Context of Fraud in 2024
The document begins by highlighting the scale of the fraud problem, noting that even with a 2% decrease from the previous year, criminals still stole £580 million in the first half of 2023 in the UK alone. This has reached a level that UK Finance considers a “national security threat.”
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A specific focus is placed on Authorized Push Payment (APP) fraud, which accounted for 40% of all fraud losses in 2022. This is particularly important because of new regulations coming into effect in 2024:
- The Payment Systems Regulator (PSR) is implementing new requirements for banks and payment companies
- Financial institutions will face 50/50 liability to compensate victims for lost funds
- These changes make improved fraud detection systems an urgent necessity for financial institutions
How to Choose Fraud Detection Software
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The document outlines several key considerations when selecting fraud detection software:
- Business Requirements: Understanding your organization’s specific fraud challenges rather than seeking a one-size-fits-all solution
- Cost: Balancing immediate budget constraints with long-term needs, with various pricing models available (fixed subscriptions, per-transaction fees, or volume-based pricing)
- Functionality and Features:
- Real-time transaction monitoring to detect patterns before money leaves accounts
- False positive to the proper positive alert ratio for efficient transaction validation
- Behavioural and transactional analytics to identify unusual activities
- AI/ML capabilities and automation to improve efficiency and adaptability
- User-friendly interfaces to enhance operational effectiveness
- Responsive customer support from the vendor
- Integration capabilities with existing systems
- Scalability to handle growing transaction volumes
- Compliance with relevant security standards
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Top Fraud Detection Software Solutions
The document then reviews 13 fraud detection software solutions:
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- Salv Bridge:
- A collaboration platform enabling fin crime teams across institutions to work together
- Claims to increase fund recovery rates up to 80%
- Features a Collaborative Scenario Library of monitoring scenarios
- Enables fund recovery based on suspicion before the victim reports
- Uses advanced encryption to protect sensitive information
- Mastercard Consumer Fraud Risk:
- Used exclusively by banks at the time of writing
- Uses AI and real-time payment data to identify scams before money leaves accounts
- Specifically targets APP fraud scenarios
- Improves detection accuracy over time through learning
- EBA CLEARING Fraud Pattern and Anomaly Detection (FPAD):
- A pilot program launched with nine banks across six countries
- Includes IBAN/name checking and central infrastructure perspective
- Aims to develop fraud pattern identification models collaboratively with users
- Will provide post-transaction investigation and risk assessment capabilities
- Swift GPI – Stop and Recall Payment Service:
- Designed for cross-border payments
- Allows banks to initiate, deliver, and respond to payment recalls
- Enables real-time payment monitoring and faster recalls
- Reduces manual workload for stopping payments
- Cifas:
- A leading UK fraud prevention service managing two major fraud databases
- Serves over 600 member organizations across 14 sectors
- Offers real-time data sharing to address identity fraud, account takeover, false claims, etc.
- Provides various membership options and staff training
The document continues with brief descriptions of several other solutions, including Feedzai, Verafin, ComplyAdvantage, Resistant AI, HAWK: AI, Unit21, SEON, and Sift. Each is presented with its key features and target customers.
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Conclusion and FAQ
The document concludes by emphasizing that early detection in the payment chain is crucial, and conventional fraud prevention software often fails to guarantee fund recovery. It positions Salv Bridge as standing out for enabling collaborative investigations at the first sign of suspicion.
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The FAQ section clarifies the difference between fraud detection and prevention software, reiterates the main features to look for, and reinforces how Salv Bridge differs from conventional solutions.
Document Assessment
This appears to be a marketing blog post from Salv promoting their Bridge product while providing general industry information about fraud detection. The article presents useful information about the fraud detection landscape but clearly positions Salv’s solution as superior to competitors’ solutions. As an informational resource, it provides valuable context about the changing regulatory environment and selection criteria for fraud detection software. However, readers should be aware of the promotional nature of the content.
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Determining the “best” fraud detection software depends on your specific business needs, fraud challenges, and organizational requirements. Rather than there being a single best solution, the document suggests evaluating options based on several important criteria.
The article states that Salv Bridge is particularly effective for financial institutions looking to collaborate across organizations to improve fraud detection and recovery rates. The document claims that its collaborative approach can increase fund recovery by up to 80%. However, this information comes from Salv’s own marketing material, so we should consider this assessment with that context in mind.
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Other notable solutions mentioned include Mastercard Consumer Fraud Risk (specifically for banks tackling APP fraud), EBA CLEARING’s FPAD (offering multi-bank collaboration), and Swift GPI (focused on cross-border payment fraud).
The document emphasizes that the most appropriate solution will depend on:
- Your specific business requirements and the types of fraud you’re most vulnerable to
- Budget considerations and pricing model preferences
- Need for specific features like real-time monitoring, behavioural analytics, and AI capabilities
- Integration requirements with your existing systems
- Scalability needs as your business grows
- Compliance with security standards relevant to your industry
For financial institutions particularly concerned with APP fraud (which the document notes accounts for 40% of all fraud losses), solutions like Salv Bridge, Mastercard Consumer Fraud Risk, and Feedzai are highlighted for their capabilities in this area.
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The changing regulatory landscape, with new PSR requirements coming into force in 2024 that will require 50/50 liability for compensating fraud victims, makes this decision particularly important for UK financial institutions.
If you’re considering fraud detection software, I recommend using the criteria outlined in the document to evaluate which solution best addresses your organization’s specific needs and challenges.
Secure browsing
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