Digital banking solutions: Tackling imposter schemes with behavioral intelligence

Since 2019, bank imposter schemes have emerged as a significant threat for fraud managers, driven by the rapid adoption of digital banking solutions, particularly real-time peer-to-peer (P2P) payment channels. This shift, while essential in a competitive market, exposed financial institutions to new levels of fraud. As these institutions embraced P2P payments, they faced the challenge of balancing innovation with security.

The early days of fraud detection in digital banking solutions

In the initial phase, fraud detection strategies relied heavily on established methods and legacy fraud platforms. However, these traditional approaches soon proved inadequate against the evolving tactics of fraudsters. The challenge was to develop sustainable fraud detection methods that could adapt to the consistent and innovative strategies employed by attackers.

 

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