Fraud and Financial Crime Management
Ensure your security with and protect your institution from fraud and financial crime while complying with changing regulations.
If an effective payment fraud protection strategy in the current landscape could be boiled down to three words, the following would suffice: Prevention, detection, and resolution. Those words are made operative by another word: investigations.
Key financial industry trends have created new opportunities for fraudsters, thus leaving today’s fraud risk landscape more vulnerable. These trends include the cross-border nature of online payments, the increasing use of remote onboarding of clients or vendors, and the digitalization of payment offerings.
Key financial industry trends have created new opportunities for fraudsters, thus leaving today’s fraud risk landscape more vulnerable. These trends include the cross-border nature of online payments, the increasing use of remote onboarding of clients or vendors, and the digitalisation of payment offerings. The continued rise of mobile and digital banking and payment services presents a key challenge to combatting fraud across the financial sector, with 33% of respondents having seen an uplift in fraud across their online or mobile banking services.
Enterprise case management needs to be reinforced as understaffing and inadequate employee awareness drive the need to increase efficiency and accuracy across the investigation and reporting process. Self-empowerment and no-code configurability were identified by respondents as key areas of importance when selecting case management solutions. Self-empowerment can help reduce manual burdens and investigator costs, whereas no-coding configured solutions help optimise the case management process.
Account takeover, authorised push payment (APP) fraud, and mobile banking fraud are key areas of concern for survey respondents, as respondents saw the greatest uplifts in tactics used to commit these fraud types. Payment authorisation was the most vulnerable point in the payment process, according to respondents. With the rising cost of payment fraud, FIs have begun utilising new defence strategies such as faster identity verification tools and next generation case management solutions. Government and regulators have also become more active on the regulatory front, such as around issues of liability and reimbursement.
This white paper summarises the findings from the study and covers how information, data, expertise, and experience are needed to match the scale, speed, and impact of fraud in 2022. As these issues will likely only grow in 2023, it is crucial to ask the question – what can we do about payment fraud today?
42% of financial institutions encountered fraud during the past year, and 27% lost more than $1 million in the process
Most financial institutions' case management tools across their enterprise have not kept pace with the rate of change. Investigators are trying to fight sophisticated criminals with technology and tools that are not fully up to the tasks.
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