We outline the market outlook for fraud prevention in the retail banking industry — from investment trends and leading companies to recommendations for the players in the space.
What is fraud prevention?
Fraud prevention platforms protect organizations and their customers from online threats, including illegitimate transactions, chargebacks, account hijacking, fake accounts, scams, and counterfeit products.
Features & capabilities
Fraud prevention provides retail banking leaders with several capabilities, including:
- Account opening, abuse, and takeover protection
- Bot detection
- Transaction monitoring to detect and block malicious payments
- Risk classification leveraging artificial intelligence (AI)
- Know-Your-Customer & anti-money laundering
- Payment Services Directive 2 strong and 3D-secure authentication
Benefits
Fraud prevention offers these substantial benefits to retail banking leaders:
- Operational efficiency
- Reduced fraud losses
- Increased return on investment
- Reduced risk of a data breach
- Improved customer experience
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