KUALA LUMPUR, April 24 — The financial services industry (FSI) in Malaysia should adopt the right solutions to mitigate the risk of fraud activities, said global data analytic service provider, SAS Institute Sdn Bhd (SAS).
Managing director for Malaysia, Indonesia and Vietnam, Febrianto Siboro said the use of data analytics, machine learning and generative Artificial Intelligence (AI) could help complement financial institutions’ internal protection measures.
Additionally, by integrating different systems and customer information into a single data platform, institutions will be able to understand their customers better and make smarter decisions for the future.
“The banking industry needs to make the right decision which can take care of end-to-end solutions from risk, fraud and customer intelligence perspective,” he said during a media briefing on SAS’ fraud solutions, today.
Febrianto said SAS’ Occupational Fraud 2024 Report — in collaboration with the Association of Certified Fraud Examiners (ACFE) — revealed that nine out of 10 organisations surveyed use data analysis techniques as part of their anti-fraud programmes.
The report also revealed that organisations are estimated to lose five per cent of their revenue to fraud activities each year.
SAS global director for enterprise fraud solutions, Ian Holmes noted that Malaysia is one of the active regions where fraud activities prevailed, not just from within Malaysia but also from outside of the country.
According to the latest SAS whitepaper, ‘Faces of Fraud’, which surveyed 13,500 consumers across 16 countries, nearly 70 per cent of respondents have experienced fraud at least once, and 86 per cent are now more cautious about fraudulent activities.
In addition, nine out of 10 respondents expect businesses to do more to protect them from fraud and almost two third would switch providers if another provider offered better fraud protections. — Bernama
