In this perspective in International Banker, Harry Holdstock, Partner at PwC UK, discusses the real and increasingly prevalent problem of fraud in society, and focuses in on the banking industry’s evolving counter-fraud efforts.

In particular, Holdstock highlights transformations in the counter-fraud world, including enhanced fraud-detection capabilities that facilitate better and more streamlined customer experiences, and new technology solutions that can help speed up processes and free up resources to focus on value-adding activities.

Holdstock highlights the particular use case of how PwC is working with Clearspeed – with Clearspeed’s technology acting as an efficient and effective “triage” service for counter-fraud practitioners.

The addition of Clearspeed’s technology enables an objective and unbiased approach to risk triage, quickly clearing low-risk items and alerting when additional examination is needed.

“Returning to the counter-fraud world in banking, I am excited at the possibilities this new type of innovative solution could enable. The topic of scams is currently hot in the UK as banks grapple with how to help protect customers while also managing the increased burdens resulting from obligations to remunerate customers who are scam victims. Customer-claims volumes have increased significantly, some caused by opportunists and organised fraud gangs sensing opportunities to extricate money from banks. Banks need to review and investigate these claims within tight timeframes (from April 2024, this will be five days, albeit with “stop the clock” provisions). However, the manual nature of these investigations typically means banks have to pay out and suffer customer complaints because of delays. Technologies such as Clearspeed’s could be transformative in this scenario.”

Read the full article: Innovative Solutions Can Help Banks Counter Fraud in Real-Time