8MAY 2024OPINIONIN MYBy Kim Siren, Head of Fraud Management, OP Financial GroupFIGHTING FRAUD IS A COMBINATION OF EFFECTIVE PREVENTIVE SYSTEMS, USE OF SKILLFUL STAFF AND EMPLOYEE AWARENESSThe past few years have been extraordinary in many aspects in the banking sector as well due to Covid-19 and recent geopolitical changes in the Europe. In addition, competition situation and changes in customer behaviour have put pressure on banks globally to speed up their digital product offerings and invest more heavily on new innovative, easy-to-use, digital services, especially focusing on the channels that customers prefer today: mobile. Customers expect 24/7 self-service and should there be a need for assistance, that should be available via digital means as well by the time the demand arises.As the digitalized fraud has become so common, it is important we in the banking industry too, take all the measures we can, to mitigate the effect it has on the market and customers. The most important goal is to maintain the trust towards the banking sector being the guard of customer assets in all situations. If one bank fails in this work, it can have serious impact on all financial sector players. Therefore, if is vital to further increase the cooperation and information sharing on fraudulent activities both on financial sector but also between national and cross-national authorities. Big part of the defense actions lay on each individual bank's side as Kim Siren
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