Countering Fraud in Financial Services
Choosing the right technology solution - key to fraud detection and prevention
Controlling fraud continues to be a big challenge for banks despite significant investments in technology solutions aimed at better detection and prevention. The situation is further worsened due to the increase in digital services delivered through multiple channels, thereby expanding the attack surface. Fraudsters are quick to exploit these vulnerabilities as evidenced by the rising number of cyber frauds. This underscores the need for banks to ramp up their fraud detection and prevention mechanisms.
Banks must look at next-gen solutions leveraging analytics, artificial intelligence, and machine learning that offer real-time detection capabilities. However, with various solutions available in the market, identifying the right one for specific requirements and organizational priorities is not an easy task. Before choosing a fraud solution, banks must
- Identify the requirements specific to their organization
- Determine the key criteria against which the solutions must be assessed
- Evaluate the solutions against the criteria to identify the right solution