Overcoming the Top Ten Challenges to Omnichannel Fraud Management

Although legitimate customers benefit from access to traditional as well as digital channels, so, too, do fraudsters, particularly when it comes to account takeover. Unfortunately, financial institutions (FIs) have generally been unprepared for the efforts of fraudsters to leverage vulnerabilities across the full range of channels that FIs support, and, as a result, cross-channel fraud schemes have become an effective way to takeover and drain customer accounts. So, while the adoption of an omnichannel approach within banking would logically dictate an omnichannel approach to fraud management, for many financial institutions, recognizing this simple paradigm remains far easier said than done. 

This report examines the top ten challenges that financial institutions face in trying to manage fraud schemes that cross, and take advantage of, different banking channels and provides recommendations for FIs to develop an omnichannel fraud management strategy.