Anti-fraud technology with a human touch

The use of artificial intelligence and machine learning in bank fraud analytics is continuing to move from reactively mitigating fraud that's already occurred to preventing fraudulent activities from actually happening--but in ways that try not to block legitimate customer transactions. As anti-fraud technology has become more advanced and scalable, some banks are now investing in a cross-product, omnichannel view of customer behavior, says Philippe Guiral, who leads Accenture's North America fraud and financial crime practice. This means leveraging customer data across domains within the organization to gain more insights of customer behavior to better assess whether any particular transaction is suspicious. A growing number of banks are now building cases to show these solutions can not only improve fraud prevention rates, but also enhance the customer experience and be applied across additional functions--including financial crime, 'Know Your Customer,' risk and customer intelligence--to uncover hidden risks and discover new opportunities, he says. Indeed, it's critical to have a strong fraud analytics solution that can give banks a comprehensive view of a customer's identity and real-time insights into application activity, says Kimberly White, senior director of fraud & identity at LexisNexis Risk Solutions in Alpharetta, Georgia.