Fraud isn't just about the immediate financial hit or dealing with regulators – it can mess up a financial institution's reputation, hurting market share and revenue. Sadly, fraud is on the rise. Every dollar lost to fraud can lead to more expenses, such as fines and investigation costs, and extra scrutiny from regulators. But here's the good news: if financial institutions use a best-in-class fraud risk management solution, they get a leg up.
However, most solutions require a trade-off between customer experience and fraud prevention. On the one hand, making customers happy is all about giving them a smooth ride, which means making things easy, quick, and seamless every step of the way. On the other hand, financial institutions need some heavy-duty security measures - extra layers of protection, checking IDs, and keeping a close eye on things – to keep the bad guys out. That can mean a bit more work for customers, like proving who they are or giving a thumbs up for transactions.
Genpact's fraud risk management solution finds that sweet spot between strong fraud prevention and great customer experience. We bring together fraud expertise, cutting-edge technology, experience design, and advanced analytics to minimize losses, provide an excellent customer experience, and keep things on the right side of regulatory rules.