Download Bank fraud : using technology to combat losses by Revathi Subramanian PDF

By Revathi Subramanian

ISBN-10: 1118220323

ISBN-13: 9781118220320

Learn how advances in know-how may also help shrink financial institution fraud

Fraud prevention experts are grappling with ever-mounting amounts of knowledge, yet in modern-day risky advertisement surroundings, being attentive to that facts is extra vital than ever. Bank Fraud presents a frank dialogue of the attitudes, options, and—most importantly—the expertise that experts might want to strive against fraud.

Fraudulent task could have elevated through the years, yet so has the sphere of information technological know-how and the consequences that may be completed via making use of the correct rules, an important instrument this day for monetary associations to guard themselves and their consumers. This source is helping execs within the monetary prone utilize info intelligence and uncovers the acceptable ways to strengthening defenses opposed to fraudulent habit. This in-depth remedy of the subject starts off with a quick background of fraud detection in banking and definitions of keyword phrases, then discusses the advantages of know-how, info sharing, and research, in addition to different in-depth info, including:

  • The demanding situations of fraud detection in a monetary providers environment
  • The use of records, together with potent how you can degree losses in line with account and ROI via product/initiative
  • The Ten Commandments for tackling fraud and how one can construct an efficient version for fraud management

Bank Fraud bargains a compelling narrative that eventually urges defense and fraud prevention execs to utilize the knowledge they've got so painstakingly amassed. Such pros won't permit their most crucial highbrow asset—data—go to waste. This booklet exhibits you simply tips on how to leverage information and the main up to date instruments, applied sciences, and strategies to thwart fraud at each turn.

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Bank fraud : using technology to combat losses

Find out how advances in know-how may help lessen financial institution fraud Fraud prevention experts are grappling with ever-mounting amounts of knowledge, yet in modern unstable advertisement setting, being attentive to that information is extra vital than ever. financial institution Fraud presents a frank dialogue of the attitudes, concepts, and—most importantly—the expertise that experts might want to wrestle fraud.

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This method worked for a while, but fraudsters grew impatient because their ability to make money depended on someone forgetting their card. This led to credit card thefts where cards were stolen and used. Here too, the time the fraudsters had available to commit fraud was limited because once the cardholder figured out that his/her credit card was missing or stolen and reported it to the bank, the game was over for the fraudsters. The fraudsters had to figure out better and more reliable ways to keep the money flowing in.

While data-driven methods certainly have an element of rocket science to them, many of the fundamental steps to build and use sophisticated data-driven risk management systems are basic steps that any good IT department can effectively take. We will be examining the essential ingredients of the process in more detail in the coming chapters. CHA P T E R 3 In God We Trust. The Rest Bring Data!

Interestingly, this shift of liability also tends to have a huge impact on the data quality of the fraud data captured. In the case of fraud associated with automated clearing house (ACH) batches and domestic and international wires, the problem is twofold: The fraud instances are very QUANTIFYING FRAUD: WHOSE LOSS IS IT ANYWAY? ◂ 21 infrequent, making it impossible for the banks to have a uniform method of recording frauds; and the liability shifts are dependent on the geography. Most international locations put the onus on the customer, while in the United States there is legislation requiring banks to have fraud detection systems in place.

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