In a dynamic and constantly evolving economic scenario like Brazil’s, fraud prevention in the financial sector is a priority. Each year, financial institutions face substantial losses due to fraudulent activities, which not only affect their financial balance but also undermine consumer trust and the integrity of the financial system as a whole.
According to the Brazilian Federation of Banks (Febraban), banking fraud causes annual losses that can exceed R$ 2 billion. This amount includes electronic fraud, such as phishing, malware, and social engineering attacks, as well as traditional fraud, such as document and check forgery.
And even though electronic fraud accounts for 70% of the losses, traditional scams still have their impact. Among these, document and check forgery stand 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 fraud
Fraud not only undermines customer trust but also causes significant losses for financial institutions.
In this context, Business Process Outsourcing (BPO) services have been adopted by financial institutions as a strategic solution to mitigate risks and strengthen control mechanisms.
One area where BPO can have a substantial impact is in the customer onboarding process. Outsourcing this process to a BPO company allows banks and other financial institutions to benefit from advanced identity verification practices, background checks, and data validation, thereby reducing the likelihood of identity fraud.
Moreover, BPO companies often employ cutting-edge technologies, such as artificial intelligence and machine learning, to detect suspicious patterns and anomalies that might go unnoticed by traditional methods.
Another financial process that can benefit is payroll-deductible loans. This type of credit, which is quite popular in Brazil, is subject to multiple fraud risks, from document forgery to manipulation of customer information. By outsourcing payroll-deductible loan management, financial institutions can implement rigorous and systematic checks, ensuring that each application is meticulously evaluated.
BPO companies can provide an additional layer of security by using sophisticated data analysis and real-time information cross-referencing, which is crucial for identifying and preventing fraud.
Account opening is another process where BPO services can assist in fraud mitigation. Fraudsters use fake or stolen identities to create fraudulent bank accounts, which are later used for illicit 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 fraud risks. A study by Everest Group revealed that companies using BPO services experience up to a 30% reduction in detected fraud compared to those managing these processes internally.
And this happens because, in addition to data checks, these service providers operate with a high level of compliance with legislation, even using technologies like blockchain to create transparent and immutable transaction records.
The integration of cybersecurity solutions offered by these providers is also a determining factor in protecting customers’ sensitive data and preventing cyberattacks, which can lead to serious security breaches and financial losses.
In the Brazilian context, where challenges are unique and fraud threats are ever-present, adopting BPO services can be the key to secure and efficient financial operations and, certainly, to reducing losses.
