During this Scams Awareness Week, we’re sharing our top tips to combat scams. Following on from Safeguarding older and vulnerable individuals from scams today we bring you the next tip in our series.

Tip 2: Protect your data like you protect your wallet!

Financial institutions spare no effort in combating fraud and protecting their customers from scammers, and there are thousands of people working around the clock to protect you and your money.

However, in recent years scammers have realised they are competing with advanced multimillion-dollar fraud detection controls and systems, and therefore the path of least resistance is to trick customers into helping them bypass the fraud controls that are put in place for customer protection.

The truths we must acknowledge:

1. Scammers already have some of your data

There’s an alarming amount of compromised data out there, and scammers are becoming increasingly skilled at exploiting it. The numerous Australian data breaches publicised widely are just the tip of the iceberg.

You can check how many data breaches have involved your details at this website: https://haveibeenpwned.com/

2. If you think you are too smart to be scammed, you are a great target!

Scammers, armed with your stolen data, can piece together a comprehensive profile of their targets. That seemingly innocent chat on WhatsApp or a transaction on Facebook Marketplace can be a data-mining expedition. This, in turn, can be exploited to build trust and manipulate people into compliance.

The following are some steps you can take to shield yourself from scams:

• Stay informed: Learn from the experiences of scam victims, by putting yourself in the victim’s situation and considering how the controls you have in place could have protected you in their situation.
• Limit personal information sharing: Be cautious about the amount of personal information you share on social media ,and tighten your security settings. The less scammers know about you, the harder it is for them to craft convincing scams.
• Enable Two-Factor Authentication (2FA): Whenever possible, enable 2FA for your online accounts. This adds an extra layer of security, making it significantly more difficult for scammers to gain access to your accounts.
• Have strong, unique passwords: Don’t underestimate the importance of strong, unique passwords for each of your online accounts. Consider using a reputable password manager to help you generate and store them securely.

Your data is your digital identity, and safeguarding it is vital. Scammers can use your data to gain trust, manipulate, and exploit vulnerabilities.

By taking steps to protect your data and sharing this knowledge with others, we can collectively defend against data-driven scams and build a safer digital world.

Australians have lost $430 million to scams already in 2023, and as Christmas approaches, we can expect another spike in scam activities.

Here’s our top tips to combat scams.

Tip 1: Safeguarding older and vulnerable individuals

Equipping ourselves and our loved ones with the knowledge needed to fend off scams is crucial.

In this digital age, scams can affect anyone, regardless of age or technological know-how. However, older, and more vulnerable individuals tend to fall prey to scams more often.

In 2023, Australians over 65 have lost more than $108 million to scams and represented one in four of all scam reports. 

To combat scams effectively, it’s important to educate those at higher risk of becoming a victim. Sharing our knowledge, experiences, and staying vigilant empowers them to recognise and respond to potential threats.

Here are a few suggestions on how we can play a vital role in protecting our loved ones:

Initiate conversations

Be a trusted, non-judgmental resource available at any hour of the day. Engage in open discussions with older family members, friends, and acquaintances about the potential dangers lurking online. Encourage them to ask questions and share their concerns.

Teach them to identify red flags

Educate older individuals about common scam warning signs such as unsolicited calls, suspicious emails, requests for personal information, or high-pressure sales tactics. Equipping them with this knowledge improves their confidence in navigating scam scenarios.

Encourage scepticism

Encourage healthy scepticism and a “trust but verify” approach when encountering unknown or unfamiliar entities. Remind them to independently verify the legitimacy of offers, requests, or investments before committing to any action.

If it doesn’t feel right, JUST HANG UP!

Phone scams result in more monetary loss than any other method. If someone on the phone is making them uncomfortable or is moving too fast, they can always hang up! Scammers feed on people’s politeness. It’s better to risk offending someone than to risk a scammer taking all of your hard-earned money.

We encourage you to share with your vulnerable loved ones so that we can all be protected.

Let’s work together to ensure we’re all protected from the harms of scams. By extending our helping hands, we can make a significant impact in their lives and collectively build a stronger and safer community.

For additional information on supporting scam victims, visit the Scamwatch website: https://www.scamwatch.gov.au/protect-yourself/help-someone-whos-being-scammed

Read more scam-busting tips:

Protecting your digital identity

Two decades ago, a journey began that would change the landscape of financial security. Today, we are celebrating 20 Stellar Years of Orion Financial Crimes—a journey marked by relentless dedication, innovation, and unwavering commitment.

