Fraud Landscape In Africa – The Pervasiveness of Online Fraud
Fraud Landscape in Africa Financial Fraud has perpetrated the banking industry in big way. As more people use the Internet for their banking needs, the number
Financial Fraud has perpetrated the banking industry in big way. As more people use the Internet for their banking needs, the number of fraudsters eyeing online financial transactions has also multiplied. In Africa particularly , online fraud has proved to be one of the most pervasive forms of financial fraud and is hugely impacting the fraud landscape.
Types of Fraud in Banking
Types of Fraud in Banking: Fraud is an escalating threat for banks. Technological advancements and changing customer preferences have opened up new avenues of banking
Fraud is an escalating threat for banks. Technological advancements and changing customer preferences have opened up new avenues of banking for modern consumers. But these channels of convenience have also attracted massive threat from fraudsters. For instance, 41% of customers globally who have been victims of financial cyber fraud have failed to get even a single cent back. Fraudsters have not only perpetrated direct channels but have also gained entry within the banking system as insiders.
The following infographic throws light on the different types of fraud in banking and how use of innovative real-time anti-fraud technology mitigates & prevents bank frauds from taking place.
