E-commerce Fraud: Did You Know? According to TransUnion, 15.54% of e-commerce transactions were suspected to be fraudulent over the 2020 Thanksgiving holiday period compared to 15.7% of the 2019 holiday and just 9.76% of the 2018 holiday
Why are regulated institutions still not getting their Fraud and AML (FRAML) due diligence right? Managing financial crime risk continues to remain a major priority for regulated institutions, with millions of dollars being invested every year into upgrading systems and processes around prevention, detection, investigation and reporting of such crimes.
The majority of collection organizations, from a lender to an outsourced collections firm, are pursuing digital channel interaction and engagement capabilities to expand their consumer communication options.
Most traditional collection software platforms in use today are based on old underlying technology and outdated designs. Even collection software systems deployed in the past five years may already be outmoded.
In the classic movie “The Wizard of Oz,” Dorothy steps out of her house after experiencing a tremendous storm and says, “Toto, I’ve got a feeling we’re not in Kansas anymore.” The same revelation applies to the collection industry, which has been weathering severe social and economic conditions.
The length of time it will take to cure the account of consumers who either won’t pay or those who can’t pay will depend upon the cause, and now of course, take into account various forms of vulnerability including those adversely effected by Covid-19.
It is not a new revelation that the collections and recoveries market is becoming more dynamic and complex. However, what is not widely known is that collections and recoveries operations are struggling more than ever before to keep up with all the changes they need to make.
South Africa, November: Customer Fraud Solutions, a fraud and risk management company, recently converged with MoData to create MoData Digital Services (MDS)