Future-proofing Fraud Prevention in Digital Channels
Australian Financial Institution Study
Download the market research to find out how financial institutions (FIs) in Australia are creating longevity in insulating their digital products & channels against emerging and existing financial crimes.
53%
view ID verification as the biggest obstacle to growing digital transactions
69%
of FIs observing an increase in Synthetic ID fraud in 2019
60%
of FIs view straight-through processing with eKYC as key competitive advantage
Australian FIs to spend AUD104.3 million on average on new fraud prevention technology
GBG’s report titled "Future-proofing Fraud Prevention in Digital Channels: Australian FI Study" analyses the impact of fraud on financial institutions (FIs) in Australia and the technologies they are planning to invest in to mitigate today's fraud threats and scale to address emerging fraud patterns.
The research unveils trends and priorities of Australian FIs in the digital age, key fraud and risk management challenges in digitalisation, and technology investment plans to enable fraud insulated digital products and channels.
The report analysed a survey of 324 respondents from financial institutions in Australia, China, Indonesia, Malaysia, Thailand and Vietnam, conducted by The Asian Banker.
Findings
Mobile financial services that help customers transact instantly are seeing greater rollout by Australian FIs
The millennial and homemakers segments will be key target segments for unique digital offerings from FIs in 2020-21
Australian FIs are prioritising investments on compliance technology to strengthen customer trust and appease vigilant regulators
Digital identity verification is a key focus for FIs seeking to remove physical touch-points and implement fully remote onboarding
Straight through processing with eKYC along with end to end fraud management platform readiness are key differentiators for driving digital product preference
Social engineering attacks led by scams (44%) and stolen-IDs (40%) will dominate fraud prevention priorities in 2020-21