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Layers of fraud detection

Question: 
What are some solutions available to help our bank detect possible fraud faster? Does one solution work for every account type (business and consumer)?
Answer: 

We’re really starting to see some positive movement in services and technology geared at helping a bank detect fraud faster. However, no single solution is going to catch it all. Banks need to have a strategy to determine where your losses are coming from, where they might in the future (bank’s strategic direction and future services), and solutions that appear to have the ability to grow with your needs. Not every bank needs to invest in AI; other solutions may be more appropriate. There are some new solutions on the market, and older ones that are not being used effectively or widely. Each banks strategy will differ because each banks services and customer base differ.
Just remember the magic word: Layers!
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Learn more about Rayleen Pirnie’s webinar
ACH Fraud Investigations and Mitigation

First published on 07/14/2019

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