The Origin: A Small Beginning with a Vision
Our story starts with ‘Credit Link,’ a small organisation consisting of just 30 staff members. Within its portfolio were 12 Visa Debit Card clients. However, a significant challenge arose when Visa decided to decommission its daily report of unusual transactions—an essential tool for fraud detection. This left a void that needed to be filled, and Credit Link was ready to step up to the challenge. Credit Link, now proudly known as Indue, embarked on a transformative journey by opting into First Data’s hosted PRM offering. This move was revolutionary in the world of fraud software, marking the beginning of a new era in financial security.

A Critical Decision: Developing a Service Offering
To meet the evolving needs of our clients and enhance their financial security, Indue made a critical decision. We decided to develop a service offering that would not only address the existing challenges but also set new standards in the industry.

Within the first year, our team expanded from 1 Full-Time Equivalent (FTE) to 3 FTE, allowing us to extend our service hours significantly. We went from operating on weekdays from 8 am to 4 pm to a more expansive schedule, covering hours from 7 am to 6 pm, including Saturday mornings.

The Financial Landscape: Then and Now
Looking back, it’s astonishing to see how the financial landscape has evolved over the past two decades. When we began, there were no overnight services, no real-time decline mechanisms, and no investigation case management tools. Transactions were predominantly conducted using magnetic stripe cards with signatures, and concepts like ‘chip and pin’ and ‘Visa Secure’ were yet to emerge. The primary focus of fraud prevention was on card-present scenarios, primarily
countering counterfeit activities. Today, e-commerce fraud, which now dominates the fraud landscape, was not even officially categorised.

Our Unchanging Purpose: Effective Mitigation and Exceptional Service

Throughout the challenges and transformations, our purpose remained constant—to achieve effective and efficient fraud mitigation while delivering exceptional customer service. We navigated uncharted waters, developing processes, procedures, reports, and client engagement strategies on the fly. All of these were driven by our sole aim: to enhance financial security while ensuring our clients’ competitiveness.

A Journey of Transformation and Innovation
As we celebrate 20 stellar years, we take pride in our journey of transformation, innovation, and unwavering commitment to financial security. From a small team managing a handful of clients to becoming a leading force in fraud detection and prevention, our story is one of dedication and excellence. We extend our heartfelt gratitude to our dedicated team, both long-serving members and newcomers, for their continuous efforts in driving positive change. To our clients, who have placed their trust in us for two decades, we say thank you.

Your support has been instrumental in our journey.
As we look ahead, we remain committed to advancing financial security, embracing emerging technologies, and strengthening our partnerships. Orion Financial Crimes, powered by Indue, stands as your reliable financial guardian, safeguarding your assets from harm.

Here’s to celebrating 20 Stellar Years of excellence, and to many more years of securing your financial transactions. Thank you for being part of our remarkable journey.

Find out more about our Orion Financial Crime solution.

According to the 2023 Australian Payment Fraud Report, in 2022, fraud on payment card transactions increased by 16.5% on the previous year to $577 million, in line with the increase in total spending on cards, which was up by 16% to $1 trillion over the same period. The rate of fraud on Australian card payments was 57.5 cents per $1,000 spent, up slightly from 57.3 cents in 2021.

The data indicates that the fraud rate has stabilised since the introduction of the industry’s card-not-present (CNP) Fraud Mitigation Framework (CNP Framework) in 2019, with the 2022 fraud rate remaining well below the fraud rate of 75.0 cents per $1,000 spent in 2017.

The CNP Framework requires merchants who consistently exceed agreed fraud threshold targets to strengthen customer authentication and apply other measures. The framework also encourages secure technologies such as real-time monitoring, machine learning and tokenisation.

AusPayNet sponsors the Economic Crime Forum (ECF), which brings together industry, law enforcement and government stakeholders to coordinate joint responses to economic crime, including scams, fraud, financial crime, and banking-related cyber incidents.

For more information on the data and payment fraud trends, read the 2023 Australian Payment Fraud Report below and the accompanying media release.

• Fraud on lost and stolen cards increased by 44.5% to $41.8 million
• Counterfeit/skimming fraud increased by 30% to $7.1 million
• Card-not-present (CNP) fraud increased by 14.4% to $516.8 million
• Cheque fraud decreased by 24% to $2.4 million

Source auspaynet.com.au

As adoption of banking apps grows, so does pressure to increase the range of capabilities the apps support, which has security ramifications.

