Ever wondered how great it would be if customer can take control over the transaction to be allowed and the transaction to be blocked. It would not only be easy at the bank’s part but also would enhance customer loyalty & trust. Read on an Interesting dialogue between a banking customer and bank representative, where the customer wishes for a solution that empowers him like never before
Tagged: fraud management
The infusion of technology in almost every aspect of banking, has given fraudsters additional avenues for to impact banking processes and financials. In the latest ‘Report On Trend And Progress of Banking In India 2011-12’ presented by the Reserve Bank of India (RBI) to the Finance Secretary, RBI categorically mentions “Ensuring efficiency of the banking sector by way of technology infusion while minimizing the occurrence of such fraudulent events has become one of the major objectives of the Reserve Bank in recent years. Going forward, there is a need for building up a robust mechanism to prevent incidents of fraud in areas of mobile/net banking and electronic fund transfer”
Fear of fraud is seen as a challenge by banks in introducing innovative services and products.There is a great need for including fraud control imperatives in the banking service innovation journey. This blog analyzes the case of innovative Get Cash service at UK’s NatWest bank and how the fraud could have been avoided with intelligent fraud control systems in place.