Banking Fraud today is a wave after wave of multi channel onslaught on banks. It can strike a bank anywhere and any time-through internet banking fraud, ATM fraud, credit card fraud, insider fraud, core banking fraud, money laundering and countless other forms of fraud.
The threat of fraud keeps on growing even as banks try to curtail it by taking silo based single channel approach. If banks try to cut off card fraud by going for EMV card, a newer threat emerges in form of CNP fraud. If banks try to combat internet banking fraud, fraudsters move to stealing from mobile wallet.
Meanwhile fraud losses keep on piling, not only denting the profitability of banks but also their reputation as trustworthy institutions among their constituent customers.
We dedicate the month of August 2015 to the discussion on the shifting challenges for the banks, the efforts to curb this menace and how cross channel is the only way to fight fraud