Issue link: http://www.insightdigital.biz/i/895093
30 | I NSIGH T • N o v e m b e r 2 0 17 w w w . i n s i g h t o n b u s i n e s s . c o m then red flags start going up and we place calls to our consumers." Aside from understanding customer behavior, banks are faced with another big challenge related to digital financial services: verifying identity. "When identity starts leaking like it did at Equifax, you really have a challenge because the modes of how we identified a person in the past is going to change in the digital world — and it's going to have to," Biskner says. "We're not going to be able to use that issued number or your birth date." "is trusted source was compromised," Olejnik says. "So, banks are going to need to change and do some more thorough due diligence." Of course, this is something that financial institutions have already been actively working on, including exploring different ways of confirming identity — even using biometrics such as a fingerprint. While that technology evolves, multifactor authentication is one method banks are putting into practice to ensure people are who they say they are. "We have what are called out- of-wallet questions," Fischer says. "ey're not simple things that somebody who is hacking would be able to obtain — things like where did you buy your last car or where did you get your last home loan. ose types of questions protect you a little more than standard birth date questions." What consumers can do to protect themselves Although the financial industry is doing its best to protect consumers from fraud, some of the responsibility still rests on the consumer to take precautions with their identity and personal information. Measures such as being wary of any suspicious emails from your bank (you can always call to confirm legitimacy) and taking advantage of free shred days at a local bank branch can help to keep information safe. But, above all else, experts share that staying aware is the smartest strategy — and, fortunately, that's a luxury and advantage that online banking provides. "e simplest and most straightforward advice I would give is to regularly monitor your accounts and statements and set up alerts within your mobile and online banking," Tischler says. "So, if there's unexpected activity, as a customer you are aware and empowered to take action." Indeed, this accessibility to financial information comes with some risks. But, it also offers some benefits for consumers, who are now FINANCIAL SERVICES 170372-11-JN Take control of winter heating costs When it's cold and snowy outside, your furnace works harder to keep your business warm. That increased energy use can also increase your energy bills. LE ARN MORE . USE LES S . Visit www.wisconsinpublicservice.com/bizsavingenergy for powerful online tips and tools to keep your building warm and control energy costs. From installing a programmable or smart thermostat to closing vents in rarely used spaces, discover how you can improve energy efficiency at your facility. Business Solutions Center: 877-444-0888 Monday through Friday, 7 a.m. to 5 p.m. businesscenter@wisconsinpublicservice.com