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Brazil 2014 - Football vs fraud: Is your fraud strategy ready for the football fever?

Subhashish Bose, senior fraud consultant, ACI Worldwide | June 10, 2014
An effective and event triggered two way communication strategy for customers should underpin any fraud prevention strategy to minimise the likelihood of a disgruntled customer, according to Subhashish Bose of ACI Worldwide.

While it is natural to increase the level of defense on the usual strategies of detecting skimming, point of compromise, phishing, malware etc, we advise our clients to also put in place strategies to reduce the likelihood of a disgruntled customer. Profiling can dramatically reduce the false positive rate by providing a sneak peek at the customer's behavior. For high transaction amounts, behavior and revenue scores can also provide a good measure of the risk and opportunity cost of losing share of wallet in the long run.

Considering that Brazil is almost half a day behind the Asian time zones, a banks' operating hours and the customer's normal hours are unlikely to overlap. An effective and event triggered two way communication strategy for customers should underpin any fraud prevention strategy to minimize the likelihood of a disgruntled customer. It can be the medium for the customer to keep the bank informed of their travel plans.  And not just during the World Cup. This is best practice for financial institutions at any time of the year as globalization and increasingly dynamic populations mean consumers and their money are always mobile, and always on.

A quick exercise to validate and refresh fraud strategies against the events that will dominate the world's attention for the next one month or so will not only protect the interests of banks and their customers in the short run, but also make it healthier and ready for future.

 

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