Financial Institution Fraud Detection Tools in High Demand Amid Growing Concerns Over Money Mules and Token Fraud
Rising Threat of Financial Institution Fraud
In a bid to combat financial institution fraud, Tietoevry Banking has unveiled its digital fraud methods report, which analyzed 3.4 billion transactions. The report reveals that money mule cases are on the rise, with a growing number of young individuals involved in these schemes.
Effective Fraud Detection Tools
Tietoevry Banking’s fraud detection tools have prevented losses of 2 billion NOK, while also identifying 130,000 fraud attempts in 2023 alone. The company has launched a pilot program aimed at combating token fraud, which has been identified as a major concern for financial institutions.
Key Features of Tietoevry’s Fraud Detection Tools
- Interoperability: enables seamless integration with existing systems
- Data-Driven Anomaly Detection: uses machine learning algorithms to identify potential fraud cases in real-time
- Fully Outsourced Operations Unit: handles the entire fraud prevention value chain from tuning to end-customer follow-up
- Advanced Card Transaction Monitoring Solutions: have been successful in stopping 95% of potential fraud cases at DNB
- Adaptive Monitoring Platform: tailored to individual customers’ risk tolerance and threat picture
The Growing Trend of Money Mules
The age of money mules is trending younger, with more individuals being recruited as part of fraud schemes. According to Silje Kvernberg, specialist in transaction monitoring, “the implementation of anti-fraud measures has saved Sparebanken Sør millions of dollars, highlighting the importance of investing in fraud detection tools and services.”
Tietoevry’s Commitment to Developing New Solutions
Tietoevry Banking’s commitment to developing new and improved solutions has enabled its customers to stay ahead of the curve in the fight against financial institution fraud. The company continues to invest in research and development, ensuring that its customers have access to the latest fraud detection tools and services.
Learn More About Tietoevry’s Fraud Detection Tools and Services
For more information on Tietoevry Banking’s fraud detection tools and services, please visit their website or subscribe to their newsletter for the latest developments and insights in fintech.