Counter Fraud
The fight against fraud is an essential part of financial crime management in the RBI Group. Our anti-fraud efforts have two main goals: To minimize the RBI Group’s fraud losses and to protect our customers from fraud. In each of our network banks, we have dedicated, experienced specialists who lead and coordinate the prevention, detection, and investigation of fraud. At the core of our anti-fraud strategy is efficient and effective fraud prevention.
What can you do to protect yourself from banking fraud?
The biggest fraud risk facing banking customers today is payment fraud. Although electronic banking is more secure than traditional, paper-based payment channels, customers of every bank are targeted by fraudsters from time to time. The security of our customer’s payments is of utmost importance to RBI AG.
Therefore we apply a multi-layered strategy of customer awareness, system security, and transaction monitoring in order to protect our customers from fraud.In order to successfully combat payment fraud, banking customers must do their part as well. It is very important to recognize the most common fraud schemes and take steps to avoid becoming victims.
Unauthorized fraud
Unauthorized fraud means that fraudsters try to obtain the legitimate user’s login credentials in order to gain unauthorized access to the user’s bank account. The perpetrators then try to send payments to other accounts, often in other countries, to which they have access (mule accounts).
Authorized fraud
In an authorized fraud scheme, fraudsters use various social engineering methods to manipulate people into sending them money. Two of the most common authorized fraud schemes against corporates are 'payment redirection' (also called 'business email compromise') and 'CEO fraud'.