How Can FIs of All Sizes Develop Fraud Models and Assess Risk Profiles – without ‘Breaking the Bank’

Fraudsters are becoming increasingly sophisticated in executing fraud in real time, and many financial institutions still struggle to combat this issue. In the past year alone, roughly two-thirds of financial institutions have encountered various forms of fraud attempts. Some banks and credit unions have turned to fraud risk platforms, particularly in helping with real-time decision-making for countering check fraud, wire fraud, and ACH fraud. 

However, smaller financial institutions face obstacles in assessing transaction risks, mainly due to their limited access to account information for a small segment of the population. This is where the consortium database model comes in. In this conversation, speakers will discuss how, by leveraging a comprehensive dataset, even the smallest financial institutions can develop sophisticated fraud models, assess the risk profile of a new customer based on historical behavior at other banks, and offer tailored strategies.