CustomerXPs Blog

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New Department: Financial Crimes Department

If you have ever shopped on Amazon.com or ordered a movie on Netflix, you most likely have experienced “Predictive Analytics”. The accuracy and the speed of predictions and recommendations are very impressive. Amazon knows that buying one item makes it more likely that you will buy another item or rent one movie makes it more likely that you may rent another, similar, movie.  This is done through...

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Asia’s Growing Financial Crime – Shielding from the Growing Threat

“Attempted heist of $1 billion by unidentified hackers” the shot rang out across the financial world which experienced first-hand the tremors of cybercrime. The yet to be identified hackers made off with $81 million and embroiled Rizal Commercial Banking Corporation (the bank used as conduit for the heist), in penalties totaling 1P billion imposed by Bangko Sentral ng Pilipinas (BSP). Meanwhile, the Monetary Authority of Singapore (MAS)...

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Are banks using customers’ ‘Situational Intelligence’ for effective real-time fraud protection?

How can you make your bank’s customers control transactions on their accounts and use it as an effective fraud protection mechanism? Customer communication and preferences can be vital in detecting fraud early and costs far less. Consider the following scenarios: A customer is going on vacation to Switzerland for 2 weeks and he wants all the card transactions (debit card and credit card) originating from home country...