In a dynamic and constantly evolving economic scenario like Brazil’s, fraud prevention in the Financial sector is a priority. Every year, financial institutions face substantial losses due to fraudulent activities, which not only affect their 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 fraud causes 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 frauds account for 70% of the losses, traditional scams still have their impact. Among these, document and check forgery stand out. Banks have adopted rigorous 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 frauds
Frauds not only undermine customer confidence but also cause significant losses to 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, historical analysis, and data validation, thus 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 consigned credit. This type of credit, which is quite popular in Brazil, is subject to multiple fraud risks, ranging from document forgery to client information manipulation. By outsourcing the management of consigned credit, 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 using sophisticated data analysis and real-time information crossing, which is crucial for identifying and preventing fraud.
Account opening also sets up another process in which BPO services can help mitigate fraud. Swindlers 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 behavior 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 have a reduction of up to 30% in detected fraud, compared to those managing these processes internally.
And this happens because, in addition to data checking, providers of these services operate at a very high compliance level with legislation, 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 challenges are unique and fraud threats are always present, the adoption of BPO services can be the key to a secure and efficient financial operation and certainly to reduce losses.
