Grow revenue while fighting fraud with real-time, cross-channel, contextual intelligenceFraud and revenue are two sides of the same coin. Use the same intelligence to prevent fraud and execute precise customer cross-sell and upsell
Over the last 3 decades, the financial sector in the APAC region has seen dramatic growth with new banks coming up literally around every nook and corner. Consumer access to banking opportunities is now limited only by the bank’s ability to address the demand. With the growth of e-commerce, a multitude of channels are now open for consumers to transact. However, these channels are also vulnerable to fraud.
In Asia, card fraud cost banks $400 m a year and is rising by 20% to 25% every year. Bangladesh’s Central Bank recently made headlines when hackers attempted a $1 bn heist using employee credentials and managed to get away with $81 m. In Indonesia, a prominent bank’s customers lost more than $40m, while another instance cost seven banks a total of $66.8 mn. Instances of fraud are peppered across the region and exacerbating the situation is banks having to pay astronomical amounts as penalty for regulatory non-compliance.
A recent survey states 59% of banks did not even have a response system in place to counter fraud threats. In fact most countries began realizing the criticality of a fraud management system only after the Central Banks began implementing it as a core requirement. Statistics reveal online fraud like CNP and mobile/internet banking are the major targets. Internal collusion is also a key threat. Coupled with weak technology and compromised security, all of it makes perpetrating fraud easier. The need of the hour – a comprehensive, real-time, cross-channel enterprise fraud management system that doesn’t function in silos so that fraud threats and attempts can be detected and prevented in real-time.
Clari5, the real-time, cross-channel fraud management solution, ensures your bank is insulated from financial crime as well as regulatory changes. Not just that - Clari5 also ensures that your bank’s investment in a fraud management system pays for itself because the same system intelligently uses the customers’ collective wisdom to simultaneously deliver customer cross-sell and upsell opportunities in real-time.
Discover how Clari5 can help your bank grow revenue while managing fraud.Read more