Stop the "Scam-demic" from Hurting You and Your Customers
A wave of scams and fraud has paralleled faster payments’ rapid adoption. Financial institutions face a series of enhanced risks related to real-time payment scams including loss of reputation, loss of customers, and new liabilities such as the cost to manage fraud cases and the potential of reimbursement for scam victims. Financial institutions have an opportunity to take a proactive approach to fraud and scam detection and prevention. In this session, panelists will share some recent research as well as techniques to prevent scams and fraud and help you decide if a transaction should be approved, requires secondary confirmation, or should be declined. By educating customers about existing and emerging scams, including Authorized Push Payment (APP)/authorized user fraud, by incorporating cutting edge AI- and machine learning-powered scam detection technology, and proactively engaging customers with two-way communication in the channel of the customers’ choice, financial institutions can effectively balance fraud protection and customer experience.