The rise of the scammer - how can banks turn the tables?
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Consumer adoption of digital channels has accelerated, and fraudsters have followed close behind. Digital fraud—and the cost and complexity of managing it—is skyrocketing. A study from Juniper Research predicted $206 billion in online fraud losses for 2021-2025. As regulators increase pressure on banks to act, fraud detection and fraud prevention have become a top priority for financial services.
Explore how to establish a real-time, hyper-personalized behavioral fraud solution with Teradata Vantage™ and Celebrus. This detailed architectural blueprint shows how organizations can:
From building identity graphs and contextual views of each transaction to executing fraud prediction at scale and acting in real time to intervene, it’s a map for fraud prevention success.
Context matters in detecting and preventing fraud. More data isn’t enough. To stop fraud before it happens, organizations need a solution that enables them to activate all relevant data in real time—including transactional and behavioral—to better detect and prevent fraud.
Current solutions for combatting fraud lack the sophistication needed to keep up with tech-savvy fraudsters. Fraud prevention requires leaving behind reactive, detection-centric fraud solutions that provide a limited view of transactions and behaviors. The future of fraud management is in contextually driven, prevention-centric solutions where decisions can be made in milliseconds.
There are plenty of fraud solutions that allow you to understand bad actors. But how do you create better customer experiences by only stopping fraudulent transactions, not genuine ones?
A ScamAdvisor report found the number of scams grew 91% in 2020. Customers expect their financial institutions to protect them while still delivering seamless and safe experiences. To reduce false positives, it's crucial for organizations to understand how each individual user is navigating, moving, and interacting within digital channels.
The ability to create a profile of both genuine customers and bad actors is necessary to recognize and allow genuine activity while blocking fraudsters in real-time. These capabilities are possible with a solution from Teradata and Celebrus.
With Celebrus and Teradata, enterprise organizations can:
A bank was struggling with Remote Access Takeover (RAT) fraud, which grew 15% during COVID. With losses and pressure from regulators escalating, the bank needed to act fast. The bank needed a real-time solution to detect fraud and prevent losses before they happened. Teradata and Celebrus established a hyper-personalized behavioral fraud solution that could prevent fraud, improve the customer experience, reduce losses, and improve business efficiency. Now 250,000 unique customer journeys are analyzed each hour at peak times. 70% of fraud is detectable and preventable, totaling $100 million in preventable fraud.