Changing fraud patterns and practical solutions in the digital economy

Following the digital revolution that came with the advent of computers in Industry revolution 3.0, the industry is now moving towards the fourth revolution, Industry 4.0. This is unfolding with digitally connected devices, internet of things (IoT), cyber-physical world, immediacy of transactions and greater availability of data. With these mega trends, financial institutions are up against sophisticated social- and cyber-engineered fraud, seamlessly coordinated and flawlessly executed by sophisticated fraudsters and international crime syndicates.