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Wibmo’s Trident FRM is revolutionizing transaction security. Learn about the advanced technologies and strategies we employ to combat fraud and ensure safe transactions for millions of users. Read this detailed article by our VP of Fraud & Risk Management, Animesh Jha. PayU Suresh Rajagopalan #frm #expertspeaks #upi #fraudprevention #frauddetection #fraudmanagement #riskmanagement #paymentsecurity #securepayments #digitalpayments #onlinepayments #wibmo

Fraud Risk Management Decomposition The majority of people, when they hear “fraud,” would think about banking or financial organizations where anti-fraud teams are fighting against unauthorized payments, remittances, identity fraud, etc. But it is only the tip of the iceberg. Other realms, penetrating throughout our everyday life, require fraud protection as well: 🚕 Commute - a taxi system abuse to disrupt the service (calling all vehicles to the same point); drivers trying to increase dynamic rates artificially; 🔍 Search engines - abusive SEO practices; wasting a competitor's ad budget; earning money as an ad publisher through bot traffic; 🍜 Food delivery - carrier and restaurant fraud; 🛍 Marketplaces - fake ratings and reviews; artificially created scarcity of a competitor’s goods; delivery points fraud; 💱 Market abuse on exchanges (funds, forex, crypto) and a large bunch of others. Every step within these domains has its risks, which could either cost money as lost revenue or disrupt the business itself. Every successful company in these domains has its fraud prevention team. But do those fraud management frameworks have something in common? The answer is yes, there are common principles that build a basis for organizing defense in every type of business. There are specific parts of fraud risk management that apply to any single domain: 1 - Customers; 2 - Assets; 3 - Metrics; 4 - Monitoring; 5 - SLAs; 6 - Laws and rules; 7 - Resources; 8 - People; 9 - Feedback sources; 10 - Investigations. In the next posts, I’ll expand on each of the bullets. How do you think, is there a basis of methodology for fraud prevention, applicable to any domain?

Delve into the intricacies of digital fraud management with insights from our VP of Fraud and Risk Management, Animesh Jha. Discover how Wibmo's Trident FRM equips merchants to navigate the evolving landscape, combat fraud, and foster unwavering customer trust. #digitalfraud #merchantfraud #ecommerce #fraudprevention #frauddetection #expertspeaks #blogalert #wibmo

Digital fraud is evolving, posing challenges for merchants and consumers alike. From phishing to sophisticated tactics, the threat is real. That's why Wibmo introduces Trident FRM, a game-changer in digital identity validation and verification. Trident FRM offers a multilayered approach, seamlessly integrating with existing systems while providing real-time insights across the customer journey. It empowers merchants to navigate the digital landscape with confidence, safeguarding against fraud without compromising user experience. As fraud attempts rise, Trident FRM stands as a beacon of resilience, offering comprehensive solutions to combat losses and enhance trust. Join us in the fight against fraud – reach out for more information today. Chitrajit Chakrabarti Nelson De souza Abou Bakr El Hamidi Abdul Adejoh Papove Bombando Animesh Jha #FraudPrevention #DigitalCommerce #TridentFRM #Wibmo #SecuritySolutions

🔍 Fraud Analytics: Protecting Businesses from Emerging Threats 🔍   As fraud risks evolve, so must our defenses. With advanced fraud analytics, businesses can detect, prevent, and mitigate fraud with precision, saving time, money, and reputation. Our latest blog dives into how data-driven analytics is reshaping fraud prevention strategies and helping companies stay ahead of potential threats.   Curious to see how fraud analytics can safeguard your business? Check it out below! 👇   🔗 https://lnkd.in/gUpd8YTP #FraudPrevention #BusinessAnalytics #RiskManagement #Quantzig

