The explosive growth in digital transactions and real-time payments have intensified fraud risks and caused financial institutions to suffer skyrocketing costs and fraud-related losses. According to the Association of Certified
Fraud Examiners (ACFE), financial institutions now lose approximately 5% of their annual revenues to fraud. In 2020, financial institutions paid an average of $3.78 for every dollar lost to fraud, up from $3.35 in 2019. These figures are undoubtedly staggering, but the should come as no surprise. Most institutions continue to rely on human analysts and old rule-based systems that are inefficient and cannot effectively detect and prevent increasingly sophisticated and complex fraud patterns.
With fraud risks set to evolve and intensify further in the years to come, financial institutions must innovate and continuously invest in intelligent technologies to ensure they stay one step ahead of fraudsters.
Our fraud and compliance experts are ready to help build you a custom solution. Book a demo with our team today and start your journey to compliance bliss.
