What is Fraud Detection and how it is applied in Digital Banking?

Posted by KMS Solutions on Aug 30, 2021 4:04:11 PM

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Fraud Detection is an integral component of eKYC (electronic Know-your-Customer). Fraud Detection is vital during the online onboarding process, as it helps banks prevent costly frauds and cybercrimes. 

As digital banking channels grow in number, so do the ways that fraudsters can do wrong. And their fraud tactics will continue to multiply given that banks have to adopt Open Banking, eKYC, and PS2D (Europe’s second Payment Services Directives). To prevent these unauthorized transactions, banks must have a robust fraud detection system. 

In the first part, this article gives you a brief overview of fraud detection. The rest will discuss how banks can apply fraud detection and augment this function with Machine Learning.

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Topics: Digital Banking, eKYC Solution

eKYC Solution: a Buy vs. Build Analysis

Posted by KMS Solutions on Aug 13, 2021 3:39:28 PM

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An electronic Know-your-Customer (eKYC) solution is an essential feature of modern banking applications. eKYC allows potential customers to create new accounts in just a few steps. It frees them from the trouble of visiting physical branches. For banks, an eKYC solution reduces the influx of customers to physical branches. This helps them to reduce the costly need for opening new branches

When it comes to eKYC solution, banks have two approaches: Build and Buy. 

On the one hand, build requires banks to develop and integrate various point features (those that serve one purpose only) together. As we will learn in this article, trying to connecting disparate features for an eKYC can lead to many problems related to accuracy and functionality. 

On the other hand, partnering with and purchasing an integrated eKYC solution from a third-party provider can offer some advantages.

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Topics: Digital Banking, eKYC Solution

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