The fight against fraud really kicks in with customer onboarding — but that is only the first step, of course. Enhancing the customer experience, and keeping the customer and business secure through the entire relationship, is an increasingly complex and vital job, thanks to regulatory and competitive pressures.
And that is why it’s important to break down organizational silos to achieve those goals, and to have a know your customer (KYC) process that is holistic and seamless.
In the early 21st century digital economy, silos — the walls that act as hurdles to shared knowledge and work within a business or other organization — can serve to make work easier for criminals bent on fraud. That’s the main message offered by David Barnhardt, executive vice president of product at GIACT, in a recent PYMNTS interview that focused on the new landscape of fraud. “Ongoing ID monitoring is a really a must in today’s digital world,” he said.
Silo Problems
“Life cycle management is somewhat compartmentalized today,” Barnhardt said. “Look at the enrollment group, tasked with protecting the front door. Then they hand off responsibility to another group to manage the ongoing customer relationship.”