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Digital Transformations to 

Eliminate Your Process Frictions


Session 1: Online fraud types in high value transactions:

are we doing enough to prevent it?

In the first session we’ll discuss the nature and scale of online fraud in complex high-value transactions and the types of businesses most likely to fall victim to it, and whether they are doing enough to mitigate this risk.


      Learning Points:

      1. Understand the implications of current Customer onboarding processes that are not joined up

      2. Manual interventions to bridge process & silo gaps mean greater opportunity for fraud (plus greater costs & abandonment)

      3. Regulated Sectors have the greatest challenge & need (also the biggest opportunities)



About this Session:

This session introduces the types of fraud commonly encountered and chooses to explore in detail the particular challenges of human-advised or increasingly robo-led customer interactions in the context of new client engagement and initial purchase commitments.

Crime Survey EW 2017

1. The problems you currently have

In England & Wales alone, there’s at least 5 million Fraud and Cyber Crimes last year - equalling all other crime in total!Fraud threats come from many directions, many of which it is difficult to assess whether friend or foe:

And it’s set to grow.

Industries with ‘Advised purchases’ or ‘Complex Services’ – have many types of fraud, committed on both sides of transactions which can be attributed in part to:




2. Why can new client On-boarding be a challenge?

Fraud Type by Victim type - NFIB 2018

There’s always a lot of new information to both collect and give-out during the early stages of any new relationship. In regulated sectors, the context and format of such information is subject to strict rules and governance. For example, anti-money laundering legalisations clearly defines that before a financial transaction can be completed the client must go through an identity check, however this can cause delays and additional costs. 

Putting in place enough safeguards to protect the “lender” is a challenge when the fraudsters are using more sophisticated techniques.  It is the responsibility of the organisation to protect the interests of the client and lender and discourage fraudsters.

Regulators insist on an appropriate level of documentation to protect both customers and other stakeholders. However organisations too often have multiple touch-points with multiple departments, hand-off’s, document types and formats. Compounding this complexity, each department may also use its own data store and use different tools for collaboration and customer communication.

For example, the typical documented process for a Financial Advisor’s new customer interactions might include the following steps in 5 clear stages:

L1 Long-tracking Main Stages v6

Done manually, with some paper use or using disconnected digital systems makes the process slow, costly and fraught with compliance risks for the business, whilst infuriatingly unresponsive and repetitive for the prospective new customer. No wonder that we see “Challenger” businesses which adopt new working methods growing faster than incumbents in many regulated sectors.


3. Issues: Abandonment, data silos, inactivity

Clients can become so frustrated with traditional onboarding or KYC/AML processes that is leads to them abandoning the whole relationship. Businesses that can encourage simple one-session completion tap into a competitively differentiating advantage. But this has to be well designed to ensure that it is also fully compliant.

Ideally, we want no data silo’s, with information available to staff when required. That needs a customer-centric system view and robust but easy-to-use KYC processes. These may be used for one-off specific financial transactions (such as a loan application), or ongoing using data captured during onboarding (e.g. biometrics) for repeated secure and simple interactions years after initial KYC.

However, the biggest threat of all may be that which the majority of organisations conform to; that of moving too slow to transform before customers are lost. This risks the entire business as customers’ expectations rise exponentially and regulators demand more.


Take Aways:

1. Immature systems with complex B2C transactions over £1000 have the highest risks

2. Focus on Compromised Data/Documentation, Misrepresentation and Impersonation

3. Transforming processes too slowly risks the business; smart technology can help


WATCH SESSION 2:Icon UK_Masterclass_Session 2.png 

Solutions and Capabilities to prevent digital fraud -

In this session we’ll talk about solutions capabilities that can help combat online fraud and deliver balanced operational excellence.


Contact Us

 - To find out how you compare with other organisations in tackling fraud and the causes of it

- … or for anything else. CONTACT


A free to use tool has been included on each of the next 3 videos for a limited time.

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