The Financial Brand Insights - Fall 2021

If a location or merchant is unrecognizable, customers can quickly block the transaction from going through, reducing fraudulent charges instantly. Another way to empower your customers is with intelligent, AI-driven insights. By proactively surfacing easily understandable transactions such as subscriptions and recurring charges that might otherwise go unnoticed, people can quickly see if anything is out of place. 2. Make Your Data Easily Understandable Similarly to powering your customer-facing tools with enhanced data, you can do the same with your internal tools. For example, if one of your customers never purchases anything at a certain store, then all the sudden there are various charges from that location, you can flag that behavior as suspicious and verify it with the account holder before charges go through. Keep An Eye Out: Small things add up. Just keeping in touch with the customer to double-check one-off purchases can save everyone in the long term. ” One of the best ways to reduce fraud is byworking with trusted partners who have proven and tested security standards. As open banking and finance continue to gain ground, the vetting process will become even more critical to the security of your data.

Another example is that you can use enhanced data to quickly see if a customer had two purchases at two separate locations within a short period of time, you can then call or send a message and have them verify which purchase is accurate. Not only does enhanced data help you limit suspicious activities before allowing them to be processed, but it also reduces support calls, and helps you protect your customers proactively. 3. WorkWith Vendors With High Security Standards Lastly, one of the best ways to reduce fraud is by working with trusted partners who have proven and tested security standards. As open banking and finance continue to gain ground, the vetting process will become even more critical to the security of your data. At MX, not only do we have the most advanced and intelligent data enhancement capabilities —with more field categorizations (from account types, merchant logos, location data, and much more) and highest data cleansing and categorization in the market—we’re also the prefered partner for more than 200M+ users and 2,000 financial institutions and fintech companies when it comes to our security standards. Our processes and standards have been thoroughly vetted time and time again as we add more relationships to our portfolio. And that’s why many of the top financial institutions and fintechs trust us with their data—because we take security seriously. n

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THE FINANCIAL BRAND INSIGHTS FALL 2021

THE FINANCIAL BRAND INSIGHTS FALL 2021

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