As banking is shifting to digital channels, banking fraud is evolving alongside it. In fact, digital banking fraud has become much more widespread than regular banking fraud on account of a multitude of increasingly sophisticated tools.
The 2019 Global Banking Fraud Survey by KPMG found that over 60% of respondents have experienced an increase in fraud volume globally, with online fraud being the most significant challenge.
This makes sense, as face-to-face banking is becoming less popular and digital payment volumes are increasing. In this digital landscape, it can be all too easy to exploit software weaknesses. To avoid this, Natalie Faulkner, KPMG International’s Global Fraud Lead, suggests that “banks need to be agile to respond to new threats and embrace new approaches and technologies to predict and prevent fraud.”
And indeed, thanks to recent technological advances, more effective fraud detection methods have been made possible. But to make the most of them, this new technology must be used the right way.
New Horizons in Banking Fraud Detection
That’s why we have developed our own Proof of Concept that can detect fraud using AI and Cloud technology. Our solution is scalable and tailored to individual needs, so it’ll be the right fit for your infrastructure and data maturity.
In order to deploy the solution quickly and scale it according to its intended use, we use the Cloud, which also makes it more cost effective than other solutions. You only pay for as much computing power as you need at a given moment. Periods of intensive online banking usage, like, for example, during the Christmas shopping time, are thereby catered for as much as times when your online banking is used less.