Suriname Financial Institutions Fight Back Against Rising Cost of Internal Fraud
As global financial losses from internal fraud continue to soar, Surinamese banks are racing against time to stay ahead of the game. Estimated at $3.6 billion in 2022, internal fraud has become a major concern for banking and financial services institutions worldwide. The need to provide seamless customer experiences by reducing friction in the payment chain only adds to the pressure.
Traditional Methods No Longer Effective
Traditional methods of detecting and preventing internal fraud are no longer effective, relying as they do on static rules and manual controls that are too slow to react. Surinamese banks must adopt new tools and approaches to stay one step ahead of fraudsters.
The Need for Innovation
To combat the rising cost of internal fraud, Surinamese financial institutions require innovative solutions that can effectively detect and prevent fraudulent activities. NetGuardians, a leading provider of financial institution fraud detection solutions, offers cutting-edge technology that empowers banks to track employee behavior and link it to customer transactions.
AI-Powered Fraud Detection
NetGuardians’ AI-powered solution tracks employee behavior and links it to customer transactions, identifying potential red flags such as:
- Front office/back office control bypass
- Privileged user abuse
- Collusion
In the event of a potentially fraudulent transaction, NetGuardians’ solution blocks the transaction and triggers a meaningful alert, ready for investigation by the right team. Banks implementing this innovative technology have seen significant improvements in internal fraud management, including:
- Prevention of fraud in real-time
- Reduction of false positives
- Uncovering of new types of fraud
The Benefits of NetGuardians
By adopting NetGuardians’ solution, Surinamese financial institutions can take back control over their internal fraud risks, protecting customers, reputation, and bottom line alike. The benefits include:
- Improved customer experience through reduced friction in the payment chain
- Enhanced security and protection against internal fraud
- Reduced costs associated with investigating and resolving fraudulent activities
The Time to Act is Now
The future of banking depends on the ability to effectively detect and prevent internal fraud. Surinamese financial institutions must act now to stay ahead of the game and protect their customers, reputation, and bottom line. With NetGuardians, they can do just that.