Dutch financial institutions don get order from De Nederlandsche Bank to sharpen their fraud strategy. The central bank say dem must draw up strategies to strengthen their fraud risk appetite.
DNB carry out deep examination of the frameworks of banks, payment institutions and electronic money institutions to prevent online fraud and scams. The supervisor find say all institutions don get dedicated teams wey dey fight fraud.
But DNB say even with those teams, the institutions need to improve how dem dey assess and manage fraud risk. The bank say dem must make sure say dem dey ready for new types of fraud wey dey come every day.
According to DNB, the financial sector must work together to share information about fraud patterns. The supervisor say this go help dem catch criminals faster.
DNB also say say institutions must use technology well to detect fraud before e happun. Dem say machine learning and artificial intelligence go help dem identify suspicious transactions quick quick.
The central bank don give the institutions deadline to submit their new fraud strategies. Dem say any institution wey no comply go face fine or other punishment.
