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Are Financial Institutions Losing the Battle Against Fraud Prevention?

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. 

Download the whitepaper

 

About Eastnets

Eastnets ensures peace of mind by securing a safer future for everyone. A global provider of compliance and payment solutions for the financial services sector, our experience and expertise help ensure trust at 750 financial institutions across the world, including 11 of the top 50 banks. For more than 35 years, we have worked to keep the world safe and secure from financial crime. We do it by helping our partners manage risk through sanction screening, transaction monitoring, analysis, and reporting, plus state-of-the-art consultancy, and customer support.

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