Financial institutions are using sophisticated methods to predict and identify fraud to cut losses. As the technology is evolving the fraudsters are identifying unprecedented opportunity to defraud financial institutions.
Limitations in technology make it difficult to identify all fraudulent activities in the numerous daily financial transactions. Identifying and resolving such cases promptly is essential for businesses, and human intervention is often required to deal with such exceptions.
Outsourcing is a game changer for small, medium, and large businesses to meritoriously manage their requirements and business functions while cutting costs by reducing the False Positives and mitigating risks by reviewing the suspicious items.
At Coforge, we not only cater to the need of advance infrastructure, but we also provide a set of skilled and experienced staff to review the KYC process and alerts raised against Forgery, Counterfeit, Paperhanging, or Check Kiting. The Coforge Fraud Detection Team proactively captures and flags potential cases across various fraud types. With the increased number of frauds and accuracy requirements, we have collaborated with our Artificial Intelligence team and created a check fraud detection solution which minimizes the human efforts and increases the productivity of the process. The Financial Institution is then able to take appropriate steps to prevent financial losses due to fraudulent activities. Coforge not only aims to be a vendor, but also a trusted partner. This has been imbibed in our work ethic and the long standing relationships built with our customers - big and small.
Coforge supports to identify check fraud which is happening here from the long run. While treasury professionals should continue to prompt vendors and clients to move to safer and cheaper payment methods, they must take checks seriously. That means investing in the proper protections to thwart would-be fraudsters.