Financial Crime World

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Norway: Expert Advice for Avoiding Financial Crimes

A recent report by Tietoevry Banking has shed light on the digital fraud methods used to steal millions from unsuspecting victims. The report analyzed 3.4 billion transactions and revealed shocking statistics on fraud attempts.

Combating Financial Crimes

In a bid to combat financial crimes, Tietoevry Banking has launched a pilot program aimed at detecting token fraud. The company’s specialists claim that they have identified over 130,000 fraud attempts in 2023 alone.

Expert Insights

Experts warn that the age of money mules is trending younger, with increasing numbers of young people being recruited to launder money for criminals. According to Silje Kvernberg, a specialist in transaction monitoring at Tietoevry Banking:

“The fight against financial crimes has saved Sparebanken Sør millions.”

Preventative Measures

To stay ahead of fraudsters, it’s essential for individuals and businesses alike to take preventative measures. Here are some expert tips on how to avoid falling victim to financial crimes:

  • Interoperability: Ensure that your financial institution or online platform is integrated with all processors to gather actionable data.
  • Advanced Detection Tools: Utilize data-driven anomaly detection tools to predict, prevent, and stop real-time financial crimes.
  • Managed Services: Consider outsourcing fraud prevention services to a reputable provider like Tietoevry Banking, which offers fully outsourced operations units handling the entire value chain from tuning to end-customer follow-up.
  • Risk Tolerance: Tailor your fraud prevention strategies to fit your specific risk tolerance and threat picture. Work with experienced professionals to address unique needs.
  • Card Fraud Prevention: Take advantage of services across the entire card value chain, such as Tietoevry’s Card Transaction Monitoring solution, which has been proven to stop 95% of potential fraud on cards.

Conclusion

By following these expert tips, individuals and businesses can significantly reduce their risk of falling victim to financial crimes in Norway. Stay informed and stay protected with Tietoevry Banking’s latest insights and updates.