Fraud prevention

Fraud prevention is the implementation of a strategy to detect fraudulent transactions or banking actions and prevent these actions from causing financial and reputational damage to the customer and financial institution (FI). As the online and mobile banking channels becomes more popular and FIs continue to digitize, a strong fraud prevention strategy is only going to become more important. Fraud prevention and cybercrime are connected and always changing. As fraud prevention professionals develop new authentication and fraud detection solutions, the fraudsters are networking with each other, monetizing, and exchanging information on the Dark Web. Fraudsters today are using sophisticated strategies and malware to succeed in their fraudulent activities. Though fraud prevention technology has made great advances and continues to do so, it’s important to be aware of fraudulent tactics and understand how to prevent fraud.