Derek Wylde, Head of Group Fraud Risk, HSBC Group, discusses the latest trends in fraud detection and prevention and the move to mobile banking. What do these trends mean for global banking firms and what can you do to protect your customer in real-time?
Insurance companies and fraud-fighting agencies in North America are noticing a trend: Fraudsters are now exporting their best practices to our neighbors to the north.The province of Ontario has a mixed no-fault and tort insurance system with superb benefits that fraudsters are capitalizing on. Read this post by James Ruotolo to find out how insures to the north are battling this influx.
Automated fraud detection systems are becoming more common in the insurance industry as the technology improves and benefits become more evident.Dennis Toomey, SAS, says the ‘soft benefits’ are harder to quantify and see, but are just as important. In his post, he points out ten that make the decision to automate easy.
Today, analytics technologies that identify fraudulent activity are changing the way that fraud investigations are handled. Read what Allstate and CNA have to say about the future of fraud investigations.
The Insurance Information Institute estimates that 10 percent of all property and casualty claims are fraudulent. Investigating suspicious claims after they are paid makes it so much harder for insurers to stop the fraudsters. In this post, Rachel Alt-Simmons reports on a panel discussion between Allstate and CNA, insurers that are now using data-driven decision making to detect and prevent fraud.
One of the challenges facing financial institutions is that their fraud detection and prevention systems have been siloed by products and channels. They use one system for credit card detection, another for check fraud and yet another for online banking. The FFIEC recently updated guidance on customer authentication and layered security.
Each year, cybercriminals steal as much as US$1B from small and mid-sized bank accounts in the US and Europe. Read about matching their sophistication with a new, hybrid strategy that incorporates new sources of data, real-time analytics and collaborations.
Given the increase in fraudulent claims, it is imperative for insurance companies to leverage technology as a key enabler to combat crime-ring-based fraud. Read this article to learn why predictive analysis is important for insurance fraud protection.
While ACH payments were once considered low risk, they have attracted the attention of criminals who use the high volume and relative anonymity of such transactions to commit fraud on a growing scale. Read more to find out how to reduce fraud losses.
Tune in to this webinar to hear Satish Lalchand, Deloitte Financial Advisory Services, and Jon Lemon, SAS, discuss how to improve your information credibility, enhance the effectiveness of your investigations and demonstrate financial accountability in a timely and effective manner.
Can banks use data analysis to play ‘Moneyball’?
Are organized fraudsters winning the big data battle?
Turning a cost center into a money generator
Attending the ACFE Fraud Conference and Exhibition?
Plan to attend Increasing Investigator Efficiencies
When: Wed., June 30, 8:30-9:50a.m.
Where: Orlando, FL
Featuring: David Stewart and Dan Barta from SAS’ Fraud and Financial Crimes Practice.
Organized fraud is a growing problem, in large part because it is so hard to detect. In this session, we will show customer examples of how Entity Link analysis improves investigator efficiency by reducing the time spent investigating false-positive alerts and prioritizing events before presenting to investigators. Investigators can now work many times the number of cases and focus on higher-value networks.
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