Significance of Centralizing and Digitizing Fraud Management Strategy

Significance of Centralizing and Digitizing Fraud Management Strategy

The banking and financial services industry has witnessed a rapid evolution with digital technologies, especially in the last five years. More people are embracing digital banking in different forms like online account opening, P2P payments, mobile payments, and digital wallets. The rise of challenger banks, also known as neobanks that reside entirely in the online/digital space has disrupted the way in which banking is done.

While digital banking has contributed to making banking transactions convenient and easy for customers, it has also led to an increase in digital banking frauds. These include phishing, synthetic identities, stolen identities, business email compromise, and account takeover.

The crisis rendered by the pandemic has given fresh impetus to fraudsters to take advantage of accelerated digital banking and dupe people online by exploiting their fears and vulnerabilities.

This white paper explores:

  • Centralized and digitalized fraud management strategy
  • A blueprint for effective fraud management solutions
  • What constitutes an all-inclusive approach to fraud management by systems integrators?

Read this white paper to know how a centralized and digital approach will help banks in fraud detection and prevention across reputational, regulatory, and transactional levels

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