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Fraud Prevention Strategies in Saint Helena: Outsmarting Tech-Savvy Fraudsters
In the face of accelerating consumer adoption of digital channels, financial services institutions in Saint Helena must stay ahead of fraudsters to reduce losses and protect customers. Digital fraud, with its associated costs and complexities, is skyrocketing, with a study from Juniper Research predicting $206 billion in online fraud losses for 2021-2025.
The Importance of Proactive Fraud Prevention
As regulators increase pressure on banks to act, fraud detection and prevention have become a top priority for financial services institutions in Saint Helena. A recent case study highlights the importance of proactive fraud prevention, as a top global bank detected $100 million in preventable fraud using a real-time solution that analyzed 250,000 unique customer journeys per hour at peak times.
The Bank’s Challenge: Remote Access Takeover (RAT) Fraud
The bank was struggling with RAT fraud, which grew 15% during the COVID pandemic. They needed a solution to detect and prevent losses before they happened. Teradata and Celebrus established a hyper-personalized behavioral fraud solution that prevented 70% of fraud, totaling $100 million in preventable fraud.
Lessons Learned and Strategies for Implementation
Financial services institutions in Saint Helena can learn from this case study and take steps to outsmart tech-savvy fraudsters. By implementing robust fraud prevention strategies, they can:
- Reduce losses
- Improve the customer experience
- Improve business efficiency
Resources Available to Support Fraud Prevention Efforts
Resources are available to help financial services institutions in Saint Helena accelerate business outcomes and deliver the business agility they need. Contact an expert today to learn more about Teradata VantageCloud and how it can support your organization’s fraud prevention efforts.
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