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Developing a holistic approach

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.

In Battling economic crime — and winning together, we explore how the convergence between cyber, fraud and financial crime operations to oppose economic crime is fast becoming a new and much needed reality. We examine how 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.
Battling economic crime - Quote

Forging powerful new alliances in the war on economic crime

Traditional vectors of economic crime have gone digital to enable the old and new avenues of financial crime, fraud, money laundering and corruption. A new reality has set in for society as economic crime and technology enabled crime become indistinguishable. The result? Experts battling economic crime face the inevitable challenge of aligning their operational capabilities and defenses.

Doing so will require businesses to improve the classic pillars of financial crime, fraud and cyber security governance, forging for the future a more holistic, overarching approach to economic crime that’s rigorous, comprehensive, effective and resilient. In the face of criminals’ endless pursuit of new and creative ways to make money, future operational defenses must also be ever evolving.

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