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Fraud Prevention in the BFSI Industry Made Easy 

 

Dr Uma M Somayajula

Domain Consultant, Risk Management Practice, Banking, Financial Services, & Insurance Unit, TCS

Sowmyanarayanan VJ

Consulting Partner, Risk Management Practice, Banking, Financial Services, & Insurance Unit, TCS

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The vital triad – horizon scanning, analytics, and machine learning – at work 

Banks have evolved into multifaceted organizations with diversified operations, complex products, multiple channels, and a diverse workforce, leading to vulnerabilities in the people-process-technology triad. These vulnerabilities are increasingly being exploited by malicious actors. To counter fraud effectively, banks must develop an intelligent, data driven strategy that leverages advanced technologies such as analytics and machine learning. Such a future-proof strategy will help banks to adopt disruptive technology innovations without apprehensions about fraud emanating from their systems. Banks must therefore adopt a multipronged approach spanning: 

  • Horizon scanning to spot the unexpected through exploratory forecasting
  • Analytics of horizon scanning data to anticipate fraud scenarios
  • Machine learning techniques to enable automation of fraud prevention and warning systems

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