Transcription of Proactive fraud monitoring for banks in India - EY
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Proactive fraud monitoring for banks in India - EY
Proactive fraud monitoring for banks in India Holistic, intelligent and real-time The evolving fraud landscape around banking and the increase in fraud -related losses requires automated detection systems and robust fraud defense processes. Reputation risk management Buying an off-the-shelf system may not equip the bank with the most effective technical paraphernalia or strategic methods to deal with frauds. Selecting Regulatory the right framework and a seamless compliance integration of bank systems with the system is integral to safeguard business and customer interests. Proactive and realtime monitoring Loss protection 1 Proactive fraud management for banks and financial institutions Why is fraud monitoring imperative? 30 20. 18. 25 16. Number of Frauds Frauds amount 20 14. 12. 15 10. 8. 10 6. 4. 5. 2. 0 0. 2004-05 2005-06 2006-07 2007-08 2008-09.
3 Proactive fraud monitoring for banks in India What is the impact on banks? Current landscape • Rising trend of fraud across products/channels: Financial institutions face an
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