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    Fraud is on the rise across multiple channels. Transaction volumes have increased for peer-to-peer payments and checks, while declining for card-not-present billing payments. Attempted fraud dollar values have risen significantly for all three channels. Financial institutions need advanced analytics, external account verification tools, and updated image capture technology to distinguish legitimate customer behavior from fraud and combat various fraud types like account takeover, check fraud, and third-party billing scams.

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    Fraud is on the rise across multiple channels. Transaction volumes have increased for peer-to-peer payments and checks, while declining for card-not-present billing payments. Attempted fraud dollar values have risen significantly for all three channels. Financial institutions need advanced analytics, external account verification tools, and updated image capture technology to distinguish legitimate customer behavior from fraud and combat various fraud types like account takeover, check fraud, and third-party billing scams.

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    © All Rights Reserved
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    2 views1 page

    Slides

    Uploaded by

    TAREK1601
    Fraud is on the rise across multiple channels. Transaction volumes have increased for peer-to-peer payments and checks, while declining for card-not-present billing payments. Attempted fraud dollar values have risen significantly for all three channels. Financial institutions need advanced analytics, external account verification tools, and updated image capture technology to distinguish legitimate customer behavior from fraud and combat various fraud types like account takeover, check fraud, and third-party billing scams.

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    © All Rights Reserved
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    of 1

    Fraud on the Rise

    For the Fraud Fighter: Fraudsters use SIM swaps, malicious VPNs,

    +38% +63% social engineering and other tools to perpetrate account takeover
    (ATO) and scams. Advanced analytics help financial services
    Transaction Attempted organizations (FSOs) distinguish between normal and anomalous
    volume fraud dollar customer behavior - allowing them to quickly stop fraud before it
    value
    P2P happens.

    For the Fraud Fighter: To combat check fraud, particularly over

    +8% +106% Remote Deposit Capture (RDC), FSOs need external account

    41%
    verification tools to confirm funds availability and account status, in
    Transaction Attempted addition to the information to fight duplicate presentment. Image
    volume fraud dollar capture tools must be robust and continually updated to detect
    value
    CHECKS altered and/or fictitious items.
    ATTEMPTED
    FRAUD RATE
    For the Fraud Fighter: Third-party billing services for card-not-

    -5% +20% present (CNP) transactions are a vehicle for ATO and ID theft
    because PII, such as a current address, is needed to authorize these
    Transaction Attempted transactions. These fraudulent activities can be overlooked as
    CNP BILL volume fraud dollar legitimate transactions during an ATO review, and customers often
    value
    PAYMENT fail to recognize and dispute these transactions early on.

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