After two years of diligent work, our Risk Division has developed a unique platform that will help banks combat payment card fraud more easily. The tailor-made solution is based on the banks’ operational requirements and offers several innovative features, which provide analysts with real-time access to critical information, helping them to address fraud.
Among the new features, the most innovative are the case management system and the rule management tool, as they give banks the ability to assess risk at the transactional level, to automatize review processes, and to provide faster risk assessment for acquiring merchants. In addition, each bank can adjust the fraud system to fit its organization policies, best practices and past experience.
Why it is essential for banks to remain vigilant in their fraud migration efforts?
The findings of a recent global fraud study involving over 6,100 consumers across 20 countries, conducted by ACI Worldwide, has revealed that one in four consumers has been a victim of card fraud in the last five years, and furthermore that card fraud has immediate and long-term implications on customer loyalty as well as the banks’ revenues and fee income.
Here are some additional findings from this study:
- 23% of customers changed financial institutions due to dissatisfaction after experiencing fraud;
- 43% of customers who received replacement cards as a result of data breach or fraudulent activity use their new card less than they used the original one;
- 50% of customers exhibit at least one risky behavior, which puts them at a higher risk of financial fraud;
- 55% of customers are very concerned about reclaiming their financial identity should they fall victim to identity theft;
- More than 1 in 10 customers have experienced fraud multiple times during the past five years.