While the financial industry faces a multitude of risks that evolve and change daily, none is more alarming than the threat of fraud. As criminals continue to become more sophisticated in their strategies and the risk paradigm becomes more complex, banks and credit unions stand to face significant loss if fraud is not controlled.
According to the 2017 American Bankers Association Deposit Account Fraud Survey, frauds against bank deposit accounts cost the industry approximately $2.2 billion in losses in 2016. And the threat landscape only continues to expand as the rise of the Internet of Things (IoT) has propelled an increase in cyber threats and data breaches, with financial institutions becoming top targets.
Now more than ever, bankers must become laser-focused on minimizing fraud attempts to protect customers, assets, and the brand. IT and physical security teams must converge to drive stronger alignment of resources, leadership, and operational processes. This level of collaboration is critical to ensure a comprehensive approach to fraud mitigation.
The next step involves recognizing the value that big data and automation plays in fraud intelligence to help identify vulnerabilities and react in real time. Leveraging information from multiple data sources, systems, and sensors is critical and can be done using innovative tools and methods that automate data analysis and remediation of fraud incidents or casework.
Intelligent technology solutions augment the ability to pinpoint security threats, helping security and fraud investigators alleviate risk and improve productivity. End-to-end solution platforms that integrate video surveillance, analytics, cybersecurity security sensors, and systems management across the enterprise can achieve optimized operational metrics and lower total cost of ownership.
Verint, a Convergint partner, offers sophisticated security technologies and fraud solutions for leading financial institutions. Verint’s suite of solutions helps elevate customer engagement and enhances compliance and fraud control, turning these functions into unique competitive differentiators. Some of Verint’s solutions include:
It’s no secret that the threat of fraud will likely always exist for financial institutions, therefore, banks and credit unions must take advantage of modern platforms to simplify and automate their security and fraud intelligence capabilities, and ultimately add value for their customer’s engagements and experiences.