Fraud Prevention: Banks need to understand their data to combat fraud effectively

08 Nov 2021 9:32 AM | Anonymous member (Administrator)

COVID-19 has led to increased challenges with ensuring a consistent customer experience, but more than that it’s highlighted that new digital channels are making combatting ever changing “scams” harder to detect and manage. The rise in online scams that banks are grappling with is part of a much bigger challenge spanning risk, governance and compliance, and how companies will manage these issues in the future. This is further complicated by the fact that, in many cases, the customer may have been unwittingly complicit, leaving the bank to take the hit and the blame.

https://www.finextra.com/blogposting/21157/banks-need-to-understand-their-data-to-combat-fraud-effectively


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