In the past few years, customers have rapidly adopted digital technologies. This increased adoption has generated vast amounts of data across channels and platforms. However, it has also amplified risks associated with Financial Crime and Compliance (FCC) as well as Trust and Safety (T&S). Enterprises are now under immense pressure to establish a secure platform that effectively combats fraud and fosters trust with customers. Technological advances have provided fraudsters new avenues to deceive audiences and evade detection for personal gain. In response, companies are actively seeking external assistance, forming collaborations, and investing in the right technologies to combat fraud efficiently.

In this report, we present a comprehensive overview of the fraudulent activities that erode trust and contribute to an increase in financial crime. We delve into various types of fraud, the platforms they occur on, and the current industry challenges. Furthermore, we propose viable solutions to overcome these challenges and offer a roadmap outlining the necessary steps for identifying enterprises’ requirements and selecting the most suitable provider, using the Assess, Identify, and Mitigate (AIM) framework.

By analyzing the prevalent fraud landscape, understanding platforms where fraud occurs, and addressing current industry challenges, this report equips enterprises with knowledge and strategies to effectively combat fraud. The recommended solutions and the AIM framework provide a practical approach for organizations to assess their fraud prevention needs, identify appropriate solutions, and implement measures to mitigate associated risks. Ultimately, this report serves as a valuable resource for enterprises seeking to safeguard their platforms, combat fraud, and regain customer trust in the digital landscape.

Scope

• Industry: Banking and Financial Services (BFS) and Trust and Safety (T&S)
• Geography: global

Contents

In this report, we:

• Describe prevalent frauds in the industry
• Present fraud prevention steps and tools
• Introduce the AIM framework to aid in mitigating fraud

Membership(s)

Banking and Financial Services Business Process

Sourcing and Vendor Management