Fraud management and prevention activities should be framed within the company’s risk management rulebook, according to Group Futurista. A leading global events company organized the 'Future of Fraud Management for FI' summit on 21st September, 2022, 101 Greenwich Street, New York, US in partnership with Biometric Update, IoT Global Network and Icoholder along with platinum sponsor,HUMAN; gold sponsors, BioCatch and Symphony Ayasdi. This networking event included revolutionary keynotes, case studies and panel discussions.  

Employee Dishonesty - Source of Fraud Loss 

Employee dishonesty, which is where the term 'fidelity' comes from, is one of the most significant sources of fraud loss for companies, including FIs, Rick Collins noted. He speculated that fraudulent transfers and social engineering losses have become a regular source of loss in the past decade and continue to occur regularly. He said, "Have two sets of eyes on fund transfers. If person A gets the request, they should be required to get approval from person B before sending out funds." 

Rick went on to say that one must always be suspicious of any requests to send money to new bank accounts not already on file for a customer, especially if the accounts are outside the US. Where possible, go for multi factor authentication – for example a phone PIN and a security question, or a password and token, he added.  

Multiple Onboarding Applications  

"Onboarding teams need to access multiple applications to enter/gather information", said Krishna Nair. He further added that various studies show that the average cost of client onboarding is $6,000 per client, as high as $25,00001 and the average time to onboard a client is 6 weeks with a high-end of 34 weeks. He went on explaining the steps to improve efficiency - a well defined and standardized onboarding process; designing and developing client onboarding systems with a straight through process; exception-based process.  

Additional Themes with Top-list Speakers 

Additional themes explored during the summit included fraud related to insurance, money and payment fraud, fighting financial crime with AI, and how AI can help improve fraud detection, prevention and prediction. To clear all doubts and give even better understanding, a panel discussion took place discussing the 'Future of Fraud Management for FI in 2022: Trends we can’t afford to miss'.  

Additional information about this webinar : 
https://groupfuturista.com/webinar29.8/    

Stay updated about Group Futurista's upcoming events : 
www.groupfuturista.com.