Download Bank fraud : using technology to combat losses by Revathi Subramanian PDF

Download Bank fraud : using technology to combat losses by Revathi Subramanian PDF

By Revathi Subramanian

Learn how advances in expertise may also help scale down financial institution fraud

Fraud prevention experts are grappling with ever-mounting amounts of information, yet in brand new unstable advertisement setting, taking note of that facts is extra very important than ever. Bank Fraud presents a frank dialogue of the attitudes, options, and—most importantly—the expertise that experts might want to strive against fraud.

Fraudulent job can have elevated through the years, yet so has the sector of information technology and the implications that may be accomplished by means of utilising the best rules, an important device this present day for monetary associations to guard themselves and their purchasers. This source is helping execs within the monetary prone utilize facts intelligence and uncovers the appropriate tips on how to strengthening defenses opposed to fraudulent habit. This in-depth remedy of the subject starts off with a short background of fraud detection in banking and definitions of keywords, then discusses the advantages of expertise, information sharing, and research, besides different in-depth info, including:

  • The demanding situations of fraud detection in a monetary prone environment
  • The use of information, together with powerful how one can degree losses consistent with account and ROI via product/initiative
  • The Ten Commandments for tackling fraud and how one can construct an efficient version for fraud management

Bank Fraud deals a compelling narrative that finally urges defense and fraud prevention execs to utilize the knowledge they've got so painstakingly collected. Such pros is not going to allow their most crucial highbrow asset—data—go to waste. This publication exhibits you simply the way to leverage info and the main updated instruments, applied sciences, and techniques to thwart fraud at each turn.

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Example text

To reach a decision, the system needs to take into consideration the context of what we are used to observing as normal for this cardholder as well as some important entities associated with this cardholder. For example, if you look at the current challenges in fraud management, it is not enough to simply observe a cardholder’s past behavior and evaluate whether this transaction resembles the cardholder’s typical behavior. It is also important to observe the behavior of multiple entities involved in the transaction.

Some other categories of fraud, like check fraud, tend to be large in value as well, but I would say that fraudsters have been much more innovative and creative in the area of card fraud. Card fraud is one area where you can clearly demonstrate the changing nature of fraud. Let’s look at the evolution of card fraud over the last 30 years. Early Charge and Credit Cards In order to look at the evolution of fraud in the card industry, we should look at the evolution of credit cards. According to the paper titled “Credit Card and Payment Efficiency” by Stan Sienkiewicz of the Federal Reserve Bank of Philadelphia,5 proprietary charge cards 24 ▸ QUANTIFYING FRAUD: WHOSE LOSS IS IT ANYWAY?

About one million cards were being used in about 85,000 establishments in the first five years. According to Sienkeiwicz, both American Express and Diners Club were closedloop systems, made up of the consumer, the merchant, and the issuer of the card. In a closed-loop system, the issuer authorizes as well as handles all aspects of the transaction and settles directly with the consumer and the merchant. In 1959, the ability to maintain a revolving balance was available to customers. According to the article “The History of Credit Cards” by Ben Woolsey and Emily Starbuck Gerson,6 the first true general-purpose credit cards were issued in 1966 by Bank of America.

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