Back in 1951, a reporter asked inveterate hold-up man Willie Sutton why he robbed banks. Startled by the question, Sutton answered honestly: "Because that's where the money is."
The question had more to it than it first appears. Sutton had stolen all kinds of items, including jewels and other things that were hard to convert into currency. Banks were different—they were full of ready-to-spend currency, and that made the enterprising criminal's life easier.
Have times changed much since 1951? If you're a criminal, not really. In mid-2018, ITSP Magazine reported that financial services firms fall victim to cybersecurity attacks 300 times more frequently than businesses in other industries. Security breaches lead to interruptions in operations loss of reputation, and lost revenue for banking institutions—and the bad guys don't even leave home to do it.
And, when a breach happens, it's more painful than an old-fashioned, in-person heist. As scary as an in-person robbery may be, only the customers present in that branch are affected. But shutting down systems to chase down cyber-attacks impacts all your customers.
Customers are looking for banks to manage this without impact to them. Banks who are able to maintain security whilst offering a low friction experience will win customers.
That's why it's critical that financial services companies, banks, and any other organizations that deal with customer funds need to lock down security. Lost funds, angry customers, and degraded customer experiences are a lethal trifecta that can allow your competition to leave you in the dust.
That makes Nexmo's partnership with Callsign so exciting. It gives Nexmo a specialized partner in the financial services/banking space that brings the security expertise to lock down communications against cybercrime.
Callsign offers real-time AI-driven identity and authentication solutions that use deep-learning techniques to combine event, threat, and behavioral analytics with multi-factor authentication. This real-world application of AI puts innovative digital identity technology at the heart of trusted communications to help protect banking customers from fraud while ensuring a real-time frictionless and transparent user experience.
The partnership allows businesses to reach customers on their preferred communication channels—voice, SMS, social chat, and so on—and to do so with confidence that the customer's omnichannel experience is fraud-free.
With the added integration of Nexmo Messages APIs, Callsign adds a deeper layer of trust and authentication to combat fraud and build customer trust while simultaneously meeting regulatory compliance standards. The combined power of Callsign and Nexmo will allow customers to confidently get on with their digital lives in the most seamless way possible—checked, verified, safe.
To learn more about the partnership, checkout Callsign on our Partner Page.