Zenoo’s Post

In today’s AI-driven world, banks are becoming increasingly vigilant, freezing accounts or demanding extensive documentation at the slightest hint of suspicious activity. And as banks combat AI related fraud, customers are feeling the strain of overly cautious measures. Read more https://lnkd.in/eQhrJeVh #AI #banking #security

A new study from Juniper Research predicts a significant surge in fraudulent banking and money transfer transactions over the next five years. At the enterprise level, here’s some of my #tips, what are yours? 1. Prevent #Fraud at the Speed of Business - Bring the power of #datascience and #AI into the hands of your fraud team: - Set up your production environment. - Create #machinelearning models. - Automate model creation. - Share and receive fraud risk signals with a community of fraud fighters. 2. Balance #Compliance and #CustomerExperience: - Deliver fraud detection and prevention across all #digital channels and #payments. - Maintain #compliance. - Comply with regulations and manage watch list restrictions. - Leverage transaction #riskanalysis and integrate with your access control server. 3. Reduce Fraud Losses and Improve Fraud Detection Rates: - Enterprise fraud prevention is essential to ensure #customers are protected across all digital channels and #payment types. - Prevent all types of payments fraud including #real-time, #card, #cheque, #ACH, digital and online fraud, internal and #AML. - Gain behavioural #biometrics, real-time alerting and more. - Combat #accounttakeover fraud and prevent #financialcrimes across all digital channels - Leverage new network intelligence technologies. ACI Worldwide https://aciw.co/3RGHOMq

An interesting article about the potential use of AI to mitigate fraud risk. As we increasingly transition to the use of digital banking such as banking apps, scammers are coming up with new ways of siphoning money and personal information from people. https://lnkd.in/eqG4BcqA

Identity-related suspicious activity is a “cybercrime concern” for the Financial Crimes Enforcement Network, or FinCEN, according to a January report analyzing identity themes in 3.8 million suspicious activity reports, or SARs, filed in 2021. The report identified three ways that criminals use identity information to facilitate their attacks: impersonate others, circumvent authentication attempts and compromise credentials. My latest article looking at tech issues in consent orders examines customer identification and customer due diligence (CIP + CDD), and how they fit into a bank's financial crime compliance stack. Many thanks to Tommy Nicholas at Alloy and Soups Ranjan at Sardine for explaining digital identity to me (and how easy it can be for fraudsters to gain access to bank accounts) and Matt Michaud at LexisNexis Risk Solutions for talking to me about financial crimes compliance. Read it here: https://lnkd.in/eDHJFZW6

As digital banking expands, banks and financial institutions (FIs) are challenged to balance innovation with security. A recent PYMNTS Intelligence report highlights the rising costs of fraud, which have surged by 65% for FIs with over $5 billion in assets. This has forced many to divert resources from innovation to immediate fraud mitigation, slowing progress. While 76% of consumers expect real-time service, 69% prioritize fraud protection when choosing a financial institution. Striking a balance is critical, as overly complex security can deter potential customers. To stay competitive, banks must leverage technologies like AI and biometric authentication to innovate and strengthen security. #Banking #DigitalBanking #FraudProtection #ConsumerPreferences #LibertyBank #OwnersBank

According to the RBI, banking fraud cases surged nearly 300% in the last two years, reaching 36,075 in FY 2023-24, while globally, fraud cost a staggering $485 billion in 2023, as per the Nasdaq-Verafin Global Financial Crime Report 💰📈🌍. 2 key areas where AI will compliment the fraud detection models: 1.Real-Time Detection: ⚡ AI quickly analyzes large datasets to spot patterns and anomalies, enabling immediate detection and prevention of fraud. 2.Enhanced Accuracy: 🎯 AI systems reduce false positives, accurately identifying fraud while allowing legitimate transactions to proceed smoothly. https://lnkd.in/g5iHSm-5

Identity fraud poses a significant risk to the banking industry, necessitating strong measures to combat it. 🛡️ As incidents of fraud continue to increase, precise verification of each customer becomes crucial to uphold security and foster trust. ⚠️✅ Banks can enhance customer experiences by implementing advanced AML/KYC solutions. 🌐💼 By streamlining the customer onboarding process, customers can have confidence in their relationships with banks, while effectively mitigating fraud. 📲💪 Stay ahead of the curve and ensure the integrity of your banking operations . Invest in dependable identity verification solutions to safeguard your customers and your business! Get started with adaptive.identity.verification 👉 https://lnkd.in/d_R4FYKv #securedonboarding #AIsolutions

Bureau and M2P Fintech team up to combat digital transaction fraud - BusinessToday: ... Bureau x M2P Fintech. Bureau, a fraud prevention and identity decisioning platform, has partnered with M2P Fintech, a digital banking ...

ComplyAdvantage Takes on Payment Fraud with New AI-powered Solution “Fraudsters are fast and creative, always looking for new vulnerabilities they can exploit. That’s why fraud is one of the most commonly experienced crimes affecting people every day, causing billions in losses to consumers and businesses,” says Oliver Furniss, Chief Product Officer for ComplyAdvantage. “Banks and other financial institutions are constantly playing catch-up. Fraud Detection gives them an effective new way to monitor the millions of transactions they process every day and stop criminal activity in its tracks.” https://lnkd.in/e8rxxv5V Holvi Valentina B. #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Eye-opening Insights: Biocatch Report Reveals Digital Banking Fraud Trends in India! ...https://buff.ly/3wrml2s As someone working in the fraud and AML space, I found this Biocatch report on digital banking fraud trends in India incredibly insightful. - The report highlights the shift towards mobile-based fraud, reflecting India's growing digital adoption. - It emphasizes the need for multi-factor authentication (MFA) and behavioral biometric solutions for stronger security. - The importance of financial literacy and user awareness to combat social engineering tactics.