Even as the digital banking platform have made entire banking process easier than ever, the reports of digital banking frauds have increased many times in the recent years.
Weak end point security poses a major threat to banks as more data moves to public domain, face to face interactions are limited, transactions become real time and customers share data via APIs.
In the KPMG Global Banking Fraud Survey 2019, more than 50% respondents reported an increase in volume and value of frauds.
Newer digital technologies are making banks and other financial institutions increasingly vulnerable to numerous risks such as phishing, synthetic identities, stolen data, and social engineering. Legacy approaches to fraud prevention are not keeping pace as perpetrators of fraud are highly adept at exploiting advances in technology, collaboration, and specialization.
While financial organizations move towards delivering products and services digitally, and explore evolving digital channels for better customer engagement, we help them prioritize fraud prevention within their digital strategy.
Hexaware’s competency and experience span reputational, regulatory, and transactional ecosystems of global banking and other financial services institutions.
Leveraging our deep domain expertise and wide spectrum of fintech partnerships, we have adopted a centralized fraud management approach covering Fraud Governance, Assessment, Prevention, Detection and Response.
For collaboration early on in customer’s Digital Transformation journey – blueprinting strategy & identifying gaps
To deliver optimal security and increase user convenience
Provides effective threat detection with supervised and unsupervised machine learning models
For better fraud response, investigation, handling alerts & cases
View the brochure to leverage Hexaware’s effective fraud management solutions to encounter challenges faced in an evolving digital banking landscape.
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