How can organisations improve their ability to combat fraud? | Synectics Solutions Blog

Our MD, Kevin Shanahan, recently spent time discussing with the Telegraph’s online Business Reporter Team how sharing data is the key to creating a successful fraud prevention strategy.

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.

For the full video interview on the Business Reporter website click here