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.
Tagged: Fraud Monitoring
Migration from traditional ‘one size fits all’ 2-factor authentication methods to a dynamic risk based approach, which uses all available customer, account, payment and device data to manage fraud and risk across the enterprise can be an intelligent move to make as banks would want to monitor transactions and prevent fraud and at the same time do not want to affect the banking experience of its customers. In order to enhance the customer experience banks might need intelligence about account/customer behavior patterns and assess the risk associated with a transaction and advise the right action (challenge/decline/allow) at the right time. Read on…
Many a times the fraudsters are sophisticated and the fraud patterns are emerging. Are you going to handle all such exceptions case by case? How are you going to plan your IT investments with lot of uncertainties around? How about having a solution that provides you tools to replicate any kind of fraud scenario that you can think of on the fly, construct barriers to the fraud immediately, deploy them and integrate them as a part of core banking system without much effort, extra IT investment and any significant trade off with performance. If only a bank can achieve this level of agility, it can not only be a technology pioneer but also save itself from the potential reputational loss. This blog post is an attempt to outline an illustrative scenario to highlight the necessity of agile fraud management systems for banks. Read on..