As we navigate through 2024, banking fraud continues to evolve, presenting new challenges for financial institutions. Driven by advancements in technology and changing economic conditions, these threats require banks to stay vigilant and adopt robust strategies to protect themselves and their customers.

KYC is a set of regulations that financial institutions and other businesses must follow to verify the identity of their customers. It’s about understanding who you’re doing business with and assessing any potential risks. KYC compliance helps to.

Travel fraud is a growing concern within the industry, posing significant challenges to businesses and consumers alike. As travel becomes increasingly digital, the opportunities for fraudsters to exploit online transactions and reservations have also expanded. Research from global Edgar, Dunn & Company, on behalf of eNett, said in total, fraud costs the travel industry over $21 billion dollars annually, including $6 billion dollars in damages and $15 billion in overheads.