TECH BUYER Jun 2022 - IDC Perspective - Doc # AP47795721

Staying Ahead of Fraud in 2022 and Beyond: A Principles-Based Guide for Asia/Pacific Financial Institutions

By:

Michael Araneta
Abstract

This IDC Perspective presents to financial services institutions (FSIs) and their partners in the delivery of digital financial services a set of principles in the fight against fraud, especially fraud in digital transactions and payments. These principles prevent a pile-up of disaggregated and usually ineffective solutions. This document also highlights a set of technologies that can be integrated to be effective against fraud in 2022 and beyond.

"In the process of coming up with digital products and services, new channels, and new payments methods, businesses might be overestimating the adequacy of their current defense mechanisms against fraud. What worked well before simply would not be enough now in the more digital world of business. There needs to be a constant upgrade of fraud management capabilities. The 10 capabilities mentioned in this report provide new tools, techniques, and best practices for FSIs to consider. However, a framework based on principles will ensure that capabilities stay ahead of new and emerging trends in fraud," said Michael Araneta, associate VP, IDC Financial Insights Asia/Pacific.


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