It's no secret that fraudsters are 'cashing in' on today's explosive electronic migration. As more customer data and documents are moved to the “cloud”, the security requirements and risks are becoming more onerous.
Increasingly, customer data is being exposed online, as cost and environmental concerns drive paperless adoption. The result is a shift in risks from the corporation to the consumer. “We can't stop fraud, but we can address the burning issues by recommending solutions that offer both customer convenience and peace of mind,” explains Michael Wright, CEO of Striata.
Today, billing companies are investing heavily in hopes of drawing consumers into the electronic revolution, but ongoing reports of phishing scams and data breaches are making consumers nervous about going 'paperless'. “Consumers feel that by converting to e-billing, they are ultimately losing control over their bill or statement, and fear that their online accounts could be hacked, changed or even deleted, leaving them with no record of usage or bill pay activity,” says Wright.
Many customers login monthly to download a copy of their statement, to ensure that they have control over their own information. In addition, this reduces the angst of moving providers and the risk of losing access to years of personal information.
When considering security and risk, 'Push' eDocument delivery is the best option.
Delivering an encrypted copy of each statement directly to the customer's e-mail inbox completely eliminates the need for the customer to login online. This is because authentication is an offline process, with no sensitive data passing over the Internet. Customers can print or save (in an encrypted format) a complete history of their relationship with their bank or biller, rather than consolidating all history and activity in one place. This dilutes the threat of criminals looking to hack e-billing portals.
Wright points out that with additional security features, such as including an authentication section at the top of e-mails, digital signatures and e-mail personalisation, the customer's fears of phishing are alleviated. It is not possible for a phisher to have the detailed, personalised information included in the e-mail, nor the secure attachment. Because customers can also decrypt, view and save documents offline, security threats of malware and spyware are also reduced.
Furthermore, payments can be made directly from within the encrypted document, without the need to enter sensitive payment information onto an untrusted Web site.
Secure document delivery creates secure links
Billers provide self-serve portals for customers to view document history and make payments. Securing access to this data is a constant balancing act between strong security and ease of use. Hackers see the mountains of data as honey pots of information for phishing and fraud.
While delivering e-mail bills to customers eliminates the need to pay at the biller site, it still offers them the option to do so - the difference being that it does so from a protected, secure link instead of from within an unprotected e-mail.
Trusted links within the e-mail bill provide an extra layer of security to prompt customers to view their billing history, manage an account, or respond to marketing promotions, thus driving qualified authenticated traffic to biller Web site self-service portals.
The convenience of e-mail bill presentment directly from within the inbox ensures a greater level of comfort for customers in dealing with the biller electronically, thus making it an easier transition when pulling them to an online self-service portal.
“By eliminating security concerns with the protections associated with secure electronic document delivery, combined with the convenience of e-mail bill presentment and payment, customers are encouraged to take advantage of the time-saving self-service options available online,” concludes Wright.
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Michael Wright, Chief Executive Officer, Striata
Michael Wright founded Striata in March 1999 with a view to building a global software business. Striata's e-marketing and e-billing are complementary solution sets that deliver a rapid reduction in operational costs, quicker payments and an enhanced customer experience.
Wright is a pioneer of the Internet industry. He has spoken at numerous conferences on the use of e-mail as a business tool and customer communication method. In 2002, Wright was awarded the title “Direct Marketer of the Year” by the DMA, and was also a finalist in the “IT Personality of the Year” awards.
Before the formation of Striata, Wright was the managing director of VWV Interactive. Wright began his working career with PricewaterhouseCoopers, where he became a principal manager in the Consulting & Assurance Services (CAS) and was responsible for both Internet strategy and services and business information services.
Wright is a Chartered Accountant. He served on the Institute of Chartered Accountants' (SAICA) information technology steering committee. He is a founding member and past Chairman of the Audit Bureau of Internet Standards (ABIS).
Wright is also a chapter founder and executive chairman of the First Tuesday, the “Global Thought Leadership Network”.
Wright is now one of the world's foremost experts on e-billing adoption tools and techniques. He routinely consults and speaks on driving paperless process in large organisations.
Striata
Striata's Secure eDocument Delivery and Email Bill Presentment and Payment (EBPP) are solution sets that deliver a rapid reduction in operational costs, quicker payments and an enhanced customer experience.
Striata revolutionises the way bills, statements, policies, collection notices, letters, paystubs and other high volume system-generated documents are delivered and paid. Registration requirements are eliminated by e-mailing feature-rich, interactive, encrypted documents directly to the inbox and enabling innovative 1-click electronic payment from within the document itself. Direct e-mail delivery of bills and statements dramatically increases customer adoption of electronic documents, paper turn-off and e-payments. This enables Striata's clients to achieve rapid ROI; complement their existing self-service and e-communication strategies; significantly reduce paper output; and to meet their carbon footprint/environmental impact targets.
As a leading international provider of electronic messaging since 1999, with more than 200 blue-chip customers, Striata has operations in New York, London, Sydney, Johannesburg, Hong Kong and partners in North, Central and South America, Europe and Asia Pacific. Web site: www.striata.com
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