Given the increasing variety and sophistication of fraud attempts, banks need a robust Enterprise Fraud Risk Management System to combat the menace. Here’s a helpful ready reckoner on the key must-haves for a superior EFRM system.
Banks must have consistent and reliable data available in real-time to recognize signs of stress at an early stage. An unconventional approach is to view loan monitoring through the lens of financial crime risk management.
Besides non-compliance, counterparty KYC inadequacies in FIs also aggravate the potential of fraud risk. FIs need to look beyond regulatory compliance aspect of counterparty KYC.
Fraudsters are increasingly targeting online lenders and emerging financial services. Here’s a quick primer on the challenging scenario.
Payments fraud is expected to top $22 bn this year. Here’s a quick look at the trends and factors driving the menace.
The unseen impact of fraud is much more than the obvious monetary losses. Take a look at a few key factoids and preventive measures.
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