why is fraud persisting, growing even?
DESCRIPTION
Banking customer engagement improves with multi-channel innovative solutions with sub second response rate. But additional value, faster payments brings additional risk.Most sophisticated frauds occur across channels but most toolsets are channel focused. Read on to learn how to combat cross-channel and cross-product fraud.TRANSCRIPT
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 [email protected]
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
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……
Beware: Ad space
So what’s your next move… let us [email protected]
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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