why is fraud persisting, growing even?

04/10/2023 1

Breaking News…Clari5 Banker’s Daily’s exclusive cover story!

. SBI floats proposal for real-time EFM . RBI recommends real-time fraud detection..

CustomerXPs Software Private Limitedquery@customerxps.com

http://www.customerxps.com

Why is fraud persisting, growing even?

Fraud is here and how! Did you know?According to India banking fraud

survey report released by Deloitte in

Feb 2012. Over the last year alone

• 93% indicated that there has

been an increase in fraud

incidents

• 1 in 2 institutions had

encountered more than 50

incidents of fraud

• 1 in every 4 institutions have

witnessed at least 100+ fraud

incidents

BANKER’S DAILYwww.customerxps.com/clari5.html - Preventing fraud since 2006

• Average loss per incident > 10 lac • Average value of recovery < 25% of Fraud loss

RBI recommends remedial measures- Fraud mitigation strategies

including all aspects of fraud control viz Detection, Investigation,

Deterrence & Prevention.

Maintain database of negative profiles

including applicants, customers, vendors etc.

Detection basis Monitoring of customer

authentication transactions

RBIAdvices Banks to…

“…implement Fraud Detection Systems

and Authorization Systems with Real

time intervention capability…”

FRAUD exposéWHY IS FRAUD PERSISTING, GROWING EVEN?

“You need to spend money to save money.”Current fraud remediation methods are not strategic or scalable

76% banks believe

customer and employee

education is the best way to

fight fraud. But industry

analysts beg to differ. "They

are relying too

much on customer

education and manual

processes, rather than on

automated fraud-detection

processes and workflow,"

Litan, Gartner VP, says.

"You need to spend money

to save money."

THE ENEMY IN MUFTI IS CROSS-CHANNEL FRAUD – why current toolsets fail miserably.

Date: Today

Banking customer engagement improves with multi-

channel innovative solutions with sub second

response rate

But additional value, faster payments brings additional risk…

Do you agree?Mail your views to

query@customerxps.com

Most sophisticated frauds occur across channels but most

toolsets are channel focused.Tubin from Tower Group

says. "When they(banks) do see fraud, they see the end

result, such as check fraud, and classify it as a fraud that

occurred that way," rather than working their way back to

follow the trail.

Coming up… Analysts speak up against conventional wisdom

NEWS

Who bought in? SBI floats proposal for real-time fraud mgmt: Details belowa. Real-time Automated Transaction Scanning / Monitoring Software / Tool for preventing frauds

b. On the basis of defined set of rules, defined risks and set scores

c. Raises alerts to the Branch Manager with minimal disruption

d. Software should comply with regulations and should judge high risk transactions based on transaction pattern from historical data.

e. The software should maintain database of all such fraudulent transactions and alerts for analysis and reporting in future.

f. The software solution should have its own management console to monitor the administration of the software.

g. Fraud Monitoring / Prevention Software should comprise of various management levels like prevention, detection, investigation and correction.

h. It should not pose any risk to normal IT operations in CBS.

i. Central repository of fraud types and should have flexibility to make any changes later in the rules and fraud prevention strategies.

j. Parameterised review options to define set of rules and scores as when required.

Date today 00/00/00

Are some of your latest initiatives putting your customers and sometimes, employees at risk? Learn how a very large Private Bank is creating better experiences for its customers and employees! Reach out for the best-of-breed……

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So what’s your next move… let us know!query@customerxps.com

How Clari5 can help

CustomerXPs Clari5 is a real-time intelligent solution with solutions in key

areas of Customer Experience Management(CEM) and Enterprise Fraud

Management(EFM)

Clari5 gives Bankers the ammunition to connect with customers and

create experiences that are fulfilling and consistent for customers

and employees

Coupled with bleeding-edge real-time capability, the software is

capable of enabling relevant, contextual intelligence extending from

conversational interactions in the front office to preventing frauds at

the back office instantly

Clari5 Enterprise Fraud Management

is a Customer aware solution that monitors 360 degrees digesting all

transactions and actions

Silo Breaker solution that combats sophisticated cross channel, cross product

fraud with real-time, actionable insights

Employs intelligent models based on neural network, time series and complex

analytics to deliver insights

04/10/2023 6

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mail us

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+91-80-3221 8294

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