As per eMarketer statistics, US proximity mobile payment volume is expected to be more than double in 2017 to $62.49 billion and exceed $314 billion by 2020. Fraudsters have been committing online banking scams using mobile payments in conjunction with RDC (Remote Deposit Capture) to target thousands of customer accounts every month.
Another alarming fraud demon is the wire transfer scam which is termed as a low-risk, high reward crime. Wire scams are expected to get worse before it gets better. As per FBI, losses resulting out of wire transfer scams also known as "business email compromise," have gone beyond $2.3 Billion from October 2013 through February 2016. The challenge is only growing bigger because high profits are attracting more criminals.
The success rate for stopping fraud majorly depends on timely detection of a suspicious activity. The ideal way to counter online banking scams is to employ a highly proactive fraud prevention solution with real-time transaction monitoring capabilities operating at the customer or end user device level. The moment a customer's data or account gets compromised because of identity theft, it will not only impact a particular channel instead the impact runs across the entire ecosystem. It is therefore very important for a financial institution to choose a solution with real-time transaction monitoring to make fraud detection precise and effective.
Quatrro’s 24*7*365 transaction monitoring support layered with human intervention has been meticulously designed to help financial institutions deal with rising online and mobile transactions fraud threats. Our seamless coverage never leaves your customers off guard by providing 100% anomaly detection including weekend and holidays.