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The rise of the scammer - how can banks turn the tables?
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Move from fraud detection to fraud prevention. Outsmart tech-savvy fraudsters.
Financial services must stay one step ahead of fraudsters to reduce losses and protect customers.
Consumer adoption of digital channels has accelerated, and fraudsters have followed close behind. Digital fraud—and the cost and complexity of managing it—is skyrocketing. A study from Juniper Research predicted $206 billion in online fraud losses for 2021-2025. As regulators increase pressure on banks to act, fraud detection and fraud prevention have become a top priority for financial services.
Get the blueprint for fraud prevention.
Explore how to establish a real-time, hyper-personalized behavioral fraud solution with Teradata VantageCloud™ and Celebrus. This detailed architectural blueprint shows how organizations can:
- Prevent fraud
- Improve the customer experience
- Reduce losses
- Improve business efficiency
From building identity graphs and contextual views of each transaction to executing fraud prediction at scale and acting in real time to intervene, it’s a map for fraud prevention success.
More data in context is the key to enabling fraud prevention in real time and at scale.
Context matters in detecting and preventing fraud. More data isn’t enough. To stop fraud before it happens, organizations need a solution that enables them to activate all relevant data in real time—including transactional and behavioral—to better detect and prevent fraud.
Current solutions for combatting fraud lack the sophistication needed to keep up with tech-savvy fraudsters. Fraud prevention requires leaving behind reactive, detection-centric fraud solutions that provide a limited view of transactions and behaviors. The future of fraud management is in contextually driven, prevention-centric solutions where decisions can be made in milliseconds.
Are you having trouble activating all your data—both transactional and digital?
There are plenty of fraud solutions that allow you to understand bad actors. But how do you create better customer experiences by only stopping fraudulent transactions, not genuine ones?
A ScamAdvisor report found the number of scams grew 91% in 2020. Customers expect their financial institutions to protect them while still delivering seamless and safe experiences. To reduce false positives, it's crucial for organizations to understand how each individual user is navigating, moving, and interacting within digital channels.
Get the context needed to move from fraud detection to fraud prevention.
The ability to create a profile of both genuine customers and bad actors is necessary to recognize and allow genuine activity while blocking fraudsters in real-time. These capabilities are possible with a solution from Teradata and Celebrus.
With Celebrus and Teradata, enterprise organizations can:
- Reduce fraud losses by intervening in fraudulent transactions in real-time
- Create better customer experiences by only stopping fraudulent transactions, not genuine ones
- Eliminate overhead and improve efficiency
- Address evolving threats while staying ahead of new fraud types and strategies
Case study: top 5 global bank detects $100 million in preventable fraud.
A bank was struggling with Remote Access Takeover (RAT) fraud, which grew 15% during COVID. With losses and pressure from regulators escalating, the bank needed to act fast. The bank needed a real-time solution to detect fraud and prevent losses before they happened. Teradata and Celebrus established a hyper-personalized behavioral fraud solution that could prevent fraud, improve the customer experience, reduce losses, and improve business efficiency. Now 250,000 unique customer journeys are analyzed each hour at peak times. 70% of fraud is detectable and preventable, totaling $100 million in preventable fraud.
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