Mobile app-based banking continues to find favour with Australians: more than two-thirds now use a mobile banking app or smartphone to do their banking, and it offers the highest customer satisfaction rating of any banking channel, averaging an 89.4% rating by customers of the ‘Big Four’.

As digital and self-service have been embraced by consumers, particularly in the form of increased use of apps, there’s inevitably pressure to build on that foundation.

A review of the apps of the five major Australian banks mid last year found customers wanted to see more capabilities and functionality added to the apps, particularly around money movement and management to improve financial wellbeing.

Some of these capabilities are being added in via third-party developed plugins created by fintechs, while other banks and credit unions are seeking to code these capabilities and features directly into the apps themselves.

Whichever app expansion strategy is pursued, a key concern will be that the additional functionality brings with it additional security risks. The larger the range of functions that the app can perform, the greater the amount of data it is likely to be handling.

All of these functions combine to create a broad potential attack surface for threat actors, who may view an ever-expanding banking app as a target that continues to increase in value.

Good security provides the confidence to expand apps

In a recent Deloitte survey, building digital trust was rated as the most important business strategy for success by financial institutions in the Asia-Pacific.

One of the top five benefits that cybersecurity investments had in this area was providing “confidence to try new things”, the survey found.

This means that at least in some banks, there’s a direct link between security and app capability growth; if a bank or credit union lacks confidence in their setup, they are less likely to try new things that could increase their security risk or exposure.

Banks and credit unions alike are acutely aware of their critical infrastructure role in Australia, and of the impact that a breach could have on customer confidence and goodwill. The critical nature of banking apps is often on display if they suffer downtime or degraded performance. Customer sentiment can turn quickly if they suddenly cannot perform critical tasks such as contactless payments at a supermarket register. And to be clear: these incidents aren’t often security-related. A security-related impact could prove catastrophic, particularly from an erosion of digital trust perspective, let alone what exposures individual customers could have.

Fortunately, credit unions and banking institutions tend to take a very proactive, best-practice approach to cybersecurity, and this extends to the oversight of their apps.

Many, for example, have focused on upskilling the defensive capabilities of their development teams. Without this education and verification, a lack of expertise may lead to teams taking shortcuts and/or lapsing into human errors, which could trigger configuration issues and code-level vulnerabilities.

Importantly for banks, these vulnerabilities could raise risk thresholds to a point that’s incompatible with, or in breach of, their regulatory requirements. Stringent regulations – including the Payment Card Industry Data Security Standard (PCI-DSS), the EU’s General Data Protection Regulation (GDPR) and additional global and national initiatives exist to address issues such as insecure data storage, insufficient authentication/authorisation, poor code quality and code tampering.

These standards create and drive vigilance among risk teams. In their pursuit of app expansion and increased customer satisfaction scores, it is important that developers or customer experience teams do not do anything that would undermine this vigilance and risk position.

Growing role-based security upskilling and awareness

To lay the foundations to proceed with banking app expansion with confidence, a holistic, people-driven security program is beneficial for creating the right mindset and foundational skills base.

A program that takes a dynamic approach based upon real-life threat management scenarios – as opposed to a static learning approach – will gain the most traction quickly. This can include the leveraging of motivational tools, such as rewards for successful “wins” and skills acquired.

Security learning pathways should also be available to everyone with a stake in the bank’s customer success. Developers are just one part of the ecosystem. Other parts of the organisation such as application security (AppSec) professionals and senior management also have key stakes in securing digital experiences and building digital trust. Executives, in particular, need to understand that security is not a “set it and forget it” discipline. A combination of tools and training is the most effective way to maintain the currency of security knowledge and best practices.

A positive security program focused on role-based education and awareness can lead to increased security engagement across the entire organisation, establishing the bank as “security-first.” From that position, unconstrained innovation can safely follow.

Written by Pieter Danhieux, CEO and Co-founder, Secure Code Warrior. Source: australianfintech.com.au

The new National Anti-Scam Centre has launched its first so-called “fusion cell”, pulling together experts from regulators and industry to work on identifying ways of disrupting investment scams.

The Australian Competition and Consumer Commission, which operates the centre, announced yesterday that representatives from the ACCC, ASIC, banks, telcos and digital platforms will work on the project.

Fusion cells are “time-limited taskforces designed to bring together expertise from government and the private sector to address specific, urgent problems”.

