In a dynamic and constantly evolving economic scenario like that of Brazil, fraud prevention in the Financial sector is a priority. Every year, financial institutions face substantial losses due to fraudulent activities, that not only affect your financial balance, but also undermine consumer confidence and the integrity of the financial system as a whole
According to the Brazilian Federation of Banks (Febraban), bank frauds cause annual losses that can exceed R$ 2 billion. This amount includes electronic fraud, як phishing, malware and social engineering attacks, in addition to traditional frauds, such as document and check forgery
And even though electronic frauds account for 70% of the loss, traditional blows still have their impact. Among these, the forgery of documents and checks stands out. Banks have adopted strict verification and authentication measures to mitigate these risks, but fraudsters continue to develop new methods to bypass security systems
Financial sector: adoption of BPO to mitigate frauds
Frauds not only undermine customer trust, but also cause significant losses for financial institutions
In this context, BPO services (Business Process Outsourcing) have been adopted by financial institutions as a strategic solution to mitigate risks and strengthen control mechanisms
One of the areas where BPO can have a substantial impact is in the customer registration process. Outsourcing this process to a BPO company allows banks and other financial institutions to benefit from advanced identity verification practices, analysis of history and data validation, thus reducing the likelihood of identity fraud
Furthermore, BPO companies often employ cutting-edge technologies, as artificial intelligence and machine learning, to detect suspicious patterns and anomalies that could go unnoticed by traditional methods
Another financial process that can be benefited is payroll-deducted credit. This type of credit, which is quite popular in Brazil, is subject to multiple fraud risks, from document forgery to the manipulation of customer information. By outsourcing the management of payroll loans, financial institutions can implement rigorous and systematic checks, ensuring that each request is meticulously assessed
BPO companies can provide an additional layer of security by using sophisticated data analytics and real-time information cross-referencing, what is crucial to identify and prevent fraud
Account opening also constitutes another process in which BPO services can assist in mitigating fraud. Fraudsters use false or stolen identities to create fraudulent bank accounts, that are subsequently used for illegal activities, such as money laundering or financing criminal activities. Implementing robust identity verification measures and using advanced technologies to detect suspicious behaviors are essential to mitigate these risks
BPO can reduce fraud by up to 30%
Research indicates that outsourcing financial processes to BPO companies can significantly reduce the risks of fraud. A study by Everest Group revealed that companies using BPO services have a reduction of up to 30% in detected frauds, in comparison with those that manage these processes internally
And this happens because, besides the data verification, suppliers of these services operate with a high level of compliance with the legislation using, inclusive, technologies like blockchain to create transparent and immutable records of transactions
The integration of cybersecurity solutions offered by these providers is also a determining factor in protecting customers' sensitive data and preventing cyberattacks, that can lead to serious security breaches and financial losses
In the Brazilian context, where the challenges are unique and the threats of fraud are always present, the adoption of BPO services can be the key to a secure and efficient financial operation and, certainly, to reduce the loss
