Liberia’s Banks Tackle Rising Cost of Internal Fraud with Advanced Detection Tools
The Growing Threat of Internal Fraud
As internal fraud losses soar to an estimated $3.6 billion globally in 2022, Liberia’s banking sector is taking steps to combat the menace that threatens customer trust and reputation.
The Conventional Approach Falls Short
Conventional methods relying on static rules and manual controls have proven too sluggish to effectively prevent internal fraud. This has led financial institutions in Liberia to seek innovative solutions that leverage cutting-edge tools and techniques.
The Need for Advanced Detection Tools
With the rise of instant payments, banks are under pressure to deliver seamless transactions while protecting against fraudulent activities. To combat this challenge, financial institutions are turning to advanced detection tools that can identify and prevent internal fraud in real-time.
Introducing NetGuardians’ Internal Fraud Solution
NetGuardians’ Internal Fraud Solution has emerged as a game-changer for banks looking to bolster their defenses against internal threats. By tracking employee behavior and correlating it with customer transactions, the solution identifies potential vulnerabilities such as:
- Front office/back office control bypass
- Privileged user abuse
- Collusion
How NetGuardians’ Solution Works
When an out-of-profile transaction is detected, NetGuardians’ AI-powered system promptly blocks the transaction and triggers a meaningful alert for investigation by the designated team. This swift action significantly reduces the likelihood of successful fraud attempts and minimizes disruptions to customers.
Real-World Results
Banks in Liberia that have implemented NetGuardians’ solution report substantial improvements in internal fraud management, including:
- Timely prevention of fraudulent activities
- Reduction of false positives
- Discovery of new types of fraud
Conclusion
As the banking sector continues to evolve, the adoption of advanced detection tools like NetGuardians is poised to play a crucial role in safeguarding customer interests and maintaining trust in the financial system.