Financial Crime World

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Fraud Detection Tools Crucial for NAMIBIAN Financial Institutions

In an era where digital banking has become the norm, Namibian financial institutions (FIs) are increasingly vulnerable to fraudulent activities. Banks and FIs have therefore turned to fraud detection tools in banking technologies and strategies to reduce the risks of fraud to their business.

The Challenge of Detecting Fraud

As consumers increasingly 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.

  • According to UK Finance’s 2020 report ‘Fraud - The Facts’, even though FIs do a good job of preventing about 60% of all attempted fraud, fraud still poses a significant threat and causes big losses.
  • In fact, losses from mobile banking fraud have increased rapidly and grew by 92% in 2019 alone.

Gemalto IdCloud: A Comprehensive Fraud Detection Solution

To combat this challenge, Gemalto IdCloud offers a comprehensive fraud detection solution that harnesses 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.

  • Device Intelligence: Analyses device characteristics and behaviour.
  • Behavioural Biometrics: Uses biometric data such as facial recognition, voice recognition, or keystroke analysis.
  • Behavioural Analytics: Analyzes user behavior patterns.
  • Trust Consortium: Verifies the authenticity of users and devices through a network of trusted sources.

By combining these intelligence layers, Gemalto IdCloud creates a dynamic profile of each event that protects customers and businesses and allows for effective fraud detection in banking.

Enhanced Onboarding and Access with Risk Management

Gemalto IdCloud’s risk management services can also be used to strengthen identity proofing process security during digital onboarding. The solution applies risk management technologies to analyze the environment and user behavior to detect suspicious activities.

  • Additionally, by adding smart risk management services to the access phase, the risk level of every single customer transaction is analyzed, and a recommendation on the most appropriate authentication method is given.
  • This helps FIs to make the right choice to minimize risk and prevent account takeover fraud.

Compliance with Latest Security Regulations

Gemalto IdCloud’s risk management services are designed to comply with the latest security regulations such as PSD2 and FFIEC. The solution offers real-time monitoring of the authentication and transaction process risk, as required by PSD2’s regulatory technical standards (RTSs). It also helps FIs meet the requirement for stronger fraud prevention to fight the increasing number of cyber-attacks and growing levels of fraud.

Conclusion

In conclusion, Gemalto IdCloud is a comprehensive fraud detection solution that offers Namibian financial institutions a holistic approach to security. By combining risk management services with cutting-edge technology, FIs can effectively prevent fraudulent activities and protect their customers’ sensitive data.