- What common fraud challenges do financial institution (FI) operations teams face today?
- How will the ongoing growth of APP (authorised push payment) & ATO (account takeover) fraud attacks change current best industry practices?
- What might regulatory changes mean for fraud investigation teams and processes in the future?
- What data points and new technologies, like generative AI, can FIs use to make quicker, more informed claims decisions – and not miss crucial details?
- What is your organisation doing to expedite the claims investigation process and prepare for coming fraud liability shifts?
Fraud continues to be a major player on the financial services stage. The trends are not in society’s favour—scammers have gotten more creative with each passing year leading to more and more fraud claims from victims and fraudsters alike. Meanwhile, financial institutions are scrambling to find solutions to discern authentic claims from first-party fraud, investigate the growing volume of fraud, and comply with new regulations introduced to split liability for unauthorised transactions and account attacks.
In 2023, Europe witnessed a staggering increase in fraud. In the UK alone, the value of financial fraud committed more than doubled to £2.3 billion, marking the second-largest year for scams in the last two decades. Concurrently, the UK saw an 18% surge in the number of cases reported. Financial institutions are trying to keep up, yet many of their back-office teams’ procedures and practices are falling behind the success rates of enterprising fraudsters.
Financial services companies must quickly find ways to address emerging fraud challenges or face growing financial, operational, and reputational risks. Claims management teams are striving to bolster process controls and efficiencies in anticipation of upcoming liability shifts. System advancements and more collaborative, connected internal investigation practices will help them accomplish these objectives. However, the impending regulatory deadlines will add further strain to already convoluted, complex, and manual claims practices. FIs need answers now on the best ways to streamline, automate, and alleviate the burdens and bottlenecks of today’s fraud investigations to ensure a safer, more streamlined financial system for all in the future.
Sign up for this Finextra webinar, hosted in association with NICE Actimize, to join our panel of industry experts discussing how financial institutions can optimise their technology and practices to best protect themselves and their customers from the growing number of fraud schemes and scams.
Speakers:
- Teresa Connors - Researcher, Finextra [Moderator]
- Lokesh Dani - Lead Product Manager specializing in Fraud & Authentication, NICE Actimize
- Vince Meluzio - Product Solutions Director, Payments Trust and Safety, J.P. Morgan
- Chantelle Lamb - Fraud and Financial Crime Systems Director, OakNorth