ONBOARDING TO REDUCE FRAUD
Doriel Abrahams offers three key points for FIs to take note of during the onboarding and KYC processes to reduce fraud .
CONTINUOUS , REAL-TIME MONITORING : Monitor customer transactions and behaviour for signs of fraud even after the initial KYC process .
BEHAVIOURAL ANALYSIS : Utilising behavioural data points to monitor how users interact with the platform , detecting and flagging unusual behaviours .
DYNAMIC KYC : Implementing dynamic KYC processes that periodically re-verify customer identities and update their risk profiles . This is important not only to stop fraud but also to generate trust with good users who deserve less friction in the user experience .
146 September 2024