Top concerns among fraud executives include minimizing overall customer impact and operational risk, as well as reducing fast-growing threat of application fraud
FICO (NYSE:FICO) urged Asian banks to adopt a new approach for protecting customers and managing risk across all product lines, channels, and lifecycle stages. This recommendation was the theme of the FICO Asia Pacific Head of Fraud conference, at which nearly 30 banking fraud and risk executives representing nine countries across Asia Pacific met to address the growing sophistication of criminals who commit fraud.
This recommendation comes at a time when speed-to-detection has become even more critical, given increasing efforts by criminals to exploit such emerging channels as mobile banking. In the Asia Pacific region, FICO estimates that the incidence of fraud will rise by 10-20 percent in 2013.
Source: FICO Press Release