Smarter Loan Fraud Detection. Best Practices for Smaller Financial Institutions
Loan fraud is impacting smaller banks, community banks and credit unions at twice the rate of larger counterparts. An innovative approach helps smaller financial institutions do more to detect fraud hidden in bad loans to reduce losses and increase approval rates.
Fraud Risk Management 101: Top 5 Fraud Prevention Best Practices in Banking
As per ACFE’s last Report to the Nations, fraud is a staggering $ 4 trillion global problem – a size and scale astronomical enough for every bank to seriously rethink their entire fraud risk management approach. Let’s take a look at the top 5 implementable best practices that make for the foundation of a robust banking enterprise anti-fraud framework.
From BI to AI: Moving from ‘What happened?’ to ‘What’ll happen next?’
Business intelligence (BI) solutions are not new to banking. With a blend of tools, techniques, and technology, BI processes information with accuracy, which otherwise would have been performed by humans. BI solutions have been enabling banks with capabilities to generate more revenue, reduce costs, mitigate risks, and more.
Is Open Banking More Open to Fraud?
Open banking (under the European Union’s Revised Payment Services Directive or PSD2), means third parties can link up to customers’ accounts, provided the customer consents. With data-sharing as the central feature, open banking is designed to encourage higher product and service innovation, make it easier for non-banks to participate and streamline user experience.
Fraud Risk Management 101: 5 Steps to Bettering Anomaly Detection
The business value of anomaly detection use cases in banks is obvious. From credit card fraud to check fraud to money laundering to cybersecurity, precise and quick anomaly detection is necessary to conduct business, protect customers and protect the bank from potential losses.
Threat Beyond Boundaries: Curbing Cross-Border Payments Fraud
Cross-border payments form an enormous chunk of transnational cash flow. However, the boon has not been without a bane – the risk of fraud.
Breaking an Unholy Nexus. Combatting Related Party Transaction Fraud in Banks
Increasing instances of related party transactions (RPT) fraud in banks seem to be making the old ‘blood is thicker than water’ saying truer by the day.
The Threat Within. Spotting and Arresting Insider Fraud
By watching out for internal fraud schemes as they happen, real-time technology helps banks respond to threats faster, prevent financial losses and reputational damage.
Beating Scams with Smarts: Aiming for a Zero-Fraud Financial Ecosystem
Even as banks further tighten controls and processes for fraud risk management, they also need to consider some of the key technologies now available to combat fraud.
Banking on RPA to Combat Financial Fraud
Robotic Process Automation is driving smarter, cost-effective financial crime risk management. Clari5 explores RPA-integration in bank fraud investigations.
