Fraud is not an isolated event; it’s the visible result of sophisticated, covert attacks from evolving threats. These threats are designed to bypass traditional defences, making it not a question of if an attack will occur but when. Financial institutions often focus on the visible consequence – fraud – rather than addressing the underlying attack. In real-time payments, focusing solely on the transaction itself is too late, leaving institutions to react to damage that’s already been done.
This whitepaper explores the challenges banks and financial institutions face in combating digital fraud and presents an innovative way to proactively defend against hidden threats. It discusses how focusing on facts rather than aggregated scores can help neutralise attacks in real time before they lead to fraud. It also introduces the concept of Fraud Extended Detection and Response (FxDR) – a fusion of fraud management with advanced cybersecurity. This approach enables banks and financial institutions to combat even the most sophisticated threats with pinpoint accuracy in real time, all while maintaining a seamless customer experience.
Key takeaways include:
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