Fight frauds and scams through these techniques from CIO Applications Europe magazine

1. Risk Analytics To Fight
Fraud | CIO Applications
Europe
Fighting financial fraud is an ongoing battle. A new study found
that the overall value of card fraud losses in the United Kingdom
amounted to EUR 706 million in 2019, with remote transactions
responsible for 76 percent of those losses. Given the growth of
eCommerce, this isn’t surprising, but since the pandemic,
cybercriminals have become more active, as they take advantage

2. of people using digital platforms to carry out financial
interactions.
The challenge for banks and FIs is how to reconcile regulatory
requirements with the need to protect customers from the
growing and rapidly evolving threat of fraud without sacrificing
the overall customer experience.
When lockdowns were set up around the world, customers were
forced to use mobile and digital forms of banking to comply with
social distance mandates. Criminals have often looked to see
where the money is, and digital forms of fraud have emerged as
transactions have moved to these online realms.
At the same time, people have also seen fraudsters capitalize on
fears and increase communications to draw customers into scams.
Since the start of the pandemic, people have seen an abundance of

3. coronavirus-related phishing campaigns targeting consumers to
steal confidential information, as well as many other campaigns
designed to trick individuals into downloading malicious files
such as malware. For example, as mobile banking use increased,
the channel soon after Kaspersky’s research showed an increase in
mobile banking Trojans. Phishing and malware attacks help to
promote all forms of fraud, including takeover attacks.
With so much personal data and certificates already disclosed,
users are still at risk of having their data used for fraudulent
purposes without their permission. However, coupled with the
rise in digital activity and cyber threats, it is up to banks to adopt
a security system that is adept at detecting fraud in real-time
before any harm is done.