Advancements in modern technologies with the advent of the internet and mobile computing have resulted in the increase of financial fraud, which has wide-reaching ramifications in the finance industry. Fraud can destabilize economies and have a strong impact on people's cost of living. These consequences are pale in comparison to the dominos that are propelled to fall along with it that includes real costs in lost productivity, damage to reputations, and customer confidence. Apart from these, there are the small anomalies and glitches that go undetected, impossible to account for and assess. Thus, preventing and detecting fraud has become a critical driver for the financial services industry.
When it comes to fraud detection, most financial services organizations face challenges such as disparate transaction systems, piecemeal fraud detection solutions, high operational costs and balancing customer experience with added security.
The industry is on a desperate quest for better ways to fight fraud, without added costs or shackles that hinder organizations from driving down costs and enabling innovations. In order to save the day, it has become critical for enterprises to deliver the right fraud solution that provides huge benefits across the entire financial chain. In the last few months, based on these technological advances, a distinguished panel comprising of CEOs, CFOs and analysts, along with CFO Tech Outlook’s editorial board reviewed and shortlisted the top companies that are at the forefront of delivering turnkey fraud detection solutions. We present to you CFO Tech Outlook’s “Top 10 Financial Fraud Detection Solution Providers - 2018,” featuring the companies that can deliver competitive advantage to the financial sector.