Stemming the tide of fraud: towards a purpose-led approach
“97% of respondents believe that banks and payment providers should treat fraud and financial crime prevention as a key aspect of their propositions, rather than just as a back-office function.”
We are in the throes of a fraud epidemic. In the face of a diversifying fraud landscape, how must fraud and financial crime strategies evolve to maintain the upper hand?
MoneyLIVE, in partnership with Featurespace, surveyed over 180 fraud and customer experience experts working in banking and payments across Europe to find out.
Our findings identified the following three focus areas:
- Implementing advanced customer analytics
- Ensuring a holistic, cross-organisational approach
- Balancing operational efficiency with the ethical and social purpose of fraud prevention
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Featurespace™ is the world leader in Enterprise Financial Crime prevention for fraud and Anti-Money Laundering. Featurespace invented Adaptive Behavioral Analytics and Automated Deep Behavioral Networks, both of which are available through the ARIC™ platform, a real-time machine learning software that risk scores events in more than 180 countries to prevent fraud and financial crime.
ARIC™ Risk Hub uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real-time. More than 30 major global financial institutions are using ARIC to protect their business and their customers. Publicly announced customers include HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank, AK Bank and Permanent TSB.