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How scary is banking fraud?

Social Business Manager, IBM

Fraud is scary. It hides in the shadows of legitimate customer transactions and attacks when their guard is down. It may seem like fraud is just a cost of doing business. But we don’t have to let the fraudsters win. Banks need a method of fraud prevention. Because customer interactions frequently occur across channels, keeping a holistic view of multichannel fraud can be challenging, which is why banks are turning to analytics to help prevent, detect, investigate and mitigate financial crime.

Only the tip of the iceberg

The scary thing about fraud is that it is hard to see. Fraud is a bigger problem than meets the eye, just like an iceberg that has the potential to sink ships. What is hiding under the surface of the water? 

Don’t let fraud sink your organization. Multi-Channel Fraud Analytics for Banking from IBM provides banking institutions with a comprehensive banking fraud solution that handles everything from detection to investigation, triage, case management and reporting.

Steps to success

When financial criminals attack, banks needs to have a plan. The IBM banking fraud solution empowers banking institutions to build a plan that has the tools to support it. There are four components of the fraud management solution that shed light on the fraudsters hiding in the shadows: 

  • http://www.ibmbigdatahub.com/sites/default/files/scaryfraud_blog.jpgDetect: IBM leverages a multitude of data sources to expose financial crimes, including big data, entity analytics, geospatial and unstructured data, network analytics, predictive analytics, rules and statistical models. What does that leverage mean for banks? It means they have the tools to detect fraud across multiple channels.
  • Respond: Banks can respond with confidence by interrupting and preventing suspicious activity immediately as criminal patterns are exposed. With the banking fraud solution, banks can also permit legitimate actions and reduce the number of false positives and false negatives.
  • Investigate: Investigative teams can leverage alerts, case management functionalities and layered analytics. Using analytics, investigators can gain a sharp view of suspicious activities, helping improve the effectiveness and efficiency of investigators.
  • Discover: IBM analytics for fraud include industry-leading forensic visual analysis that helps banks identify suspicious activity by reviewing historical data, analyzing patterns and building watch lists that identify individuals—or organizations—who may be conducting fraudulent activities.

Financial crimes no longer have to be the ghosts, ghouls and goblins that frighten banking institutions. Register today for a complimentary, customized workshop to learn more about the IBM Multi-Channel Fraud Analytics for Banking solution for the banking industry. The workshop covers common obstacles in fraud management, ways to mitigate fraud with advanced analytics and a personalized roadmap for adopting analytics solutions.