Cross-border payments form an enormous chunk of transnational cash flow. However, the boon has not been without a bane – the risk of fraud.
Increasing instances of related party transactions (RPT) fraud in banks seem to be making the old ‘blood is thicker than water’ saying truer by the day.
By watching out for internal fraud schemes as they happen, real-time technology helps banks respond to threats faster, prevent financial losses and reputational damage.
Even as banks further tighten controls and processes for fraud risk management, they also need to consider some of the key technologies now available to combat fraud.
Robotic Process Automation is driving smarter, cost-effective financial crime risk management. Clari5 explores RPA-integration in bank fraud investigations.
One in every 2500 calls to an IVR is fraudulent. With advancements in AI and ML, IVR systems can be made to deliver a richer and more secure customer-centric experience.