As per eMarketer statistics, US proximity mobile payment volume is expected to 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. The challenge is only growing bigger because high profits are attracting more criminals.
Real Time Transaction Monitoring Helps Banks Detect Fraud Quickly
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 FIs to choose a solution with real-time transaction monitoring to make fraud detection precise and effective.
QPS’s 24*7*365 transaction monitoring support layered with human eye review has been meticulously designed to help FIs 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.