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Rising Frauds - Coggle Diagram
Rising Frauds
Lack of knowledge for customers to identify a fraud
careless handlign of card
Wrong usage of cards in ATMs
Customers hand over card to unknown person
Inability to identify or take action on fraudulent transactions.
Customers do not bring the fraudelant trasnsactions to the banks notice on time.
Customers do not receive appropriate notifications
Fraud transactions happens during non active times
Reporting the credit card skimming is not easier
Banks do not sent alerts to notify customers about every transaction
Banks are lagging behind in terms of technological advancements used in the industry. They do not have a fraud detection AI/ML model setup to identify such transactons so that alerts can be sent only to specific customers.
Lack of improved analytics
Lack of notifications.
Lack of email/SMS to alert on fraud
ATMs/PoS terminals do not have OTP system available
Merchants do not follow strict data sanctity checks
Card skimming
At ATMs,
Shops, hotels, pumps