Financial Crime World

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Banking Security Measures Against Fraud in Mali

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In a bid to reduce the risks of fraud, banks and financial institutions (FIs) in Mali are adopting advanced fraud detection technologies and strategies. The country’s FIs are being targeted by fraudsters who seek to exploit their potential for speedy access to and transfer of funds.

To stay ahead of fraudsters, Malian FIs are constantly evaluating how to strengthen their fraud detection tools and implement prevention solutions to protect their assets, systems, and customers. This is a significant challenge, as systems must be robust while remaining user-friendly for genuine customers.

Combating Fraud in Mali

Malian banks take two broad approaches to combatting fraud: fraud detection and fraud prevention. They tend to adopt fraud detection strategies to identify attempts by fraudsters to access an account and use fraud prevention tools to stop attempts by fraudsters to access accounts.

Detecting Fraud in Mali’s Digital Banking Era

As more consumers turn to digital banking, FIs are facing a dramatic increase in sophisticated and complex cyber attacks. Fraudsters and hackers are continually challenging the security measures that FIs have put in place to protect their sensitive customer data.

Statistics

  • According to UK Finance’ report ‘Fraud - The Facts’, even though FIs do a pretty good job of preventing fraud, losses from mobile banking fraud have increased rapidly and grew by 92% in 2019 alone.
  • This trend means that risk management strategies and authentication policies must adapt and become more automated to cope with the increasing number of connections, the creativity of fraudsters, and all the new regulations.

Four Steps to Prevent Fraud in Banking

Gemalto IdCloud risk management services are used for identity affirmation and risk-based authentication (RBA) and harness the power of four layers of intelligence. Each layer transparently analyses user and environment activities from different perspectives to identify high risks before any harm is done.

Layers of Intelligence

  • Identity verification
  • Transaction monitoring
  • User behaviour analysis
  • Environment monitoring

Enhanced Onboarding with Risk Management

By adding identity affirmation to the onboarding process, FIs can strengthen their identity proofing process security. It applies risk management technologies to analyse the environment and user behavior to detect suspicious activities.

Benefits

  • Strengthened identity proofing process security
  • Real-time detection of suspicious activities

Complying with the Latest Security Regulations

Gemalto IdCloud’s risk management services are the perfect answer to the new security requirements of regulations such as PSD2 and FFIEC. It offers real-time monitoring of the authentication and transaction process risk, as required by PSD2’s regulatory technical standards (RTSs).

Compliance with Regulations

  • PSD2
  • FFIEC
  • GDPR
  • CCPA

Case Studies: Digital Onboarding in Banking

For more information on how Gemalto IdCloud can help Malian banks combat fraud and improve their digital banking services, please visit our website.