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Quick, Which Is It: Approve, Review or Block?

Determining payment decisions in the fast-changing age of mobile, digital currency

About this paper

The convenience of mobile wallets and contactless payment technologies is a boon for busy account holders, but it requires financial institutions and merchants to apply fraud safeguards at the same speed, sometimes in less than a second.

Authorization is no longer just a yes/no decision; it’s a decision to apply just the right level of authorization to preserve the user experience, and when necessary, to step up the authentication at the correct moment, while the customer is waiting.

Balancing security and convenience will require an approach that combines consumer-facing authentication (such as passwords, PINs and biometrics) with background security measures (such as transaction and session-behavior analytics).   It’s the way to stay ahead of the fraudsters, rather than one step behind.

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