Counter threats effectively with fraud management

Banks today are confronted with increasingly complex forms of fraud. This is because the use of artificial intelligence (AI) in particular not only opens up new opportunities for the institutions themselves, but also new areas of attack. AI-supported methods such as deepfakes or social engineering are becoming increasingly sophisticated and more difficult to recognise.

Online banking and instant payments in particular, i.e. transfers in real time, pose an increased risk: payments are executed within seconds, while the time available for verification mechanisms is decreasing. Added to this are new European requirements such as the Instant Payment Regulation (IPR), the Payment Services Directive 3 (PSD3) and the Payment Services Regulation (PSR), which impose obligations on banks.

Effective fraud management is therefore essential. It protects the finances of the bank and its customers, ensures compliance with regulatory requirements and preserves trust in the institutions.

Attackers are constantly adapting their methods to new security standards. Common procedures are

• Phishing and smishing: Deception via e-mails or text messages with the aim of obtaining confidential information such as access data or TANs.
• Identity theft: Use of stolen or falsified identities to open accounts or carry out transactions.
• Social engineering: Manipulation of bank employees or customers in order to disclose confidential information.
• Insider fraud: Exploitation of access rights by employees to carry out unauthorised transactions or pass on data.
• Account takeover: Account takeover through hacked credentials and withdrawal of funds.
• Real-time transaction fraud: Manipulation and unauthorised execution of payment transactions with instant payments due to a lack of control options

KPMG unterstützt Banken und Finanzdienstleister dabei, ein ganzheitliches Betrugsmanagement aufzubauen und weiterzuentwickeln. Unsere praxisnahen Modelle und fundierte Marktkenntnis helfen, Sicherheits- und Regulatorische Anforderungen effizient umzusetzen und Bedrohungen frühzeitig zu begegnen, um somit den Betrügern einen Schritt voraus zu sein.