As more and more banks implement an omnichannel experience to serve their customers, it’s clear that fraud management needs to follow suit.
Consider the limited scope of branches as digital transactions and applications become normalized. Or even digital and embedded lending services or multi-platform customer service options. All of these channels work together to provide a better customer
experience, but managing risk becomes more difficult as an FI extends its distribution channels and application capabilities.
Each additional channel, as useful as they are, can become a target for fraudsters. To make matters worse, data and processes remain siloed across channels. As a result, it becomes increasingly difficult for fraud teams to identify threats accurately and
in a timely manner.
At the same time, financial fraud continues to grow. Identity fraud in relation to banking scams
doubled in 2022, and payment fraud increased by 40%.
Combined with the inefficiencies of manual processes and low-grade automation tools that don’t use
machine learning technology, false positives pop up. This not only wastes time for fraud management and customer services teams but frustrates customers and increases churn.
The fact of the matter is that the way forward isn’t through legacy processes and technology. Credit unions, banks, fintechs, and lenders can speed up their process, onboard more consumers, and accurately identify fraud faster.
Before we get to…