The investment scam fusion cell will operate for six months and will target a number of goals: removing scam websites from the internet, stopping scammers reaching potential victims, sharing information about investment scams to assist the private sector to take disruptive activity; providing information to the public; and gathering intelligence to refer to law enforcement.

The ACCC said it will coordinate a series of these groups, with different participants, to target different types of scams.

The government announced in the May budget that it would provide A$58 million of funding for the centre over three years. Banks are expected to play a significant role in the centre’s work.

ACCC deputy chair Catriona Lowe said: “We’ll be using this funding to build the technology needed to support high-frequency data sharing with a range of agencies, law enforcement and the private sector.”

The funding was part of a package of measures announced in the budget, aimed at combatting scams and cyber crime. ASIC was allocated funding to allow it to identify and take down phishing websites and other sites that promote investment scams.

The Australian Communications and Media Authority was allocated funding to establish and enforce an SMS sender ID registry, aimed at impeding scammers seeking to spoof industry and government names in message headers.

Lowe said the Anti-Scam Centre will work with ASIC as it develops its scam website takedown service and support ACMA as it sets up the SMS sender ID registry.

Source: Banking Day, July 4, 2023.

Tasmania’s Bank of us and its customers are reaping the significant fraud protection benefits of Indue’s Orion Financial Crimes Service, delivered as part of our exclusive full-service payments partnership.

As an agile solution that enables safer payments, ‘Orion’ offers real time, non-stop fraud detection, monitoring, and management through integrated AI machine learning.

Bank of us CEO, Paul Ranson said outsourcing payment services to Indue, including financial crime solutions and the provision of aggregated insights, predictability, and forewarning, has been of major benefit to the customer-owned bank.

“With Orion, more fraud cases are being detected and deterred before they hit accounts, drastically reducing our volume of disputes while simultaneously increasing our customer satisfaction and security,” Mr Ranson said.

“On the rare occasion fraud has transpired in the last 3 months since transitioning to a full-service partnership, Indue’s service has been incredible at enabling chargebacks to occur promptly, putting money back in our customers wallets faster.

“The necessity and truly incredible value of this service for Bank of us was illustrated when, on the first day of Orion’s operation at our bank, it saved just one of our customers $25,000.”

Indue CEO Derek Weatherley said the Orion service demonstrates industry-leading performance in financial crimes prevention, effectively reducing the burden on the non-major banks that we protect and serve, such as Bank of us.

“With more than 2.4 million accounts under management, Orion has access to a large pool of transactional data to detect trends, with rules tailored to meet the needs of individual organisations like Bank of us,” Mr Weatherley said.

“Our Australian-based team of fraud analysts do the heavy lifting, freeing up Bank of us to do the things they’re good at, like great banking products and services to Tasmanians, with enhanced peace of mind, knowing we’ve got them covered.
“For both Indue and Bank of us, who prioritise and care for customers, the reliable payments protection Orion provides is all that much more important.”

Beyond Orion, Indue’s range of services include the New Payments Platform, prepaid and gift card programs, mobile payments, the Nucleus Card Platform, and Payment and Bureau Services.

As it targets August migration deadline.

Bank of us, a Tasmanian customer-owned institution, has signed Indue to upgrade its fraud monitoring, as it works through a broader payment migration project set for completion this August.

Bank of us has a retail presence in Tasmania and 33,000 customers.

The bank stated earlier this year it had invested in an upgrade to its fraud monitoring service, aimed at building greater protection for customer funds.

CEO Paul Ranson told iTnews the bank appointed Indue “as our exclusive full-service payments partner, which has included the adoption of Indue’s Orion financial crimes service.”

“The Orion financial crimes service monitors all card transactions in real-time, allowing for most fraudulent transactions to be detected and blocked before they hit our customer accounts,” Ranson said.

“The service will continue to be expanded to cover all other payment types from May,” he said, adding the financial crimes service is powered IBM’s safer payments platform.

He said since the upgrades, the bank has noted “a significant reduction in the number of fraudulent transactions affecting our customer accounts.”

Implementation of the financial crimes feature is part of a bigger project, kicked off last October, to migrate payment and settlement services over to Indue.

The project is expected to be completed by August 2023 and give customers access to more sophisticated end-to-end payment solutions.

Source: IT News, Apr 14, 2023:

21st March, 2023

Following the successful launch of a New Payments Platform (NPP) for Auswide Bank in 2022, Indue and Auswide have been busy behind the scenes to successfully implement Direct Entry, BPAY, Cards as well as Anti-Money Laundering (AML) and High Value payment capabilities.

