Why fraud detection needs a reboot

Why fraud detection needs a reboot

Saryu Nayyar, CEO and founderGurucul, outlines what can be done to win the battle against fraudsters.
Fraud occurs every day across a variety of industries, causing trillions in losses each year. While financial services and banking are among the hardest-hit industries, other frequent targets include retail, health care, information technology, government/public administration and utilities.
In some segments, fraud has reached the highest levels on record, affecting more organisations than ever. The pervasiveness of the problem was revealed in a recent survey by PwC. 49 percent of the businesses contacted by PwC for its 2018 Global Economic Crime and Fraud Survey reported they had experienced fraud and economic crime over a two-year period.
But what about the other 51% of organisations? Did they avoid falling victim to fraud or simply didn’t know about it? The survey noted that fraudsters hide in the shadows, exploiting organisations’ lack of visibility into their presence and activities.
Also of interest: Malicious insider leaks personal information of 2.9m Desjardins customers

Copyright Lyonsdown Limited 2020

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