Achieve regulatory compliance, while decreasing complexity and reducing unnecessary human intervention.
It has become almost numbing to see a statistic like this one.
The costs associated with payment fraud have been at the forefront of the payments industry for the past few years and unfortunately, this is unlikely to change.
As criminals find faster ways to commit fraud, it is important for fraud detection tools and technologies to evolve and innovate at a quicker pace.
According to the 2018 Report to the Nations by the Association of Certified Fraud Examiners, fraud cases cost organizations over $7 billion globally in 2017. It’s no wonder that banks are turning to the latest technology solutions to combat fraud, protect revenue and maintain consumer confidence.
A four-step systematic approach to reducing alert volume, segmenting alerts, and managing alerts can lower your institution’s overall risk profile. Such an approach has the potential not only to stem losses from fraud, but also to stop fraud at its source.
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