Total Fraud Levels
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Data provided by Euromonitor International
The Growth In Digitisation Opens Up New Battlegrounds For Fraudsters
In recent years, consumer demand has forced banks to digitize their offerings. Internet and mobile banking have become commonplace and are often the main channel for customer interactions. Along with these channels come access to instant payments, decisions and access to facilities, which opens up a world of instant opportunity for criminal. Real-time payments are irrevocable once cleared, and the average loss per case is increasing from hundreds to thousands of euros.
In response, European markets are demanding an innovative prevention mechanism. A fraud defence must be real-time, based on a collaboration with other players in the industry and their data, and utilise machine learning and artificial intelligence. It must also be channel-agnostic and operate at an enterprise level — able to incorporate data seamlessly into the real-time decision and enact automated customer interactions and authentication without the need for human intervention.
FICO continues to be the leading innovator in the global fight against fraud and has built its prevention platform, FICO® Falcon Fraud Manager, around these key pillars of an effective strategy. This multi-layered approach is the only way to be truly successful in fraud prevention across the enterprise, but especially in CNP and cyber-enabled threats.