We recently gathered nearly 30 bank fraud executives from nine countries for FICO’s inaugural Asia Pacific Head of Fraud conference. Over two days in Phuket, Thailand, we discussed the latest war stories from around the world, pressing threats like first-party and card-not-present (CNP) fraud, and overall how analytics and automated customer contact technology can improve service and illicit quicker responses related to fraud. Fellow bloggers Scott Zoldi and Brian Kinch were among our guest speakers, as well as a new member of the FICO family, Ross McGown, managing director for Adeptra in Asia Pacific.
This was an exciting event for us. FICO has been helping the organizations in attendance and others fight fraud for 20 years. This equates to protection of 2.5 billion+ payment cards for 9,000+ financial services organizations worldwide.
We are proud of that work, particularly here in Asia where we’ve been privileged to work with leading banks in markets like Australia, Malaysia, the Philippines and China. Conversations like those held in our forum ensure we as an industry are working toward the most effective ways to mitigate all fraud threats.
After two days of discussion, one thing is clear—we need to continuously find better ways to combat fraud, and do so across the enterprise. Uncertain economic pressures and technological advances are dramatically shifting the way all of us worldwide are thinking about Enterprise Fraud Management, as you’ve heard lately from my fellow bloggers.
What’s especially interesting about banks in Asia is that, unlike elsewhere, a monolithic one-size-fits-all approach has never been the enterprise fraud solution de rigueur. In fact, lenders here seem more attuned to protect the perimeter with a modular, incremental approach that leverages existing technology with innovative analytic components. Encouraging! They also are keen to latch onto truly leading-edge fraud analytic innovations, such as adaptive analytics, global device profiling and self-calibrating analytics.
Additionally, two other takeaways emerged amongst attendees, namely the critical need to:
- Minimize overall customer impact and operational risk, recognizing that the right fraud technology can help grow positive, long-term, profitable customer relationships.
- Adapt to the fast-growing threat of application fraud, particularly in countries like China and India.