Cross-Channel Fraud Prevention for Financial Institution
A steady rise in payment fraud has hollowed the framework of financial institutions (FIs), eroding profitability and making them to spend heavily for combating fraud and identity theft challenges. The vulnerability of FIs towards compliance and regulatory infringement has laid a fertile ground for fraud perpetrators causing major financial and reputational loss.
Diverse payment platforms have propelled the demand for innovative and result-driven fraud prevention services combating cross-channel fraud threats entailing data breach, same day ACH, payment card fraud, money laundering and digital payment.
QPS offers 24*7*365 days comprehensive fraud detection & prevention solutions layered with artificial intelligence helping FIs with reducing false positives, card reissuance cost, improving their bottom line. QPS solution integrates into core banking platforms with unrelenting Fin-Tech advances to provide an end to end cross-channel fraud prevention through 100 % anomaly detection mode.
QPS with its financial crime analytics and futuristic fraud prevention solutions helps major global FIs and credit unions to deal with predominant fraud threats pertaining to credit & debit cards, checks, online transactions, ACH, Same Day ACH, money laundering and other payment channels. QPS’s globally acclaimed anti-fraud solution empowers FIs to operate efficiently and control fraud costs, helping them serve their customers, increasing their revenue and enrich the customer experience.
With access to sensitive customer information and assets, the financial institutions ( FIS) and the financial services sector has traditionally been a target for fraudsters. The banking and financial services industry is grappling with an ever expanding fraud landscape ranging from data breach, same day ACH, payment card fraud, money laundering and digital payment. As a result, FIs are witnessing rising instances of fraud across products and channels, which are adversely impacting organizational credibility and reputation.
The widespread use of multi-channel banking has expanded the attack surface of fis and created fresh fraud prevention challenges of cross-channel fraud. Cross-channel fraud involves fraudsters utilizing sophisticated tools to exploit the vulnerabilities of one channel to steal customer data, and using it in another channel to siphon funds from the associated account. With multi-channel banking paving the way for multiple access points fis continue to fall prey, resulting in significant financial losses, considerable reputational damage, and loss of customer trust.
QPS with its financial crime analytics and futuristic fraud prevention solutions helps major global banks and credit unions to deal with predominant fraud threats in the disrupting payments ecosystem. QPS’s globally acclaimed anti-fraud solution empowers FIs to operate efficiently and control fraud costs, helping them better serve their customers, increasing their revenue and enrich the customer experience.