For companies, it may take decades to build a reputation among their customers, but only a few minutes of cyber-incidents and frauds ruin it. Customers become wary then, and there’s a high possibility of them taking their business elsewhere if they don’t feel safe with a company.

News of people falling prey to cyber fraud, especially digital transaction fraud spreads fast given the speed of social media. Think of how often we hear of incidents where hundreds and thousands of customers have lost their hard-earned money to digital banking fraud. In May this year, the authorities received at least 61,100 complaints regarding financial fraud according to data on the Indian Government’s cybercrime portal.

There is hope though. Cybersecurity companies spend considerable amounts of resources exploring ways to prevent fraud. New-age solutions are the answer to this increasing wave of digital transaction fraud. Banks and financial institutions who want to improve customer experience, earn customer trust and stay ahead of those who cheat their clients can employ some new-age solutions. Here’s examining how these solutions work in the real world.

Cloud Authentication Solutions: Cloud Authentication Solutions (CAS) is a multi-factor authentication solution that promises to deliver scalability and flexibility in the cloud. It also provides extensive authentication options that improve the user experience considerably. A key benefit of this solution is that it is inexpensive and easy to deploy. Sturdy CAS systems meet regulatory requirements and can easily support hybrid deployments of software and hardware authentication. They also possess regular and easy updates that make the authentication environment stronger.

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Employing mobile security suite: A comprehensive security solution that can make your mobile phone impregnable to a range of attacks is the mobile security suite. It combines multiple authentication methods that include biometric and behavioural options, push notification, fast identity online authentication, and visual transaction signing solution, among others.

Mobile Application Shielding: Financial institutions lack visibility into the security status of their customers’ mobile devices. The application shielding solution protects a mobile banking app from the inside out. It allows the app to securely operate even in potentially hostile environments, such as jailbroken or rooted iOS and Android devices – and only denies service when absolutely necessary. It also gives protection against reverse engineering, remote screen access, screen overlay attacks, key loggers etc.

Virtual Rooms: A heavily secure virtual space that has the potential to provide a human element to complex, high-value customer transactions. Due diligence processes during complicated processes like Mergers and Acquisitions, loan syndication, private equity and venture capital transactions can be greatly aided through virtual rooms. They are quite cost-efficient and provide bank-grade security through identity verification.

Digital Transaction Management: A very useful service in the banking arena, it allows users to manage documents related to transactions, digitally. This solution speeds up the process of signing business agreements and provides end-to-end security for the entire process. It also reduces mistakes and lowers operating costs for customers. Reduced transaction time and an enriched customer experience are other key benefits of Digital Transaction Management. Adopting this process provides enterprises peace of mind since they are sure that their customers’ data is secure and have the surety and assurance of a seamless transaction experience.

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Some of the above solutions work towards eliminating digital transaction fraud. There are several Fortune 500 companies that are increasingly enabling such, tech-based security solutions which not only improve their business but also earn the trust of their customers, something that is invaluable and creates lasting businesses.

By – Pinakin Dave, Country Manager – India and SAARC, OneSpan Inc.