Banks are now investing more heavily in security to counter threats posed by fraudsters, however, they must streamline their anti-fraud operation so as to keep the business of loyal customers. This is to be able to balance managing the risk of account takeover effectively while expediting genuine transactions.
Fraud must be viewed from a holistic perspective. This includes monitoring patterns, implementing rules and strategies in the event of fraud outbreaks and having mechanisms in place to control fraud in real-time with sophisticated algorithms. For every new payment app or technology, FIs should be able to rely on the right infrastructure to actively monitor all transactions to protect consumers, businesses and financial institutions from incurring losses. With this approach, customers will receive the best possible banking experience and can safely take advantage of new and more convenient ways to bank.
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