Throughout the past year, Indue has enabled digital transformation, state-of-the-art customer experiences, and improved business outcomes for Auswide Bank, enabling them to best help achieve their goals of helping Australians achieve home ownership, create wealth, and access banking and financial services.

Auswide Bank Managing Director and CEO Martin Barrett said that Indue’s similar commitment to prioritising customers has assisted in delivering outstanding services to Auswide Bank communities and customers across the country.

“Indue’s full suite of end-to-end payment solutions are a key component of transforming our business with technology and providing digital payment choices for our customers, improving their experience and delivering stronger business outcomes,” Mr Barrett said.

“Efficiencies that have flowed through our operations as a direct result of Indue’s integrated service stack have exceeded all expectations – it is fantastic to have a partner with modern technology that does the heavy lifting for us”.

Indue CEO Derek Weatherley said “I am very pleased that this transition has closed so quickly and cleanly and my team remains energised to support Auswide Bank in bringing these services to their customers.”

“Since Indue’s appointment as Auswide Bank’s exclusive full-service payments partner earlier, we have expedited the implementation of NPP, Direct Entry, BPAY, Cards, AML and High Value payments” Mr Weatherley said.

“As a founding member of the NPP, our partnership with Auswide Bank enables the organisation and their customers to securely send and receive payments with other financial institutions in near real-time.

“Complementary to this, Direct Entry and BPAY provide cost-effective, convenient ways for customers to transfer funds between bank accounts and pay bills. The Indue and Auswide Bank relationship has been further enhanced by simple and adaptable payment card and mobile payment services, including switching and settlement, which provide maximum flexibility for Auswide Bank and their customers.

“The efficient and seamless implementation of these offerings demonstrates Indue’s industry-leading knowledge and ability to deliver cutting-edge integrated solutions to our customers.

“We are proud of the significant operational efficiencies that Indue’s integrated payment systems provide to Auswide Bank freeing staff up to focus on serving their customers and community.  We very much look forward to continuing our successful partnership.”

We are delighted to confirm that Qudos Bank has reappointed Indue as their exclusive full-service payments partner.

Qudos Bank is one of Australia’s largest customer-owned banks with branches in Sydney, Melbourne and Brisbane and more than $5 billion in assets, offering a full range of financial products and services, including home loans, personal loans, transaction, and savings accounts, super and investing, and insurance.

Over recent years Qudos Bank has been on a digital transformation journey and provides a host of exceptional digital banking platforms and payments services.  Qudos Bank CEO Michael Anastasi said the relationship renewal reaffirmed the strength and value of the long-term partnership with Indue to provide end-to-end payment services.

“We have a long term partnership with Indue and renewing the relationship supports continuing development in our innovation around digital banking offering and providing a state-of-the-art payment services experience for our customers, underpinned by market leading security in payments for our customers” Mr Anastasi said.

“Importantly, Indue’s customer-focussed culture is outstanding across the organisation and directly aligns to our central focus as a customer-owned bank on delivering banking services in the interests of our customers, providing synergies that will help Qudos remain at the forefront of excellent in customer service standards for our customers across Australia.”

Indue CEO Derek Weatherley said the renewal of the partnership will enable Qudos Bank to provide to their customers a comprehensive suite of end-to-end payment services coupled with market leading payment security.  Qudos has been remarkably successful through a laser focus on customer advocacy and being easy to do business with – the partnership with Indue ensures that excellence in customer outcomes remains at the forefront of their business operations.

“Indue remains heavily invested in advancements in our product technology capability, reinvesting our profits into research and development via our Innovation Hub and the various working groups it supports and continuing to support the digital transition of our clients,” Mr Weatherley said.

“We couldn’t be more pleased Qudos Bank has chosen to extend our long-term partnership and we are looking forward to working together to build out future innovation pathways for real time, data rich, frictionless payment choices for customers.  Qudos has been a great supporter of their community and we look forward to working closely with Qudos this year on supporting and driving community focused outcomes important to their organisation. 

“The payment products and services suite provided to Qudos Bank by Indue will include NPP, PayID & Pay To, mobile payments, Orion Financial Crimes, Cards, Direct Entry, and BPAY services.”

-ENDS- 

Fighting financial crime with award-winning technology

Orion Financial Crimes – Case Study

The growing sophistication of financial crime remains an ever-present threat, particularly as we move to a predominantly cashless society, and engage with more ways to pay. Left exposed or unprotected, fraudsters can swiftly take their toll on financial institutions’ bottom line and reputations.

