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By effectively leveraging the vast amount of data at FIs’ disposal and applying analytics, financial services firms can walk the tightrope between detection and the customer experience.
The escalating threat landscape continues to be challenging. At the same time, FI fraud executives are under intense pressure to ensure that their compensating controls do not impinge upon the CX.
Many companies have adopted integrated data strategies that help bridge the gap between the organizational silos of fraud and sanctions screening.
Continued investment in and evolution of a robust fraud and authentication stack are now competitive issues. Firms on the leading edge will have a greater ability to acquire new customers, enable robust digital transactional functionality, and manage risk in an efficient and compliant manner.
One financial institution reports that attack rates against their bank have been growing by 17% per year for the past 10 years.
