To effectively fight financial crime, banks must develop a comprehensive fraud strategy with enriched data collection, which can provide businesses with more accurate insights and help make quality risk decisions much earlier on in the customer/merchant relationship.
The ultimate goal is to provide customers with a frictionless user experience, while also accurately identifying risk and in turn preventing payments or identity fraud. It’s important for banks to use a fraud strategy that can recognise not only criminal activity and behavioural patterns in the present, but also stay on top of real-time trends and adapt to future fraud schemes.
One more recent area of focus for financial criminals has been using synthetic identities to open fraudulent accounts or take over existing customers’ accounts. In recent years, there have been high-profile data breaches as a result of synthetic identity fraud. We expect that due to commerce becoming more digital, this will continue to be an attractive prospect for fraudsters.
Banks and merchants can help prevent this by using tools to more accurately assess and identify the risk of fraud, while an account is being opened and even before a transaction occurs.
Join this webinar from Finextra, in association with Accertify, to hear industry experts discuss:
- Optimising fraud prevention strategies with data to better recognise legitimate customers vs. fraudsters, before a transaction even occurs
- Using artificial intelligence, machine learning, behavioural and historical data to better protect your business and your customers
- Understanding the impact of fraud and financial risk on merchants and consumers
- Gary Wright - Head of Research, Finextra [Moderator]
- Chris Purvis - VP, Technology, Accertify Inc.
- Dan Johnson - VP Digital Identity, Cyber & Intelligence Solutions, Mastercard
- Rafael Plantier - Country Manager, UK & Ireland, Tink
> Watch the webinar now