By Kevin Shanahan, MD, Synectics Solutions
Kevin Shanahan, Synectics Solutions MD, discusses how sharing data is the key to creating a successful fraud prevention strategy.
- The scale of fraud and financial crime across many business sectors is escalating and evolving which means organisations need to adapt to ensure they are protecting themselves from this threat.
- Organisations cannot tackle this threat alone if they are to have any real hope of having a successful preventative, as opposed to reactive, strategy of dealing with the changing nature of fraud and financial crime.
- By sharing data in a controlled way, across both the private and public sector, organisations can be faster and more successful at identifying emerging trends and threats of financial criminals in order to prevent these patterns affecting their organisations.
Keeping pace with the escalating nature of financial crime and fraud is a constant issue for company executives tasked with ensuring the safety and security of their organisations, as well as those responsible for their underlying profitability.
Added to this is the burden of ensuring compliance with increasingly complex national and international regulations across many business sectors. These regulations have been recently mandated since the financial crisis to try and ensure organisations are addressing poor data management and are also alive to the challenges posed by the evolving threat of financial crime.
Many organisations still misconceive the issue of fraud and financial crime as being perpetrated by domestic or opportunistic criminals acting in isolation. Today’s fraudsters and financial criminals are increasingly acting in highly organised gangs and operate internationally across borders.
Due to the increasing proliferation of the internet and the ever-increasing proportion of financial transactions that it is being used to fulfil, the sheer scale of fraud and financial crime has grown to industrial proportions in recent years.
To enable leaders to protect their organisations from the threats that are posed by today’s criminals they need to ensure their organisations can become more sophisticated in their ability to identify new emerging patterns of fraud as they occur. This will enable them to adopt a more preventative fraud strategy and also help to ensure they are compliant with emerging regulations.
The ultimate key to this puzzle lies in corporate and government leaders accepting that they cannot address this issue alone. Organisations across the public and private sector need to be willing to work more closely together and share essential data for the benefit of all.
Managing director of Synectics Solutions, Kevin Shanahan, discusses how sharing public and private sector data from a whole range of industries is essential if we are to make it possible to identify emerging fraud patterns more quickly and move to a preventative strategy to combat fraud and financial crime.
Enable your organisation to improve the way it prevents fraud or financial crime with Synectics Solutions, industry leading fraud detection, prevention and analytics platforms – SIRA and Orion. Click here for more information.