Menu
Banking Exchange Magazine Logo
Menu

Banking Application Fraud: Enemy at the Gates

“It is a fraud to borrow what we are unable to pay.”– Publilius Syrus, first century B.C.

<a href=

Fraud is an increasing problem for financial institutions. Criminals use a variety of methods to attack organizations across channels and products throughout the customer life cycle.

Inconsistencies in applications − be they credit cards, loans, mortgages or current accounts − can range from innocent oversights, such as an incorrect address, to more deliberate misinformation such as inflated income details. Organized fraud rings exploit banks that overlook “minor” inconsistencies because they are becoming increasingly harder to spot among the bank’s normal customers.

Banking application fraud is a critical problem to address, as it directly affects a financial institution’s profitability, its customer experience and its bad debts. Conservative estimates suggest that 8% to 10% of a bank’s bad debt book has been misclassified as credit loss when it’s actually fraud. These levels demonstrate that application fraud is truly the enemy at the gate and detecting fraud at the point of application can be the best strategy for reducing these types of fraud losses.

Download this white paper now >>

This White Paper is brought to you by: SAS

<a href=

back to top

Sections

About Us

Connect With Us

Resources

Webinar: From KYC to IDV

How three leading banks are utilizing cutting-edge
digital tools to onboard, win, and wow customers

Time/Date: June 23, 2021 11:00 a.m. ET

Digital adoption, already moving at warp speed, accelerated seven years into the future during the COVID-19 pandemic. As the number of bank branches continues to fall, with at least one study predicting all branches will disappear by 2034 (Fox Business) and foot traffic declining (Vox), today’s most innovative banks are charting a new, digital-first path to win over customers while increasing security, meeting KYC compliance requirements, and winning customers to drive revenue.

In this webinar, you’ll hear from John Baird, Founder & CEO of Vouched, Tyler Crawford, COO of Bankers Healthcare Group, Anand Sathiyamurthy, CPO of Flagstar Bank and Daniel Sheehan, Chairman & CEO of Professional Bank as they describe their vision for digital transformation and how customer expectations are changing to digital first. They’ll also explore how fostering an innovation mindset creates new ways to tackle complex KYC problems and allows them to quickly compete in new markets and win customers.

REGISTER NOW!

This webinar is brought to you by:
Vouched Logo