The key to managing fraud risk within challenger banks
According to recent figures from Synectics Solutions, current account fraud has increased by 16% for the first half of 2017 compared to the same period for the previous year. Furthermore, online fraud, specifically in the financial services industry, is on the rise each year.
The ever growing threat of fraud will inevitably bring an increased workload for investigators within banks and financial providers – but how do they manage to continue to detect and stop the most serious cases of fraud quickly and efficiently, whilst at the same time providing a frictionless boarding journey for good customers?
UK’s first bank built exclusively for mobile devices.
Our client specialise in offering current accounts and mortgages for customers who see the value in having 24/7, online access to their finances, at their fingertips. They aim to provide a personalised and uncomplicated solution to banking and lending for their customers. Part of their uniqueness is the speed at which they are able to board their customers, which they do, in a matter of minutes, completely online. Inevitably, this would seem an attractive offer to those customers who want to take the fuss out of opening a bank account – having to visit a branch, fill in endless forms and wait days for approval.
"Current account fraud has increased by 16% for the first half of 2017 compared to the same period for the previous year.”
Additionally, the faceless and speedy online application may also be more appealing for fraudsters - not having to interact with a customer adviser or being able to falsifying their identity more easily. However, move to online only banking is hugely positive for both the providers and their customers.