Fraud is one of the biggest threats facing banks and financial institutions worldwide.
The US is home to the highest number of credit card fraud causes globally, losing around $9.47 billion to the crime in 2018. As of 2021, fraud in the UK has risen to a level where it’s defined as a “national security threat”, according to the central banking body of the country. Losses from bank transfer scams increased by 72% during the first half of the year, and there’s been a notable increase in money stolen from bank customers.
Since the pandemic, the number of fraud cases has grown significantly, as criminal bodies search for new ways to leverage the uncertainty and fear of the public. The only way to preserve and protect customers and banks in this new environment is with access to the right, insightful technology.
Finding Threats with Digital Forensics
As fraud cases continue to accelerate, banks, financial institutions and government bodies need an equally rapid way of responding to threats. Tools like Detego’s Unified Digital Forensics Platform could be the perfect solution – allowing for the quick extraction and examination of various devices for potential signs of fraud. This all-in-one platform has already proven to be successful on a global scale.
One leading bank in Africa deployed the solution to combat fraud while supporting over 12,000 agents and customers across 200 branches. Facing an increasing threat of fraud, money laundering, data breaches and insider trading, the bank needed a way of upgrading its policies and procedures for a stronger line of defense.
The bank’s fraud investigation and compliance teams were already struggling with a backlog of cases stemming from legacy methods of data extraction and a non-streamlined approach to case management. Like many financial groups, the bank found it difficult to align information and data throughout its siloed environment.
The bank was dependent on multiple systems for the extraction of data from various devices and teams were met with the added complexity of having to secure forensic data from non-brand mobile devices that were not supported by existing tools.
The decision to use Detego’s Unified Digital Forensic platform allowed the bank to tap into crucial benefits such as rapid deployment, advanced capabilities and ease-of-use.
A New Approach to Fraud Threat Prevention
Detego’s digital forensics solution gave the bank’s fraud and compliance teams a single platform to extract and analyse data from a host of devices – eliminating the need to switch between disparate systems. And by using Detego’s Ballistic Imaging technology, teams were able to forensically secure data up to four times faster than they could with the previous systems.
The technology significantly improved the bank’s ability to pre-empt and prevent data breaches, insider trading and numerous cases of fraud. Even junior members of the teams were able to conduct forensically sound investigations using the platform. Within two years of use, the solution enabled the bank’s teams to successfully identify and prevent over 900 instances of internal fraud – helping the bank better protect its employees, customers and reputation.
A Proactive Approach to Fighting Fraud
The approach adopted by the bank above has been commended by international banking groups. The measures put in place helped the bank climb around 200 places in The Banker magazine’s list of top 1,000 banks in the world. Banks and other financial institutes stand to gain similar benefits by taking on a proactive approach to managing risks with digital forensics technology.
Visit Detegoglobal.com to find out how Detego’s solutions can help.