Leveraging Deep Transaction Monitoring Insights for Online Banking Fraud Prevention

Financial institutions (FIs) suffer significant losses on account of online banking fraud that is consistently intensifying in terms of sophistication and volume. Consumers now prefer making online payments in apps or by using various messaging platforms as well as virtual personal assistants.

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.

QPS is uniquely positioned in the industry with human eye review and machine intelligence to eliminate fraud effectively. We strategically enrich the existing system of FIs with the addition of human eye review to make the system smarter and precise. A deeper dive into the fraud trends and advanced data analytics has helped us constantly evolve and offer the best fraud prevention service in the industry.

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"Our use of QPS's allowed us to seamlessly and effectively extend our existing staff into after hours, weekend and holiday coverage to match the never ending efforts of the fraudsters. Their collaborative approach to partnering with Bethpage and our combined laser focus on transaction monito ring has resulted in quite significant confirmed fraud saves and a higher level of member service."

Robert Hoppenstedt

"Our partnership with QPS has helped us with a robust round the clock transaction monitoring framework inclusive of rule efficacy and a structured fraud fighting approach."

Shanta Sewnarain
Asst. Vice President - Operations and Risk, Bethpage Federal Credit Union

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