The finance trade is uniquely placed with access to all customer information, building prognostic profiles of customers and members in real time. This enhanced use of information can enhance the consumer experience, while increasing security risks and potency. Incidence of frauds in Non Banking Financial Company will be a matter of concern. It is possible that frauds are, at times, detected in NBFCs long after they are committed and only when customers report them.
NBFCs ought to, therefore, ensure that a reporting system is in place in order for customers to report frauds without any delay.
There has to be appropriate security at all levels in organisations to cut back frauds.
Traditional risk-identification techniques aren't enough, and sophisticated fraud will slip through, presumably driving away sensible customers.
Fast growing technology initiatives and future developments enrich the customer experience. As an example, the future trends would see applications of voice in digital payments. Using Voice will be massively useful in terms of reaching subsequent set of new users to the internet. Through a mixture of digital video KYC checks, the applicant’s identity is established and takes away the possibility of fraud, which is what the trade needs to protect against. On the other hand, new technologies adopted by monetary institutions are creating them progressively liable to numerous risks like phishing, identity theft, card skimming, and cyber stalking. While some of the risks within the financial services sector have continuously been there, they are dynamical with the perpetually evolving technology standards and regulative framework.
Credit Companies are partnering with MyDigitalProtection to offer Identity Theft Protection to their customers