Benefits
Higher consumer confidence
As the news of online fraud become more
prevalent, the public becomes less trusting of online banking
because of its lack of security. Many potential users of online
banking do not believe that online banking is safe enough. Ancora
Online makes banking on the Internet as safe as using an ATM. Ancora
Online will restore consumer confidence in online banking, which
will accelerate its acceptance.
Competitive advantage
The quantum leap in security provided by
Ancora Online will give an online banking or premium service
provider an advantage that can translate into additional customers
at the expense of less secure offerings by competitors.
Zero change to the user
experience
Perhaps the most attractive feature of
Ancora Online is that it introduces zero changes in the user
experience. Once a computer is enrolled, the steps taken by a user
to perform banking transactions does not change at all. And the
enrollment process is so simple it requires no end user training.
Secure enough to offer
new services online
Financial institutions, high value content
providers and other online service providers can now offer unique
and high value products, with the peace of mind that their customers
will be protected from ID theft and they will be protected from
intellectual property theft.
Lower costs
Investigating, prosecuting and insuring
against fraud and ID theft add significant costs to online banking
providers. Ancora Online can reduce all these costs as well as the
costs incurred when providing customer service after each instance
of login ID theft.
According to research firm Gartner Group, identity theft cost banks
$1.2 billion in direct losses in 2003.
Bank insurance premiums can be lowered if online banking fraud is
reduced.
Lower risk to
the consumer
The current law passed by congress in 1990
was written only with ATM banking in mind. This law stipulates that
if the bank customer does not notify the bank of a stolen ID within
2 days, the customer is liable for up to $500. If the bank customer
fails to report the stolen ID for 60 days, the customer is liable
for all loses.
Most online bank customers are unaware of the provisions of this
law. |
