Use of Different Channels for User Awareness and Education Related to Fraud and Phishing in a Banking Institution

Abstract

Each person faces the risk of falling to fraud not only as an individual but also as a customer of bank, insurance company, mobile operator, government services and many others. To tackle the fraud risk holistically it is not enough to implement fraud-risk related processes into daily operations and deploy fraud detection and prevention tools and systems. The weakest point is usually the person - employee or customer, especially the uneducated one. Therefore, it is essential complement the above measures with awareness and education. In this paper we reviewed different channels available for fraud prevention awareness campaigns and their characteristics (reach, relative cost, age group and supported message format) which impact their applicability. We also analyzed historical occurrences of fraud related messaging as well as fraud awareness posts distributed through one of the “youngest” channel - Twitter (social network) by the banks in the UAE. We analyzed the tweets of selected banks in UAE to observe, how they use this channel for communication with their customers and more specifically - how they use the channel for the purpose of fraud awareness.