Some of the instances of financial frauds such as fake transaction reversal, phishing, identity theft, money laundering, cybercrime and data fraud are increasing every day. The digital transformation in the economy has brought in technology advancement, but at the same time it has introduced new risks and financial frauds.

According to the recent KPMG’s Global Banking Fraud Survey report conducted across 43 retail banks, over half of respondents recover less than 25% of fraud losses; demonstrating that fraud prevention is key.

The complexity of fraud risks is increasing and needs to be effectively controlled through effective operational risk management processes as well as the use of fraud control security tools and processes.

Who’s Affected and How?
A financial service revolves around these main players in the ecosystem: Consumers, Agents/Partners, Enterprises, Regulators, and Service Providers. Let us understand how they are connected: