Operational Efficiency, Authentication & Fraud Analytics
Fraudsters are increasingly enhancing their schemes to make detection by traditional fraud models more difficult, and these shifting fraud patterns ultimately result in institutions continuously having to allocate additional resources. Furthermore, Fraud operations and investigations are faced with a constant flux in the volumes of caseloads and the types of investigations required. Organizations need a proactive strategy to effectively and efficiently identify and mitigate fraud risks, enhance client experience, reduce fraud losses and fraud cost, adhere to regulations and combat terrorist financing.
See Also: Improve the Elements in Your AI ToolKit
Advances in technology, authentication methods, and analytics over the past two years have led to the creation of a potential toolkit to combat this fraudulent trend, but it also present a new challenge to financial institutions. How do they select and incorporate those technologies as part of a rationalized prevention and detection approach? Leading institutions will utilize multiple authentication methods such as biometrics, device fingerprinting, soft tokens and other methods as part of a holistic real-time, risk-based, cross-channel/product approach, thus, reducing user interaction friction, increasing prevention and detection capabilities, and optimizing operation costs.
This session will highlight key elements to optimize fraud detection and prevention, including:
- Increasing operational efficiency and enhancing client experience;
- Building flexible and scalable operating models;
- Enhancing authentication across channels and customers, while maintaining the customer experience;
- Increasing effectiveness of fraud monitoring and analytics;
- Moving toward a more holistic risk-based approach to managing fraud and financial crime.
Additional Summit Insight:
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