A Kazakhstani bank with a daily transaction volume of about $9 million can spend between $400,000 and $600,000 a year on transaction verification.
The data comes from Baraiq, a developer of anti-fraud solutions for banks. Based on its data analysis, communication with financial institutions, and industry experience, the company found that banks spend about 0.15% of their total online transaction volume on fraud-prevention measures.
That translates to roughly $0.0029 spent by a bank for every $2 a customer transfers internally. When funds are sent outside the bank, verification costs rise to about $0.019.
Banks direct these expenses toward software, licenses, monitoring and investigation teams, customer outreach, training, and outsourcing. According to Baraiq, every dollar invested in modern anti-fraud solutions prevents $8 to $15 in losses. When real-time monitoring and machine-learning technologies are used, savings can reach $20 to $30 per dollar invested.
Notably, the average loss per victim of financial fraud in Kazakhstan is about $5,400, and nationwide annual losses exceed $58 million.
