The Latest Developments in the Battle against Banking Fraud March 29, 2017
Banking fraud costs banks billions every year - $15 billion to be exact, according to the 2016 Identity Fraud Study by Javelin. The report found 13.1 million individual instances of fraud in 2015, which has become merely the cost of doing business. Banks and credit card companies have steadily put in place new processes and technologies to minimize this threat – some with great success while others have struggled.
Security is always a moving bar. As new technologies are introduced, fraudsters will identify new ways to gain access to information and ultimately customers’ bank accounts. Therefore, advancements in fraud prevention need to take an equally bold approach to innovation. Whether it is through biometrics, artificial intelligence (AI) or even blockchain, banks have an opportunity to increase transparency, deepen their insights and enhance security to minimize fraudulent activity.
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