control properly their identity,
Assess, detect and prevent risks linked to payment and access to account operations.
Evaluate the level of risk in order to find a balance between security and user convenience.
Fraud strategies and authentication policies need therefore to adapt and be more automated to cope with increased number of connections, creativity of fraudsters, new regulations.
This is exactly what Gemalto Assurance Hub brings to online banking thanks to a groundbreaking approach in fraud prevention. Gemalto Assurance Hub offers a single point of interface, a control console for piloting fraud strategies and risk based authentication.
As it bring best in class technologies monitoring millions of signals and thousands of attributes, it allows to be at the fore front of the fraud management. And the analysis of all what make a user profile (user and device identity, behavioral biometrics, and user banking profile) added to rules engine of GAH help recommending adequate authentication method and reduce friction in the consumer experience.
Users expect seamless digital experiences
38%
Would leave their bank if another provider was offering
better services or better rates.
44%
Would switch banks
if their current bank was breached
We have seen those last 10 years a growing number of new applications, online services proposed and embraced by customers, changing their behavior and increasing their expectations. Not only in banking or for payment, users are keen to access multiple services from their mobile, tablet or PC giving them the opportunity to interact with banks and services providers anywhere, at any time they like. And to verify the identity of the user, financials services provider have set up authentication processes which are key to the relationship they intend to build with their users
A recent Gemalto study showed that 44% of consumers would leave their bank in the event of a security breach, and 38% would switch to a competitor offering a better service. At the same time, consumers suffer from both unjustified rejection and excessive authentication steps when banking online or on mobile.
This is why it's vital for banks and financial service providers to keep enhancing and personalizing the user experience without compromising security to maintain customers' trust and loyalty. And it's perfectly in line with what PSD2 is requiring, expecting banks to monitor carefully the risk and proposing the right authentication level, allowing at the same time to cope with new consumer expectations.
Gemalto Assurance Hub is a turnkey comprehensive authentication framework.
We have assembled step-by-step all the elements of a multi-factor strong authentication framework and integrated these with our new Assurance Hub as a future-proof cloud-service. This mix of risk-based and strong authentication makes Gemalto unique as an Identity and Authentication solution provider
Gemalto Assurance Hub is the winning combination to bring trust, security and convenience in the new digital and collaborative Open Banking ecosystem.