To Fraud Prevent or Fraud Detect? 😵💫 That is the question! As a Senior Risk Manager I support Fraud, Disputes, Risk Implementation, Risk Strategy, and AML/BSA, I cannot emphasize enough the critical role of fraud prevention and detection. 🆚 Sometimes it can be a challenge to appropriately identify when it’s necessary to implement a preventative control versus a detective control when there is a Fraud risk under a high stress work environment right? Recognizing when to deploy preventive controls versus detective controls is key. 🛡️🕵️♂️ Let’s break it down and talk about it. ⚙️ Preventive controls are proactive measures to avoid risks, while detective controls identify and respond to risks post-occurrence. In fraud scenarios, preventive controls could include robust authentication methods, while detective controls involve monitoring transaction patterns for anomalies. 👇🏼 Check out this 5 ways to effectively identify fraud prevention versus detection below. ⚖️ Identifying the right balance is crucial. When facing sophisticated fraud attempts, preventive controls might not be foolproof. Detective controls, like real-time transaction monitoring, become imperative for swift response. 📊 A recent fraud incident highlighted the importance of both preventive and detective controls. By enhancing customer authentication protocols (preventive), we reduced phishing attempts. Yet, a new social engineering tactic emerged. Real-time monitoring (detective) unveiled the threat, allowing prompt intervention. It’s important we continue strengthening our defense against fraud by adopting a holistic approach. Collaboration, innovation, and adaptability are our strongest tools. 💪💼 #DJEMotivates #RiskManagement #FraudPrevention #FinancialSecurity #AML #BSA #RiskStrategy #compliance

🔒 Understanding and Mitigating Card Fraud: Navigating the Basel Category of External Fraud in Risk Management 🔒 In today's dynamic financial landscape, combatting card fraud is more crucial than ever. As we delve into the realm of risk management, one pivotal aspect that demands attention is the Basel category of External Fraud, particularly within the context of card transactions. 🔍 Exploring External Fraud: External fraud, as defined by Basel guidelines, encompasses fraudulent activities perpetrated by parties outside the organization. In the realm of card transactions, this can manifest in various forms, including unauthorized transactions, counterfeit cards, and identity theft. 💳 Card Fraud Landscape: Card fraud remains a persistent threat, evolving in sophistication and scale. With the proliferation of digital transactions, criminals have adapted, exploiting vulnerabilities in payment systems to perpetrate fraudulent activities. From card skimming to phishing schemes, the tactics employed are diverse and constantly evolving. 🛡️ Mitigation Strategies: To effectively mitigate card fraud risks, organizations must adopt a multi-faceted approach. This entails leveraging advanced analytics and AI-driven technologies to detect anomalies and suspicious patterns in transactions. Additionally, robust authentication mechanisms, such as tokenization and biometric authentication, serve as critical barriers against unauthorized access. 🔒 Securing the Future: As custodians of financial security, it is incumbent upon us to stay vigilant and proactive in our efforts to safeguard against card fraud. By fostering collaboration across industry stakeholders and embracing innovative solutions, we can fortify our defenses and mitigate the impact of external fraud on both businesses and consumers. 💡 Key Takeaways: -External fraud, within the Basel framework, encompasses a broad spectrum of fraudulent activities perpetrated by external parties. -Card fraud remains a significant challenge, demanding proactive measures to mitigate risks and protect stakeholders. -Adopting advanced technologies and collaborative approaches is imperative in fortifying defenses against evolving threats. Together, let's navigate the intricacies of risk management and forge a resilient future in the fight against card fraud. Your insights and experiences on this critical issue are invaluable. Let's continue the conversation and drive positive change! 🌐💼 #RiskManagement #FraudPrevention #FinancialSecurity #BaselFramework #CardFraud

This Fraud Prevention Month, discover more accurate fraud risk detection with a more holistic, comprehensive view of your customers - and see how AI-powered decisioning can help. Get the infographic to learn how! #FPM2024 #FraudPreventionMonth

"Training and education efforts can be the differentiator when it comes to risk mitigation." Great Read! I said it at my NAA session, your best fraud prevention tool is knowledge and training.... #NeverStopLearning