ACI Anti-Fraud Solution Proactive Risk Manager for Postilion

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Getting financial crime wrong has implications, not just financial costs, but the potential loss of a valued customer or even reputation damage.

Are we doing a good job in the industry today? From my perspective, the answer is probably no. Recent card fraud losses reported $365 million in losses, a fall from $444 million in the previous year. We need to look further back to the 1990s to understand the extent of today's problems. Our industry losses then stood at less than $100 million. We have also dreamt up new names for emerging challenges. Back in the 1990s, we had phantom withdrawals, which is skimming today. Ghost Money was a common term used to describe what we today know as 419 scams or more elaborate boiler room frauds. Customer education is vital in fighting fraud, but customers are also gullible. If it sounds too good to be true, it probably is too good to be true, but still, customers remain vulnerable.

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57 episodes

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