As digital transactions continue to shape the financial landscape, fraud risk management has become a critical challenge for financial institutions worldwide. Viraj Soni, a financial risk manager with over eight years of experience, has been navigating this complex field, working to mitigate fraud risks and improve security frameworks.
As AVP – Fraud Strategy, Soni has spearheaded initiatives that resulted in a 55% reduction in gross fraud losses, leveraging advanced decisioning systems such as 3DS ACS, machine learning-based fraud models, and real-time transaction monitoring. His approach blends technology, analytics, and behavioral insights to combat a wide range of fraud threats, including account takeovers, synthetic identities, first-party fraud, and transaction laundering. He has also played a key role in enhancing authentication measures and optimizing fraud review workflows to improve fraud detection rates without compromising the customer experience.
Soni has extensive expertise in identity verification, credit underwriting, and fraud risk management. He has driven improvements in approval rates through open banking intelligence and designed fraud mitigation strategies for Buy Now, Pay Later (BNPL) products across multiple international markets. His initiatives have streamlined reapplication processes for customers impacted by fraud-related declines, enabling financial institutions to balance risk controls with customer accessibility.
In previous roles, he managed fraud risk across diverse financial portfolios, leading efforts to optimize fraud models, enhance detection methodologies, and strengthen early warning systems. He has been instrumental in identifying and mitigating large-scale fraud rings, implementing chargeback management strategies, and refining collusive fraud detection techniques. By integrating data-driven insights with automation, he has helped organizations improve fraud interception rates while reducing false positives.
Soni’s academic background includes a Master’s degree in Information Management and a Certificate of Advanced Study in Data Science from Syracuse University, as well as a Bachelor’s degree in Electronics and Telecommunications from the University of Mumbai. His blend of technical expertise and industry experience has positioned him as a key voice in discussions around fraud prevention.
As financial institutions continue to grapple with sophisticated fraud schemes, professionals like Viraj Soni are playing a crucial role in shaping risk management strategies. With fraudsters constantly evolving their tactics, staying ahead requires a mix of technology, data-driven insights, and adaptive policies—something Soni has dedicated his career to refining.