To stay on top of innovative financial crime perpetrators, financial institutions must have the best people, processes and technology in place to efficiently detect and monitor fraudulent behaviour. This valuable mix can sometimes take years to develop without the support of specialist providers.

Financial institutions are often faced with having to run multiple, costly technology solutions that tackle independent payment channels. This can lead to siloed people and processes supporting these multiple solutions. Managing multiple solutions also runs the risk of delaying the detection of fraud and potentially missing a fraud event entirely, exposing vulnerabilities for fraudsters to exploit.

These were just some of the challenges Indue’s client — a well-known Australian bank — faced while attempting to protect its 400,000-plus customer base prior to engaging Indue’s financial crimes experts.

Results we achieved for a leading Australian bank

• 50% cut in fraud losses in the first month

• 60% reduction in false-positive fraud results

• 400,000-plus customers better protected

Challenges

As a leading Australian bank, reliable fraud monitoring was essential to keep up with the fast, real-time transaction speeds of today’s payments networks. The bank was fighting fraudsters without the ability to decline in-flight transactions in real time, the outcome was fraudsters had the opportunity to achieve far greater attacks utilizing velocity and speed to their advantage.

The bank’s incumbent technology was also returning significant false-positive fraud results, thereby clouding analyst assessments and creating cost inefficiencies for operations. This enabled real fraud to hide behind genuine behaviour, which was often missed during assessments.

Critically, fraud was being monitored only during office hours by the client’s operations team. This often resulted in a backlog of events for next day review, while providing an opportunity for perpetrators to schedule attacks during out of hours and unmonitored periods.

How Indue helped: 5 key priorities

Shared vision: Indue’s financial crimes experts were able to see the bigger picture and work in partnership with the bank on their longer-term business planning goals and objectives, to provide a solution that could grow and adapt over time.

Partnership: The client was seeking a supplier who would take a true partnership approach. A partner who could work with them to co-create an integrated solution that could simplify the management of multiple payment channels and return better results than its existing provider.

Collaboration: A key success factor was the focus on collaboration between the client and Indue. The teams worked closely to ensure each other’s strengths were being leveraged, that the client was listened to and understood, that there was clarity on the problems that needed solving, and that there was alignment on identifying technical challenges and key performance outcomes.

Understanding: Built on years of experience, the Indue team understands that the closer you can work with a client’s team, the better the outcome. It was through establishing a close working relationship Indue was able to provide direction & guidance to help them decide how they wanted and needed to interact with the service. As the client was reshaping their own fraud management approach, Indue was able to provide guidance and counsel.

Feature Rich Service: The bank required a 24×7 alert triage service thereby providing round the clock monitoring and protection for their 400k+ customer base.  Powered by award-winning IBM Safer Payments, the Indue solution was able to reduce the risks associated with the client’s multiple payment channels. Further, Indue’s investigation Case Management tool made an outsourced service much easier to manage back in the clients own shop. Finally, the Indue aggregation model was able to deliver insights from across a broad range of industry financial crime learnings, providing the client with greater visibility of the financial crime landscape.

“Financial crime is a unique, fast-paced and often highly complicated problem to solve. It requires people, process and technology working together harmoniously to achieve results.”

Dean Wyatt, Head of Financial Crimes, Indue

Results, return, future plans

Following the implementation of Orion Financial Crimes Solution, the bank saw immediate results with card fraud losses cut by 50% in the first month alone. More fraud was detected through less alerts and false-positives reduced by 60%.

Better outcomes overall were achieved in prevention and detection by addressing both fraud and scams, and significantly reducing chargebacks to customers.

The bank is now looking to add further payment channels to Indue’s solution, taking full advantage of the single-view capability of Orion Financial Crimes and IBM Safer Payments.

Critically, the bank can now focus its attention on higher value programs to drive its customer-first value proposition while working with Indue to protect its customers.

Orion Financial Crimes

Orion Financial Crime’s ability to inherently integrate people, processes and technology provides a cutting-edge solution with real-time capability, integrating artificial intelligence and machine learning to deliver a 24/7 fraud monitoring solution.

Launched in 2003, Orion Financial Crimes went live with IBM Safer Payments in 2018, providing real-time fraud & scam detection and management, anti-money laundering and counter-terrorism financing monitoring, sanctions checking across Australia and New Zealand.

To find out how you can tap in to Indue’s team of experts & specialists in fraud management contact us today.

Download a copy of our Case Study