Strategies For Banks In the Fight Against Consumer Fraud
The recent article published by Bank Beat, “Strategies For Banks In the Fight Against Consumer Fraud,” by Chris Gallo, Managing Director at CIC Services, highlights that consumer fraud poses a significant challenge for banks and financial institutions in today’s digital era. Reports indicate substantial direct losses due to fraud, with an alarming increase in fraudulent attempts targeting consumer accounts. Captive insurance offers banks several advantages, including tailored coverage, access to reinsurance markets, cost savings, tighter integration of risk management, enhanced control and transparency, and potential regulatory benefits.