Banks in Mayotte Leverage Fraud Detection Technologies to Combat Sophisticated Threats

Combating Fraud in a Digital Age

Banks and financial institutions (FIs) around the world are facing increasingly sophisticated fraudsters, and Mayotte, a French overseas department, is no exception. According to a recent report by Forbes, FIs in Mayotte are utilizing fraud detection technologies and strategies to reduce the risks of fraud to their business.

The Risks of Fraud

Fraud poses significant risks to banks, including financial losses as well as reputational damage. To combat these risks, banks take two broad approaches: fraud detection and fraud prevention.

• Fraud Detection: Identifying attempts by fraudsters to access an account
• Fraud Prevention: Stopping attempts by fraudsters to access accounts

Balancing Security with Usability in Mayotte

The challenge for banks in Mayotte is to detect fraud while providing a frictionless customer experience. With more consumers turning to digital banking and expecting seamless onboarding and access to financial services, FIs must find ways to balance security with usability.

Gemalto IdCloud Risk Management Services

To combat this challenge, banks in Mayotte are using Gemalto IdCloud risk management services. This service uses four layers of intelligence:

• Device Intelligence: Analyzing device characteristics
• Behavioural Biometrics: Monitoring user behavior
• Behavioural Analytics: Identifying patterns and anomalies
• Trust Consortium: Leveraging a network of trusted entities

These layers of intelligence help identify high-risk activities and detect fraudulent behavior, resulting in a dynamic profile of each event that protects customers and businesses while enhancing the user experience (UX) and security.

Benefits of Gemalto IdCloud Risk Management Services

The benefits of Gemalto IdCloud’s risk management services include:

• Preventing Account Takeover Fraud: Combining risk-based authentication (RBA) with strong customer authentication (SCA)
• Reducing Financial Losses: Real-time monitoring of the authentication and transaction process risk
• Compliance with Regulations: Compliant with PSD2, FFIEC, GDPR, and CCPA regulations

Conclusion

Banks in Mayotte are leveraging Gemalto IdCloud’s risk management services to combat sophisticated fraud threats while providing a seamless customer experience. By combining advanced technologies with robust security features, FIs can protect their customers and businesses from the ever-evolving threat of fraud.