Navneet Kapoor’s Post

New findings from Juniper Research has predicted an 11% increase in UK fraudulent banking and money transactions by 2029 🌐 Even with the UK being highly advanced when it comes to fraud detection and prevention (FDP) strategies, more can still be done with AI-based real-time FDP. This will enable financial services institutions to quickly identify different types of fraud, whilst maintaining the integrity of payments. How else can financial institutions protect themselves and their customers? Read more The Intermediary 👉 https://buff.ly/4cZommy #FinancialServices #DigitalBanking #Fraud

New research from Juniper Research has predicted an 11% increase in UK fraudulent banking and money transactions by 2029 🌐 Even with the UK being highly advanced when it comes to fraud detection and prevention (FDP) strategies, more can still be done with AI-based real-time FDP. This will enable financial services institutions to quickly identify different types of fraud, whilst maintaining the integrity of payments. How else can financial institutions protect themselves and their customers? Read more The Intermediary 👉 https://buff.ly/4cZommy #FinancialServices #DigitalBanking #Fraud

Real-time and instant payments fraud in Europe: key insights for banks, PSPs, and fraud prevention | #ukscams | #datingscams | #european

Fraud detection and prevention are two of the most critical competencies in banking today. The ground reality for banks today is that firms will be dealing with thousands of fraud attempts every single month. And should a criminal succeed, the bank pays the price in reputational damage and regulatory penalties. Full article via ComplyAdvantage https://lnkd.in/djEdhmhr #fraud #frauddetection #kyc #fraudprevention

Instant Payments and Banking Fraud in 2024: What Banks and Users Should Know #FinancialFraudPrevention #InstantPaymentSecurity #AntiMoneyLaundering #MachineLearningProtection #PhishingScams #AccountTakeover #StrongPasswords #FraudDetection #CyberSecurityAwareness #StayVigilant #NewestTechnologies.

RBI governor Shaktikanta Das recently expressed concern over digital frauds and the “rapid increase in use of mule bank accounts to perpetrate such frauds”. In FY24, the value of digital payment frauds at banks was at Rs 1,457 crore and involved 29,082 transactions, higher than both FY22 and FY23, as per the RBI’s annual report. Experts said mule accounts are used by scamsters for digital frauds that involve transferring money out of the victim’s bank account into a chain of accounts, making it harder to trace such funds. With Shouvik Das LiveMint #Muleaccount #AI #ML #Bank #RBI #Frauddetection #Fraud

Are ecosystem players like #banks, #paymentprocessors, #cardissuers, #neobanks and #fintechs evolving fast enough? Are we #comfortablynumb or moving beyond traditional approach to #fraudprevention? Are we using #profiles and integrated #alternatedatasets in #realtime? About time we ask these tough questions and more importantly find answers before it's too late. https://lnkd.in/d-TGJQpV

Check fraud is on the rise, posing significant challenges for community banks and large banks struggle. VALID Systems we offer risk decisioning capabilities to combat fraud across the customer journey to safeguard your financial institution and your customers. #Banking #CheckFraud #AI https://lnkd.in/gD7WdK_v

Today I have an important story on the fight against fraud: Large banks are working to change the way they tackle the issue of mule accounts. They are constantly scouring through their customer accounts to red flag possible mule behaviour. This is a major change in strategy from the time when banks would wait for customer complaints before taking action. Also they had limited tools to predict/red flag mule behaviour which is changing now. Thanks to RBI & MHA push, banks are now proactively dealing with mule accounts #fraud #fintech #muleaccount #banking #technology #payments https://lnkd.in/g6enWeN7

Check out how #PingIdentity is working with Boost Bank to make banking easier and more secure for customers, all while stopping AI-driven identity fraud. Read the full story in The Edge Malaysia: https://ow.ly/8QPu30sGJ2R