Fraud risk management

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.

From onboarding to transacting, chargebacks to claims, financial institutions are all about making things super easy for customers. But here's the catch: bad actors are always on the lookout for weak spots to cause trouble. They use advanced digital technologies, such as generative AI, botnets, and machine learning, to pull off large-scale attacks.

More scammers are popping up thanks to tough times and open-source technology. Banks are juggling tighter budgets, dealing with more fraud, and trying to keep everyone happy.

Our fraud risk management solution helps tackle the risk of financial fraud across the spectrum of fraud and claims management.

• Fraud advisory services – Need some advice on dealing with fraud? We've got you covered with comprehensive and practical advisory support across various aspects of fraud risk management
• Fraud technology services – Our end-to-end technology services go the extra mile to spot and stop fraud threats. And our partners are the cream of the crop
• Financial crime risk management software suite – With its built-in entity-centric monitoring and generative AI capabilities, riskCanvas™, our proprietary, cloud-based software suite, is not your average fraud manager. It provides a single, connected view of the customer that empowers analysts. And it efficiently generates suspicious activity reports and case summaries with a simple click, leveraging insights from millions of data points. This streamlined process results in a remarkable 60% reduction in the time analysts spend on narrative constriction, allowing them to spend more time identifying truly suspicious financial activity
• Fraud analytics – Our fraud analytics practice brings together a mix of skills and advanced technologies to tackle tricky fraud schemes and spot unusual patterns and anomalies in transactions. This means we help organizations catch and stop fraud before it does any serious financial damage
• Fraud and claims managed services – We've got the skills and the size to handle a bunch of alerts, cases, and claims – like thousands of them! Our fraud and claims managed services make us your go-to team for:
  • Checking out fraud alerts and cases
  • Running the front desk for fraud claims, where we're all about voice, chat, and whatever works best for you
  • Processing claims, whether they're fraud-related or not

We serve over 200 clients across the globe, including 50 of the world's biggest financial institutions, and keep tabs on a whopping 100 million customers. But let's talk results – check out what we've pulled off for some of our clients:

• Slashed claims processing times for one of the world's largest financial giants by transforming charge-backs and claims, saving costs and making customers happy
• Teamed up with a global wealth management firm to launch a new card product. Our fraud know-how stopped tons of sneaky attacks and kept their losses down while delivering a great digital customer experience
• Spruced up digital self-service for a Euro bank, reducing hassle and nipping fraud in the bud

Our fraud risk management services drive business impact. We're here to transform your operations with advisory services, top-notch tech, hands-on support, and analytics. We actively detect and prevent fraud risks, manage claims and disputes with empathy, and enhance your unique customer experience.