Category Archives: Fraud & Security

Fraud & Security APAC Banks Take A Cautious Approach To Stopping Fraud

Stopping Fraud

Almost three in four banks in Asia Pacific anticipate that fraud in their country will increase in 2019, according to a recent poll by FICO. Of specific concern are transactions completed when neither the card nor the cardholder is physically present (card-not-present or CNP fraud), as well as cards taken out by criminals under false identities (application fraud). These were identified as the two key concerns, as well as the biggest challenges to stopping fraud in 2019. “The volume and velocity of transactions is growing in Asia,” said Dan McConaghy, president of FICO in Asia Pacific. “Over 50 percent of global online retail sales in 2018 originated from the region. This growth in ecommerce along with the efforts of banks to digitize more services has seen a change in fraud risk. Dealing with an ocean of transactions means that AI and machine learning are essential when it comes to detecting... [Read More]

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Fraud & Security Asian Money Laundering Scandals: Banks Fear A Large Breach

Asian Money Laundering Scandals

Recent Asian money laundering scandals continue to shake up the financial world, and the ripple effect is still keenly felt across the region. Silicon Valley analytics firm FICO recently conducted a survey with regional banks and found that more than 90 percent of them fear they or their peers, may risk inadvertently facilitating the next money laundering scandal. Most respondents (62%) said that a lack of resources was the biggest reason APAC banks remained exposed; 25 percent cited a lack of expertise while 13 percent indicated it was political constraints imposed by government. “Asia’s reputation for financial probity may take a long time to recover fully and it seems that our region’s bankers agree that we are just at the start of a compliance technology and process overhaul that may take many years to complete,” said Dan McConaghy, president of FICO in Asia Pacific. Asian Money Laundering Scandals: How To... [Read More]

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