Financial Crime World

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Costa Rica’s Banks Battle Against Fraud with Advanced Detection Technologies

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As Costa Rica’s financial institutions (FIs) increasingly rely on digital channels to serve their customers, they are also facing a growing threat of fraud. According to recent reports, FIs in the country are losing millions of dollars annually due to fraudulent activities. In response, banks and financial institutions are investing heavily in fraud detection technologies and strategies to reduce the risks of fraud and protect their assets.

The Challenge: Detecting Fraud While Providing a Frictionless Customer Experience

In today’s digital age, consumers expect to be able to access their accounts and manage their finances seamlessly on any connected device. However, this has created new challenges for FIs, which must balance the need to detect fraud with the need to provide a frictionless customer experience.

Four Steps to Prevent Fraud in Banking

Gemalto IdCloud’s risk management services offer a comprehensive solution to prevent fraud in banking by harnessing the power of four layers of intelligence:

  • Device Intelligence: Analyzes the device used for online transactions, detecting potential security risks.
  • Behavioural Biometrics: Monitors user behavior and detects anomalies that may indicate fraudulent activity.
  • Behavioural Analytics: Analyzes patterns of behavior to identify high-risk activities.
  • Trust Consortium: Collaborates with other banks and financial institutions to share intelligence on suspicious activities.

These layers work together to create a dynamic profile of each event, allowing FIs to identify high-risk activities before they occur.

Enhanced Onboarding with Risk Management

Gemalto IdCloud’s identity affirmation service applies risk management technologies to analyze the environment and user behavior during digital onboarding. This detects suspicious activities and strengthens the security of the identity proofing process.

Complying with Security Regulations

Gemalto IdCloud’s risk management services are designed to comply with the latest security regulations, including PSD2 and FFIEC. The solution offers real-time monitoring of the authentication and transaction process risk, helping FIs meet the requirements for stronger fraud prevention.

Case Studies: Digital Onboarding in Banking

For more information on how Gemalto IdCloud’s risk management services can help Costa Rica’s banks prevent fraud and protect their customers’ sensitive data, please visit our website.