61 Finance Monthly. Financial Innovation & FinTech of these activities alone may not be suspicious, however if this occurs after an attempt to access an account, it should set alarm bells ringing. Prioritising the customer experience It may seem obvious, but at the centre of providing an exceptional service to customers is the ability to keep them safe from fraud. If a bank fails to update their systems to protect against the rising instances of omni-channel fraud, they risk losing out to competitors. Equally important is the ability to detect - and then avoid contacting a customer – where an alert turns out to be a false positive. If an individual cannot complete a purchase after their bank mistakenly flags their legitimate transaction as fraudulent, or they have to spend time out of their day to rectify the issue, they will quickly become frustrated. Currently, there is a limited ability to adapt business rules as soon as a new type of scam emerges - leading to a high number of false positives and disgruntled customers. Accuracy is key here - and advanced technology is paving the way forward. Facilitating the solution It is no longer good enough to view each customer touch-point as an isolated form of interaction. Banks need to focus on uniting their response, rather than leaving valuable data residing in separate silos. AI and machine learning (ML) can help companies to tackle omnichannel fraud in real-time. This technology can constantly check for red flags and anomalies across multiple sources - providing banks with the means for a speedy, accurate response. Within this, layered analytic methods can help reduce false positives, avoiding the need to unnecessarily bother the customer. With surges in identity fraud proving a particular concern for banks in the last few years, this technology also grants banks the ability to detect and adapt to new identity fraud trends. As banks compete for the best clients and aim to consolidate themselves as a leader in customer service, the way forward is to understand developing fraud trends like omni-channel fraud - and act fast to protect customers. “Fraudsters impersonating Royal Mail have targeted unsuspecting shoppers with phoney delivery texts, or have turned to social media to find victims.” Christen Kirchner Senior Solutions Expert, Fraud & AML at SAS Northern Europe
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