Banks in Northern Mariana Islands Focus on Inbound Payment Monitoring to Combat Rising Fraud Cases
In a bid to stay ahead of the rising tide of fraudulent activities, banks in the Northern Mariana Islands are adopting a new approach to detecting and preventing financial crimes.
The Shift Towards Inbound Payment Monitoring
Gone are the days when banks focused solely on monitoring suspicious-looking outbound payments; instead, they are now shifting their attention to the end-to-end journey of a payment, reviewing the beneficiary and not just profiling the account from which the money is coming. This new approach, known as inbound payment monitoring, allows local banks to investigate real-time payments that have the potential to be fraudulent.
Benefits of Inbound Payment Monitoring
By embracing inbound payment monitoring, local banks can:
- Investigate real-time payments that have the potential to be fraudulent
- Provide two opportunities to stop the fraud: identifying and holding the payment, or returning the money directly to the customer
- Eliminate the cost of a fraud refund
- Hit the fraudster where it hurts by cutting off their funding source
Improved Customer Experience
Moreover, this approach has the added benefit of improving customer experience; when a bank informs a customer that a fraudulent attempt against them was detected and prevented, they are often perceived in a positive light. In an era when fraud incidents are on the rise and becoming increasingly sophisticated, inbound payment monitoring can help banks in the Northern Mariana Islands take a leadership role at the forefront of fraud deterrence.
The Importance of Staying Ahead of Fraudsters
The shift towards inbound payment monitoring is crucial in a region where financial institutions are facing growing pressure to stay ahead of fraudsters. By adopting this approach, local banks can:
- Protect their customers’ hard-earned money
- Maintain public trust
- Drive growth and development in the region
In conclusion, the adoption of inbound payment monitoring by banks in the Northern Mariana Islands is a crucial step towards staying ahead of fraudulent activities and providing a better customer experience.