Nixing Credit/Loan Frauds Smartly
With the U.S. economy grappling with massive internal debt, ideas that can reduce even a fraction of this would be of great advantage. Financial institutions as well as startups have already begun looking for ways to innovate, and make banking systems more efficient which allows financial institutions to the lending problem effectively.
Are Real-time Payments Actually Fueling Financial Crime?
Over 30 countries now have real-time payment processes of some kind, some of them in use since decades and the benefits are evident. But in a real-time world, does faster payments mean faster fraud? What can financial institutions do to stay ahead of financial crime in payments?
A Call for Better Push-Payment Scam Prevention In Light of Liability Shifting from Customers to Banks
APP (Authorized Push Payment) fraud is turning out to be a widespread menace with the UK being the most affected, according to the UK consumer rights champion When a business or an individual gets tricked into sending money to a fraudulent account to pay for goods or services it is a fraud. Businesses and individuals are scammed when criminals send seemingly legitimate invoices to business professionals with requests for payment.
AI-powered ‘Gen-centric’ Banking
With increasing diversity in the banking customers’ age groups, needs, values, priorities and perspectives, banks interact with several ‘generations’ of customers. Multigeneration banking evolved from
Providing a Frictionless and Secure Customer Journey in PSD2
European leaders have long identified that the future of the financial services lies in the co-existence of the conventional banks with emerging fintech. However, to
Customer Liability in The Age of Digital Banking
Today, in India, when a customer discovers and reports fraud in his account through the use of ATM, Internet Banking or Mobile Banking, customer is liable for the full funds lost. As of Feb 2011, Indian Banking industry has 70,462 ATMs and 5,65,542 POS terminals. The value of debit card POS transaction from Mar 2010-Feb 2011 was 75,326 crores and the value of debit card ATM transaction during the same period was 10,90,053 crores. The size of credit card POS transaction was 75,328 crores. (Source: RBI). Given this huge volumes of electronic transactions in India banking, the value at risk for banks would be humungous when the customer zero liability protection policy gets introduced. It’s high time the banks secure their electronic channels with adequate measures to monitor, detect and prevent fraud in real-time. Read on..
New Department: Financial Crimes Department
If you have ever shopped on Amazon.com or ordered a movie on Netflix, you most likely have experienced “Predictive Analytics”. The accuracy and the speed
Asia’s Growing Financial Crime – Shielding from the Growing Threat
‘Attempted heist of $1 billion by unidentified hackers’ the shot rang out across the financial world which experienced first-hand the tremors of cybercrime. The yet
Are banks using customers’ ‘Situational Intelligence’ for effective real-time fraud protection?
How can you make your bank’s customers control transactions on their accounts and use it as an effective fraud protection mechanism? Customer communication and preferences
Defending Against Financial Crime in MENA: Insights & Recommendations
Alarming revelations on money laundering and banking frauds have emerged in recent reports by Deloitte, Thomson Reuters and PwC, who comprehensively surveyed MENA (Middle East
