Top Fraud Risks Facing Financial Institutions in 2018
A new year brings with it new challenges and some old ones as well. In 2018, financial institutions will continue to face Synthetic Identity Fraud, Loan Fraud and ADA Website Accessibility Compliance risks. Are you prepared?
ADA website accessibility lawsuit prevention is straightforward: Implement functionalities on your website to allow for universal accessibility by anyone. That’s not to say it’s an easy feat, but mitigating the risk of a lawsuit is the clear goal.
Synthetic identity fraud and loan fraud prevention are not as clear cut. Fraud is always evolving as criminals continue to adopt more sophisticated tools and processes to steal information. If the criminals are evolving their strategies, businesses need to be adapting to stay one step ahead of the bad guys.
There are some strategies you can adopt right away to make your fraud mitigation processes much stronger:
- Educating customers & staff
- Prioritizing enterprise-wide risk management strategies (ERM)
- Monitoring accounts closely
- Acting fast if an attack occurs or is suspected
- Balancing service & risk thoughtfully
- Implementing robust authentication measures
- Investing in technology
- Working with secure, risk-conscious vendors
Learn all about these topics and more at the February 15 webinar on “Top Fraud Risks Facing Financial Institutions in 2018,” presented by Allied Solutions.
January 15th, 2018 by Dan Bucherer