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Banking fraud management has always been dynamic, fast-paced, and complex. Fraudsters are constantly evolving their tactics to adapt to changes in the banking…
#COVID19 Fraud Surge Threatens to Overwhelm Banks Phil Muncaster UK / EMEA News Reporter , Infosecurity Magazine Surging levels of fraud and financial crime during the pandemic threaten to overwhelm banking teams working from home with disjointed internal systems, according to new research from FICO. The predictive analytics company commissioned Omdia to poll 110 senior executives supporting financial crime-fighting efforts in banks across the US, UK, Brazil, Germany, the Nordics and Canada. In the UK, the vast majority (79%) of respondents cited remote workin...
FICO Survey: UK Banks Struggled with COVID-19 Fraud and Money Laundering Surge LONDON, April 8, 2021 /PRNewswire/ -- Highlights First results from FICO survey show how COVID-19 put stress on fraud and financial crime prevention at UK banks 79 percent of respondents from UK banks said that working from home had a high or major impact on the effectiveness of their financial crime prevention 49 percent of respondents said it was a major challenge having multiple systems for managing fraud and financial crime The FICO study consisted of 110 interviews by OMDIA with senior executives driving, m...
Working from home has ‘major impact’ on fraud prevention: FICO By Gary Adams 8 th April 2021 1:03 pm The majority – 79 per cent – of UK-based senior bank executives say that working from home has had either a high or major impact on the effectiveness of financial crime prevention. The results come from a poll commissioned by FICO, in which 110 people from banks around the world and who are involved in preventing crime, including anti-money laundering, were interviewed by research company OMDIA. Globally, increased levels of false positives and increased vol...