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It may already be a cliché, but the credit crunch is forcing all types of businesses to review their costs and look at how they can reduce overheads.
For financial institutions with millions of customers, one of the most obvious solutions is to encourage those customers toward using low-cost channels, such as the internet, to manage their accounts rather than going to branches or through call centers which have to be staffed.
But the internet brings significant security risks, and banks must be able to guarantee that a customer is who they say they are in the face of increasingly sophisticated fraud attempts by cybercriminals who have developed new ways of accessing sensitive information with alarming speed. Clearly, banks must deploy much more than password-based systems in order to encourage more customers to use online facilities and to protect existing internet customers from fraud.
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