Financial services industry in Malaysia should mitigate fraud risks with right solutions, says SAS Institute

Amnesty International says Anwar administration failed to keep his promise of reforms; global report shows Malaysia lacking in seven areasThe financial services industry in Malaysia should adopt the right solutions to mitigate the risk of fraud activities, said global data analytic service provider, SAS Institute Sdn Bhd.

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.

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.

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