Many FIs enter into the common dilemma of “Build, Buy, or Rent” when they are required to setup or overhaul their fraud risk systems. Our Expert Panel weighs in on the pros and cons of each option and what FIs should be considering to be effective against modern day financial crimes.
Card Not Present (CNP) Fraud increased 70% over the past few months, and global card fraud losses will have exceeded $32 billion by 20211.
Hyper connectivity and accelerated digitalisation have spawned more complex and sophisticated typologies of financial crime, empowering syndicates to run cross-border operations to flawlessly execute coordinated social-engineering and cyberattacks. Financial Crime 4.02 layers on multiple techniques and tools to make each fraud attack unique and hard to predict. Today, detecting, investigating and preventing fraud has become even more of an uphill struggle for financial institutions (FIs) of all sizes.
With financial crime evolving constantly into new patterns and complexities, how then can FIs create fraud and compliance risk management that can easily adapt and scale to the changing face of fraud?
Fraud attacks are state of the art, innovative and unpredictable, which bags the question if basic rule-based engines are adequate.
A drill down into meeting short term and long term objectives for financial institutions using a fraud system developed in-house.
Considering core and peripheral systems, infrastructure and application layer.
Join our panel of experts as we look across the range of solutions FIs use and discuss the upsides and pitfalls to building, buying or renting technology and platforms for fraud risk management