The right anti-fraud solution not only cuts fraud, but lowers costs, builds and maintains trust, and protects the customer experience, writes Joël Winteregg
The ability of banks to deal with fraud across Asia Pacific varies hugely depending on culture, the economy and local traditions, leaving the region patchily defended and allowing fraudsters to steal billions of dollars every year. If they are to fight back – and survive – they need the right technology, writes Shabirin Binhan.
Leveraging big data to meet your regulatory and fraud challenges is complex. Your big data initiative needs to be defined, managed and maintained. And just being able to capture the data isn’t enough. Basically, it’s about being able to make sense of the data you gather. You need to know your challenges and make use of the right technology built to target them.
Trying to fight fraud by screening transactions is a losing battle. It’s already happened. A better place to start is with an understanding of who is committing these crimes. This understanding gives organizations the opportunity to implement fraud mitigation strategies that follow fraud patterns to spot red flags and potentially catch thieves in the act.