Re-defining risk management from the customer’s perspective

I believe banks are in the business of trust. Being entrusted with your personal information and your money is our biggest privilege and keeping your information and money secure is our top priority. As the saying goes, trust takes years to build, seconds to break and forever to repair. Having worked in risk management for over 15 years and now serving as the Chief Risk Officer of Mox, I could not agree more.

Risk management has come a long way over these years. Many banks – including Mox – are leveraging the latest technology to protect customers while reducing the friction. Take for example earlier news reports of a major hotel chain impacted by a sizable data breach where customer information was exposed. This kind of risk is real and is in our everyday life. The exposed information could be used by potential bad actors to impersonate individuals to access bank accounts. So how do we build a bank which, as part of our design, caters to such risks and keeps your money safe with us?

How Mox protects you:

• We use multi-level security procedures, including tools and techniques for encryption, identity verification and fraud prevention, in order to protect your account, transactions and personal information.
• To log in to your Mox account, we use multi-factor authentication. You need to use your password, fingerprint or facial recognition and your specific mobile device. Your Mox account can only be paired to one smartphone and one phone number at a time. Requiring both your password and your unique device makes it much more secure without adding any friction to the way you interreact with us. No more requirement for complex passwords or SMS OTPs which deteriorates the experience.
• Our aim is to embed security into our design. For example, Mox is the first bank in Asia to launch an all-in-one numberless bank card. Except for your name there is no other information printed on the card. While simplistic and clean in its design, it also means next time you use your Mox Card for a purchase, your card information – card number, expiry date, CVV – cannot be copied and mis-used. The activation of your physical Mox Card is also in the Mox app, so no one but you,can activate your Mox Card.
• Notifications are also sent to you for all processed transaction to keep you updated in real-time. So even if someone attempts a mis-use you will know. You can immediately block the card through the app. No need to call the Bank and lose valuable time.
• For incidents where card data is stolen, we use machine learning models to identify such compromised merchants and then act to protect you even before you know it. Whenever our systems detect a risky transaction, you may be asked to provide additional verification. All done in real time.

How to protect yourself (and more generally):

• Always turn on Mox or your bank notification feature and stay connected. And read those alerts carefully.
• Lock your card in the Mox app while you are not using it. This gives you additional control to protect your card from mis-use.
• Do not share your device with others and lock your device if you are not using it.
• Stay alert for emails from unknown sources. If in doubt, validate with the sender via their general hotline and do not click on any link in the mail. Mox will not send you emails or sms asking you to provide confidential information or anything related to your user ID and password. We already have that safely stored with us.
• Do not share your password with anyone.

At Mox, as we are building a brand new bank from the ground-up. What excites me the most is the opportunity to truly re-define risk management in banking from a customer’s perspective.