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Fraud Detection Methods Top of Mind for Yemeni Banks Amid Growing Concerns

Yemen’s banking sector is facing a growing concern over fraudulent activities, with 52% of banks reporting elevated worries about illegal means to obtain money, assets or property owned by a bank. To stay ahead of the curve, financial institutions in Yemen are investing in cutting-edge fraud detection methods to prevent and detect fraud.

The Growing Concern of Banking Fraud

Banking fraud is a growing concern globally, involving illegal means to obtain money, assets or property owned by a bank. According to experts, identity theft, check fraud, credit card fraud, phishing, and direct deposit account fraud are some of the most common types of banking fraud. These schemes not only lead to financial losses but also expose consumer data and impact banks’ reputations.

Implementing Robust Fraud Prevention Strategies

To combat this trend, Yemen’s banks are focusing on implementing robust fraud prevention strategies. These include:

• Risk management solutions that identify fraudulent access attempts, suspicious transfer requests, signs of false identities, and more
• The use of artificial intelligence (AI) and machine learning (ML), behavioral analytics, biometrics, and leveraging additional data sources

Balancing Risk Mitigation with Customer Experience

In order to be successful in the fight against fraud, financial institutions must balance risk mitigation with the customer experience. This includes:

• Ensuring seamless interactions across platforms for known consumers who present little to no risk
• Leveraging proper identity resolution and verification tools
• Recognizing good consumers and applying the proper fraud mitigation techniques to riskier scenarios

Experian’s Interconnected Approach to Fraud Detection

With Experian’s interconnected approach to fraud detection in banking, incorporating data, analytics, fraud risk scores, device intelligence, and more, Yemeni banks can track and assess various activities and determine where additional authentication, friction, or human intervention is required.

Investing in New Fraud Prevention Technologies

As the financial industry continues to evolve, it is crucial for organizations to stay ahead of the curve by investing in new fraud prevention technologies. By implementing these strategies, Yemen’s banking sector can prevent and detect fraud more effectively, ensuring a positive experience for good customers while frustrating and rooting out fraudsters.

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