Developing a holistic approach to fraud prevention
Long-standing cultural and organizational differences separate the teams dealing with financial crime, fraud and cyber security. But the line between economic crime and cyber crime is blurring and is already non-existent in the minds of the criminals behind those attacks.
Digital developments, the evolving needs of businesses and the increased sophistication of criminals and their networks are having a detrimental impact on society and the economy. It requires the forging of a new alliance — one that inevitably demands a holistic approach to combatting a proliferation of threats in this new world.
As fraud prevention is fast becoming a new and much needed reality, organizations can examine the convergence between cyber, fraud and financial crime operations in order to:
- Improve communication lines and collaboration
- Align risk governance and threat assessment approaches
- Unify data, process controls and tooling
- Establish a common incident response approach.