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Research predicts that the global cost of fraud will reach $40.62 billion by 2027, . With banks, PSPs and merchants racing toward real-time payments adoption, they must also acknowledge the increased risk of fraud that it brings, while further reducing the chances of recovering funds.

There is an urgent need for banks to move at the speed fraudsters do to stop them in their tracks before they can do real damage. This is possible through constantly evolving fraud management strategies and technologies that can bridge the gap between the time it takes to detect instances of fraud and take steps to fix the systems.

Westpac New Zealand: Adopting a proactive approach to fraud detection and prevention

A study conducted by The Bank for International Settlements on operating risks, and supporting the Basel II implementation, found that retail banking operations bear the largest share of external fraud losses incurred by banks, both in terms of magnitude and frequency.  

For Westpac New Zealand, the report came at an opportune time when the world鈥檚 banking systems were confronted with the rising threat of real-time payments fraud and ransomware attacks. The findings of the report further underlined the urgency for the bank to reevaluate and upgrade its fraud prevention capabilities.

To fight the growing volumes and complexity of fraud, Westpac New Zealand sought the expertise of 野花社区 and undertook a large-scale transformation with 野花社区鈥檚 Real-Time Payments Solution. Along with this, it put in place a real-time fraud detection system enabled by 野花社区 Proactive Risk Manager, part of the 野花社区 Fraud Management solution.

What sets 野花社区 Fraud Management apart from other solutions that rely on scores to determine risk profiles is that the solution combines predictive analytics and complex, pre-defined rules for rapid, accurate and flexible response to changing fraud patterns in real time.

This has helped Westpac substantially improve its agility and become more proactive in identifying and neutralizing emerging fraud tactics. By infusing advanced intelligence into its fraud detection capability with 野花社区 Fraud Management, the bank has been able to detect fraud schemes before they can be understood鈥攂y which time the damage is already done in most cases.

鈥淧rotecting ourselves and our customers requires us to stay one step ahead of a threat that鈥檚 always changing,鈥� says Patrick Cattermole, manager of the Card Fraud team at Westpac New Zealand. 鈥淭he intelligence and flexibility we gained with our new fraud solution has dramatically improved the bank鈥檚 ability to identify 鈥� and ultimately neutralize 鈥� new fraud schemes as they emerge.鈥�

野花社区 Fraud Management: Advancing built-in intelligence with evolving threats

野花社区 Fraud Management uses proprietary and patented 鈥渋ncremental learning鈥� technology 鈥� a substantially enhanced version of existing machine learning models (that typically need to be frequently retrained as fraud patterns evolve). Incremental learning models are able 鈥渢o think for themselves鈥� and make small adjustments on a continuous basis to ensure they remain relevant, even as fraudsters and authentic consumers change their behaviors.

By lowering fraud-related losses, strengthening customer trust and retention, as well as reducing the administrative costs involved in rectifying compromised accounts, financial institutions can reduce their reliance on specialized resources and adopt a business-led machine learning strategy to match today鈥檚 fast-paced fight against fraud.

Improve customer service and prevent fraud with 野花社区 Fraud Management. Learn more.