Banks Must Innovate to Combat Rising Cybercrime Threats
As cybercrime continues to plague the banking sector, experts warn that financial institutions must innovate and adapt quickly to stay ahead of the threats.
The Alarming Rise in Cybercrime Cases
According to a recent report by CustomerXPs, a leading provider of enterprise software products for banks, the only way for banks to become better equipped to combat cybercrime is to implement an intelligent, cross-channel defense framework. The report highlights the alarming rise in cybercrime cases in India and globally, with losses projected to reach $2 trillion by 2019. Banks are no exception, with many suffering significant financial losses due to lax security measures.
Expert Insights
“We are seeing a massive surge in cyber attacks on banks, resulting in huge financial losses and damage to brand reputation,” said Karunakar Mohapa, Research Analyst at CustomerXPs. “The only way for banks to stay ahead of these threats is to adopt an innovative approach to fraud detection and prevention.”
Innovative Approach to Fraud Detection and Prevention
CustomerXPs’ flagship product, Clari5, uses advanced analytics and machine learning algorithms to detect and prevent fraudulent transactions in real-time.
Features and Recognition
- Clari5’s central nervous system deploys a well-synchronized, context-aware framework that can stop fraudulent transactions with actionable insights.
- This approach has been recognized as the ‘Best Fraud Detection Product 2016’ by OpRisk / Risk.net.
Regulatory Compliance and Customer Trust
The report also highlights the importance of regulatory compliance and customer trust in the wake of rising cybercrime threats.
Expert Insights
“Banks must go beyond regulatory compliance to proactively implement an intelligent, cross-channel defense framework that not only helps save billions but also protects their brand reputation and customer trust,” said Mohapa.
Conclusion
In conclusion, banks must innovate and adapt quickly to stay ahead of the rising cybercrime threats. The implementation of an intelligent, cross-channel defense framework is crucial for protecting financial institutions from these threats and preserving customer trust.
About CustomerXPs
CustomerXPs is an enterprise software product company offering Enterprise Financial Crime Management (EFCM), Anti-money Laundering (AML) and Customer Experience Management (CEM) products for Tier-1 global banks. The company’s flagship product, Clari5, has been recognized as the ‘Best Fraud Detection Product 2016’ by OpRisk / Risk.net.
Contact: CustomerXPs Email: clari5@customerxps.com Website: customerxps.com