Fraud Prevention Where Do You Stand in 2014?

  • Fraud Prevention

As we begin to wrap up the first quarter of 2014, we have a feeling this year is only going to fly by faster than last. So, have you been doing your due diligence to keep fraudsters out of your system and away from your customers? Significant fraud attempts against deposit accounts, and banks of all sizes are potential targets. Even if your bank has not experienced any fraud, you need to stay informed of the latest trends and implement strategies against them because you could be the next target.

Improve fraud detection and prevention efforts in 2014

The most damaging forms of fraud are debit card and check fraud. Cross-channel fraud and blended threats are growing concerns for financial institutions. If banks dont understand how that threat is changing over time and becoming potentially more sophisticated then theyre unable to protect customers. And if customers arent protected you lose their trust.

It is crucial that banks stay up to date with threat trends and look at how they can improve mobile banking security within their fraud detection and prevention efforts. Customers play an important role in terms of fraud prevention. The environment cannot be fully protected without the customer understanding their role and taking it seriously. Take the time to educate your customers about fraud prevention and how your organization is working to protect them. There needs to be a balance between control and customer experience. Its important to maintain that level of high security without comprising user experience or allowing room for fraudsters to get in.

One of the biggest challenges in fraud prevention is the velocity of change in this environment. From the technologies being used to devices, there are many ways fraudsters are getting into systems and compromising a multitude of information. Stay proactive, informed and be an educator to your customers. Reinforce your fraud prevention solution and implement specific features like, consumer data-match profiling, high-risk alerts and drivers license verification, to protect more than just your customers basic information.

[Contributed by EVS Marketing]