As the holiday season approaches, fraud detection & prevention takes center stage for the banking and financial service industries. During this period, suspected fraudulent eCommerce activity typically surges by 127%, while credit card and identity fraud increase by 22-43%—a trend driven by the rise in online shopping and seasonal promotions. To tackle these threats effectively, banks must rely on robust fraud detection and prevention strategies, often benefiting significantly from a specialized outsourcing partner like ACT.
The Role of a Strong BPO Partner like ACT in Fraud Prevention
The choice of a BPO partner can have a profound impact on fraud detection efficiency. Banks partnering with BPOs that leverage advanced analytics and AI have seen up to a 60% improvement in detecting and mitigating fraudulent activities. For example, ACT, a leader in fraud prevention for financial services, helped a student lending organization rapidly identify and stop millions in fraudulent loan applications soon after program launch.
How ACT Supports Fraud Prevention and Detection Efforts in Banking
ACT offers comprehensive support to strengthen fraud prevention in banks across various areas:
- Consumer Account Management: Elevate customer loyalty with expert management of consumer accounts. ACT’s specialists handle transactional functions, such as online, telephone, and mail customer service, plus retail banking, originations, lending, mortgages, and more, with robust fraud detection and AML support.
- Commercial Account Servicing: Optimize support for multiple banking products with cost-effective offshore commercial account servicing. ACT’s fraud detection & prevention services include payment processing, commercial loans, and trade finance, covering fund transfers, fraud analysis, credit evaluation, origination, and reconciliation.
- Credit Risk Mitigation: Minimize credit risks and fraud with ACT’s onshore, nearshore or offshore support, offering risk profiling, re-verification, payback assessment, and advanced credit decision models.
- Comprehensive Fraud Risk Management and AML: Navigate high-risk accounts with expert fraud risk management and AML services. ACT’s services include CDD, regulatory compliance, fraud risk review, AML monitoring, and more, optimizing fund recovery and enhancing risk management.
- Back Office Transaction Management: Let ACT streamline your back-office financial transactions, encompassing fraud detection, AML, compliance monitoring, custody services, portfolio analytics, and IT management for various banking products.
- Personalization and Customer Experiences: It’s important to remember that customer experiences are more important than ever and should not be sacrificed in the name of security. ACT can help you differentiate your services with personalized experiences, utilizing customer data and AI-powered algorithms to offer tailored financial solutions, product recommendations, and customized communication, enhancing customer satisfaction and loyalty.
Operational Advantages of Partnering with ACT
ACT’s operational structure is uniquely suited to the demands of fraud prevention in banking. Our operational advantages include our 100% employee-ownership model which uniquely aligns our Employee Owners’ motivations with our partners’ success. Next, the Total Experience Formula™ delivers a unified and transformative end-to-end experience to all stakeholders – for customers, employees and users across all digital channels and platforms. Third, ease of doing business. We are consistently recognized as a flexible partner with a straightforward model. Our delayered organizational structure ensures program nimbleness and keeps senior management directly engaged in our partners’ programs. This drives better outcomes and cohesiveness. With no P&L for our Ops leaders, they are 100% scorecard driven and stay focused on delivering value to our partners. We offer a deep integration with our systems and reporting, giving our partners unparalleled analytics, control and transparency into KPIs and program performance metrics. Our compliance structure and supporting culture are foundational to the relationship with our partners. And ACT offers a 27-year track record of delivering reliable, consistent, and superior service.
What to Look for in a BPO Partner for Fraud Detection & Prevention
Not all BPOs are equally equipped for fraud prevention. Here’s what to consider when selecting a partner:
- Total Experience Approach: Fraud can occur across multiple touchpoints—whether customer-facing or within operational systems. ACT’s Total Experience Formula™ integrates each stakeholder’s experience, ensuring that every channel and technology involved in the customer journey is fraud-resistant.
- Compliance Expertise: ACT’s approach to compliance goes beyond industry standards. By mapping over 240 employee touchpoints, ACT proactively identifies and addresses potential compliance risks, consistently outperforming other BPO providers and in-house teams for major banking clients.
- Increased Speed: Delays in the KYC and approval processes can lead to lost customers. ACT enhances the speed of these processes by introducing automation and intelligent system integration, sometimes improving approval times by up to 400%.
- Customized and Scalable Solutions: ACT tailors fraud detection and prevention solutions to each client’s unique needs. This scalable approach adapts to growth and evolving fraud trends, providing flexibility and resilience.
- Proactive Prevention: ACT’s Total Experience Formula™ allows proactive identification of vulnerabilities, recommending adjustments to procedures, security protocols, or technologies to reduce fraud risks.
- Data Security and Compliance: To ensure data protection, ACT is PCI, ISO 27001, GDPR, GLBA, SOC 1, and SOC 2 compliant, safeguarding client information and reinforcing trust.
- Industry Expertise: With 3,000 fraud agents handling 4 million fraud cases monthly across top banks, ACT has built a reputation for excellence in the banking sector, earning the trust of nearly one-third of the nation’s top 22 banks.
About ACT: ACT was founded 27 years ago on a winning formula – that the best solutions integrate Employee Experience (EX) + Customer Experience (CX) + User Experience (UX) + Digital Experience (DX) + Multi-experience (MX) for an outstanding Total Experience (TX) overall. We call it the Total Experience Formula™. Today, many of the world’s leading brands and Fortune 50 trust ACT to be an extension of their business to unlock their ability to respond quickly to rapidly changing competitive, business and compliance environments, to anticipate and scale for future needs, to outmaneuver their competition, to lower operating costs, to improve efficiencies, to drive revenue and increase customer engagement.
As a 100% employee-owned company, we have placed Employee Experience at the center of our business strategy because we know that engaged employees ensure the best customer outcomes. As shareholders in the business, our Employee Owners have a personal interest in delivering value to our partners, and their motivations are uniquely aligned to our partners’ success. When partners first come to us, we consistently find it to be an opportunity to transform their CX design and outcomes with a Total Experience approach, starting at the Employee Experience level.
ACT offers the operational expertise, technologies and best practices that you expect from a world-class BPO, combined with the innovative solutions, flexibility and individual attention that you can only get from a 100% employee-owned company. Learn more at our website www.acttoday.com.
