Alert overload ranks amongst top concerns for half of bankers

Manual work ranked amongst the top three concerns for 47% of respondents.

High alert volumes are the most common day-to-day operational challenge faced by fraud teams in Singapore, as half of bankers ranked high alert volumes amongst their top three operational challenges.

According to a survey of banking leaders by BioCatch, only 12% identified it as their single biggest issue.

The survey found that manual work was the second most common challenge, with 47% of respondents placing it amongst their top three concerns and 15% ranking it as their biggest challenge. 

Identifying genuine users and detecting mule accounts followed, with both cited by 42% of respondents as one of their top three operational issues. 

Fifteen per cent said detecting mule accounts was their biggest challenge, whilst 13% said the same for identifying genuine users.

System integration was also a key concern, with 41% of respondents including it amongst their top three challenges and 16% ranking it as their biggest issue. 

Low-quality data and staff skills or resource constraints were each cited by 38% of respondents as one of their top three operational challenges. 

However, only 7% identified low-quality data as their biggest issue, compared with 15% for staff skills and resource constraints.

The report said high alert volumes are particularly common amongst larger fraud teams, which are more likely to rank them as a concern. 

It added that adding more staff alone is unlikely to address the growing scale and complexity of fraud detection. 

Anti-money laundering (AML) teams also reported significant pressure from high alert volumes, reflecting the demands of transaction monitoring.

Manual processes were identified as the second most frequently cited operational challenge. 

The report said this suggests many organisations continue to face difficulties automating key fraud prevention and financial crime processes.

Amongst C-suite executives, high alert volumes and the detection of mule accounts were identified as the two most significant operational concerns. 

The report noted that concern over mule account detection reflects the role these accounts play in facilitating fraud, scams and money laundering.