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Banks facing rising bill as Financial Ombudsman weighs in on sophisticated fraud attacks

Firms can achieve 98 percent increase in fraud detection through predictive technologies

Banking customers transferred £240m to fraudsters last year as the sophistication of attacks increases.

Banks, which are currently refunding a quarter of this figure to customers, are facing a bigger hit as the Financial Ombudsman has told them not to assume this fraud is due to customer negligence.

To avoid an increasing bill, fraud experts Intelenet Global Services® say that banks can make use of technologies such as machine learning and predictive analytics which identify customers’ spending patterns and flag up suspicious transactions.

Puneet Taneja, Head of Operations at Intelenet® Global Services, comments: “Prevention is always better than cure. Technologies which flag up suspicious transactions, combined with systems that offer automated messaging, can help banks reach customers quickly and securely to determine if a suspect transaction is taking place.  This can significantly lower average loss per account and loss per fraud. One leading bank saw a 98 percent increase in fraud detection rate after putting this kind of system in place.

Puneet continues:  “Fraud aftercare is crucial in allowing banks to identify loopholes in the system and pick up the pieces for customers after criminal activity has taken place. Machine learning is increasingly being applied to help speed up the resolution process, resulting in improved customer support for those who have fallen prey to fraud.”