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Fraud face list creation and sharing utility for financial institutions

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Fraud face list creation and sharing utility for financial institutions

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Fraud face list creation and sharing utility for financial institutions

Apr 3, 2023

Fraud is a major problem facing the financial services industry. In 2022, fraud losses in the US reached $8.8 billion, according to the Consumer Sentinel Network Data Book 2022 by Federal Trade Commission. This is a significant financial burden for businesses, and it can also damage customer trust. The report reveals key insights into the prevalent issues faced by consumers and highlights the regulatory efforts undertaken by the FTC.

According to the Data Book, the FTC received over 5.2 million consumer reports in 2022, with identity theft, imposter scams, and debt collection being the most common categories. The report highlights the growing concern surrounding the misuse of personal information and the need for enhanced data security measures. Additionally, it emphasizes the importance of consumer education to empower individuals in protecting themselves against fraud and deceptive practices.

Fraud can be difficult to detect and prevent, as criminals are constantly finding new ways to exploit vulnerabilities. However, there are a number of steps that financial services/ businesses can take to reduce their risk of fraud, such as:

  • Investing in fraud detection and prevention technology: There are a number of technologies that can help financial services/ businesses detect and prevent fraud.

  • Implementing strong security measures: This includes things like implementing strong passwords, using biometric authentication, and encrypting data.

  • Educating employees and consumers about fraud: Employees and consumers should be trained in how to identify and report fraud.

  • Working with law enforcement: Financial services businesses should work with law enforcement to investigate and prosecute fraud cases.

Real-time fraud data sharing is a powerful tool that can help financial services/ businesses detect and prevent fraud effectively. By sharing fraud data in real time, businesses can get a comprehensive view of the fraud landscape and identify patterns that would otherwise be difficult to see. This information can then be used to develop effective fraud prevention strategies.

There are a number of ways to implement real-time fraud data sharing. One option is to create a private network that allows businesses to share data securely. Another option is to use a third-party service that provides real-time fraud data-sharing capabilities.

Regulo is a leading provider of real-time fraud data-sharing solutions. Our platform allows financial services/ businesses to track fraudsters faces internally and also share them privately and in real-time. This information can then be used to develop effective fraud prevention strategies by all parties in the ecosystem.

Benefits of Regulo real-time fraud face data sharing

There are a number of benefits to real-time fraud data sharing, such as:

  • Single datapoint sharing: Sharing a single face datapoint that is effective makes implementation very resource efficient for you and everyone in the ecosystem.

  • Privacy: With our Privacy Enhanced Technology (PET), you wont be sharing Personally Identifiable Information (PII) to anyone outside of your servers.

  • Improved fraud detection: Real-time fraud data sharing can help businesses detect fraud more quickly and accurately because businesses can share data about fraudulent transactions as they occur, rather than waiting for the transactions to be processed.

  • Reduced fraud losses: Real-time fraud data sharing can help businesses to reduce their fraud losses, as businesses can take action to prevent fraud more quickly, such as blocking fraudulent transactions or issuing refunds to customers who have been victims of fraud.

  • Enhanced customer experience: Real-time fraud data sharing can help businesses to enhance the customer experience, as businesses can resolve fraudulent transactions more quickly and efficiently, and thus reduce customer frustration.

If you are a financial service/ business that is looking to reduce your risk of fraud, real-time fraud data sharing is a powerful tool that can help you achieve your goals. Talk to us to learn more about how our platform can help you protect your business against fraud.

A better way to fight financial crime and compliance

© 2023 Regulo, Inc all rights reserved

A better way to fight financial crime and compliance

© 2023 Regulo, Inc all rights reserved

A better way to fight financial crime and compliance

© 2023 Regulo, Inc all rights reserved