Along with #banks' #digital #transformation journey, #fraud remains an ongoing challenge as #technology and digital channels introduce new risks. Enhancing fraud defence capabilities becomes a top priority to prevent and detect fraud across all business lines and channels.
PwC Hong Kong recently hosted an industry-wide fraud risk banking forum on ‘Next-generation digital intelligence: combating fraud while redefining the customer journey’. The event gathered over 80 online and offline registrants from local banks and overseas branches. Its aim was to share and discuss recent fraud trends, the changing regulatory landscape, and insights on leveraging innovative solutions to overcome industry challenges in Hong Kong.
During the forum, James Tam and Cimi Leung highlighted the alarming rise of fraudulent activities as a pressing concern for banks. They emphasised the need for banks to take action in response to the rapidly changing environment, fulfilling regulatory requirements, and safeguarding the digital journey for their customers. Gary Ng and Hokee Fu discussed the latest fraud trends and regulatory progress, highlighting the recent call to action from the Hong Kong Monetary Authority (HKMA). The HKMA has urged the implementation of a package of new enhancement measures to further strengthen the security of electronic banking (e-banking) services, as indicated in its recent circular on Enhancement to Security of e-Banking Services. Karen Wong, Yun Li, and Lorin Li shared their insights on how banks could upgrade their anti-fraud solutions and adopt a more holistic, analytics-driven approach to enhancing the monitoring of suspicious transactions while improving the customer experience.
Additionally, Pradip Madhanagopal, together with guest speaker Leonard Tran from WeLab, provided leading use cases on how #Regtech could help redefine fraud risk management. They covered practice implementation considerations of advanced analytical tools. By aligning with the regulator's ‘whole-system’ strategy, banks can strengthen customer protection through close collaboration with the industry, HKMA, and Hong Kong Police Force regarding data sharing. Transforming from traditional approaches into a more dynamic and real-time fraud defence solution enables proactive management of potential risks that could result in severe financial losses and reputation risks.
Find out more about our forum discussion in the slides below.
#PwC #PwCHK #FraudRisk #DigitalFraud #CusotmerProtection #BankingRegulations
What an inspiring User Group Meeting in Malaysia! We'd love to know how might these technologies integrate with existing frameworks to offer a more proactive approach?