The evolving approach to financial crime & risk management
It’s no secret that cases of fraud are increasing. In 2017, Synectics Solutions reported that cases of identity fraud increased from 49% at the start of the year to 66% in December 2017. Cifas also reported a marked increase in impersonation fraud for retailers and mobile phone providers.
Secure Trust Bank has the additional ability to screen its applications against over 200 million customer records held in the National SIRA database.”
Organisations are coming under increasing pressure to reduce the amount of fraud perpetrated against their businesses and are being faced with the implementation of more rigorous up front validation checks of applications to help catch the criminals at the earliest opportunity.
Journey to effective fraud prevention
As customers increase their demands, for a quicker and seamless journey, organisations need to complete their compliance, regulations and identification checks on customers in less and less time.
What’s more, fraud is continually evolving as criminals develop new approaches
to committing fraud and infiltrating new channels. It’s never been more important for financial services providers to implement an effective fraud prevention and detection strategy to help mitigate risk, prevent losses, keep their customers happy and stay ahead of the fraud evolution. So how can this be achieved?
Founded in 1952 in the West Midlands, Secure Trust Bank is a growing challenger bank that offers a range of personal and business banking and finance products including; savings accounts, loans and mortgages. The bank’s strategy is to continue growing the business through professional and responsible lending across existing and new lending divisions.
Its main focus for growth is; business finance through its asset finance, commercial finance and real estate finance divisions, consumer finance through its motor finance and retail finance divisions and mortgages through its intermediary mortgage division.
...organisations are needing to
complete their compliance,
regulations and identification
checks on customers in less
and less time.”
The power of collaborative data sharing
Gareth Bentley, Financial Crime Manager at Secure Trust Bank discusses their approach to fighting financial crime and adapting their approach to fraud prevention to keep one step ahead of the criminals.