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Rebooting Banking: Using Digital Platforms to Reduce Fraud and Risk

The existing approaches banks use to manage fraud are broken! Fraud occurs before it can be detected and its identification is not very accurate. It takes a long time to resolve fraud causing consumer frustration.

To make matters worse, the two-way communication between consumers and banks to resolve fraud isn’t ideal either. The experience usually starts with the consumer experiencing a moment of shock when their funds are compromised or a credit card is lost. They then pick up their phones and talk to a bank agent, the agent generates a case and blocks the account, a point-of-compromise is identified and after several days a new account is finally iss ...

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