Outsourcing leads the Financial sector to reduce fraud by up to 30%

In a dynamic and constantly evolving economic scenario like Brazil, 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 sheet, but also undermine consumer confidence and the integrity of the financial system as a whole.

According to the Brazilian Federation of Banks (Febraban), bank fraud causes annual losses that can exceed R$ 2 billion. This figure 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 loss, 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 circumvent security systems.

Financial sector: adoption of BPO to mitigate fraud

Fraud not only undermines customer trust, but also causes significant harm to financial institutions.

In this context, BPO (Business Process Outsourcing) services 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, history analysis and data validation practices, thereby reducing the likelihood of identity fraud.

In addition, BPO companies often employ cutting-edge technologies such as artificial intelligence and machine learning to detect suspicious patterns and anomalies that could go unnoticed by traditional methods.

Another financial process that can benefit is payroll loans. This type of credit, which is quite popular in Brazil, is subject to multiple fraud risks, from falsification of documents to handling customer information. By outsourcing payroll loan management, financial institutions can implement rigorous and systematic checks, ensuring that each request is meticulously evaluated.

BPO companies can provide an additional layer of security by utilizing sophisticated data analytics and cross-referencing information in real time, which is crucial for identifying and preventing fraud.

Account opening also sets up another process in which BPO services can assist in fraud mitigation.Shelioners 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.

BPO can reduce fraud by up to 30%

Research indicates that outsourcing financial processes to BPO companies can significantly reduce fraud risks.An Everest Group study revealed that companies using BPO services have a reduction of up to 30% in detected fraud, compared to those managing these processes internally.

And this is because, in addition to checking the data, providers of these services act with a level of compliance with the legislation very large, including using technologies such as 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 sensitive customer data and preventing cyber attacks, which can lead to serious security breaches and financial losses.

In the Brazilian context, where the challenges are unique and fraud threats are always present, the adoption of BPO services can be the key to a safe and efficient financial operation and certainly to reduce the loss.