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 sheets but also undermine consumer trust 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 frauds such as phishing, malware, and social engineering attacks, as well as traditional frauds 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, the forgery of documents and checks stands out. Banks have adopted rigorous verification and authentication measures to mitigate these risks, but fraudsters continue to develop new methods to bypass security systems.
Financial sector: adopting BPO to mitigate fraud
Fraud not only undermines customer trust, it also causes significant losses for 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 practices, background analysis, and data validation, thereby reducing the likelihood of identity fraud.
Additionally, BPO companies often employ cutting-edge technologies such as artificial intelligence and machine learning to detect suspicious patterns and anomalies that might otherwise go unnoticed using 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 manipulation of customer information. When outsourcing the management of payroll-deductible credit, 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 utilizing sophisticated data analytics and real-time cross-referencing, which is crucial to identifying and preventing fraud.
Account opening also constitutes another process in which BPO services can assist in fraud mitigation. Scammers use fake or stolen identities to create fraudulent bank accounts, which are then used for illicit activities such as money laundering or financing criminal activities. Implementing robust identity verification measures and utilizing 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 experience up to a 30% reduction in detected frauds compared to those managing these processes internally.
And this happens because, in addition to checking data, providers of these services operate with a very high level of compliance with legislation, 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 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 threats of fraud are ever-present, adopting BPO services can be the key to a safe and efficient financial operation and, certainly, to reducing losses.
