Effective Risk Management
Executive Report
Fraudsters have become experts at navigating across industries with stolen data, the goal being to maximize their bounty and evade physical and digital roadblocks. In a recent global fraud report, most financial institutions saw an increase in fraud attempts across all the channels they operate in. Additionally, over half of executives see fraud attempts costing their organization $5,000 or more per attempt.
The elevated volume and cost of fraud highlight the increasing need for financial institutions to establish an effective strategy to quickly detect a wide range of risky transactions. The true challenge comes with managing risk without negatively impacting the onboarding process. By incorporating a holistic approach to identity verification, institutions can manage risk effectively while fostering trust with legitimate customers.
