Businesses all over the world lose billions of dollars to internal and external fraud. Unfortunately, this kind of fraud is easily preventable with a little bit of strategy and reinforced structures. According to a survey conducted in 2018 by the “Association of Finance Professionals (AFP) Payments Fraud and Control Survey” 78 percent of businesses were a victim of payment fraud in 2017.
What’s even more concerning is that only 47% of those organizations were able to uncover the fraud in less than 2 weeks. There are a lot of steps to follow to be able to detect and prevent fraud. Streamlining data management, building a comprehensive checklist for month-end close, time spent on documenting and implementing strong internal controls, eliminating redundancies, and so on.
It is important for businesses to build a strong checklist to prevent themselves from internal and external fraud.
Source From: https://diro.io/best-internet-control-methods-detecting-and-preventing-fraud/
Preventing fraud using ordinary due diligence methods isn’t enough.
Banks need to employ enhanced due diligence to detect and prevent fraud.
RPA in banking and financial sector executes the process faster, error free and secure.With the implementation of technological advancements like robotic process automation, Banking and Finance sector seems to have an exponential growth in terms of faster, secure & reliable process.There are various use cases where implementing RPA can benefit the banking and finance service industry.
RPA implementation in banking helps in the following areas:Credit Card ProcessingMortgage Loan processingFraud DetectionKYC processReport Automation ProcessingAccount Closure Process
