In the digital era, Financial crime against banks and other financial services institutions has grabbed major attention affecting annual growth. Card fraud worldwide has reached to $183.29 billion in 2020. Banks and Capital Market firms must improve their defenses, but too many false positives and inefficient investigative processes drive up operational costs. The benefits of fraud identification and loss prevention must be balanced with the customer-service experience, as disparate fraud systems can complicate detection and slow service delivery.
Risk management strategies and authentication policies need to adapt and be more automated to cope with an increased number of connections, the creativity of fraudsters, and new regulations.
Financial Institutions need to use multiple techniques to monitor each risk and cyberattack, but solving this can be a real challenge with several vendors involved.