It’s International Fraud Awareness week. The aim; to raise awareness, that everyone can play an important part in fighting fraud, whether by being vigilant, knowing how to prevent fraud, or reporting any suspicions or concerns.
See the website of the US-based Association of Certified Fraud Examiners (ACFE). Worldwide, ACFE chapters are putting on events, in person and online. For example, today Oxford Investigation Service, part of Oxford City Council, is running its seventh Annual Fraud Conference in the city. Speakers include the council’s anti-fraud manager Scott Warner; Claire Jenkins of Companies House; Rachael Tiffen on the counter-fraud trade body CIFAS; and from central Government on the newly-formed PSFA (Public Sector Fraud Authority), Mark Cheesman.
More about NHS Counter Fraud Authority work on this link, and in the December print edition of Professional Security Magazine.
Comment
Duncan Ash, Global Industries Vice President, Confluent, said: “The majority of fraud is now committed online. Be it for financial gain or to steal sensitive information, it continues to be a significant threat to businesses and their customers. Most banks and financial firms traditionally have separate fraud and cybersecurity teams. However, to effectively combat the rise of cyber fraud, the key is to unite the teams, creating a ‘fusion centre’, enabling the teams to share systems, processes, and data. Whereas separate teams would view incidents from their own viewpoints, using their own data, fusion teams offer a more holistic and collaborative approach which produces superior fraud prevention solutions.
“Whether a business uses the cloud or relies on its own data centre, it is still vulnerable to fraudulent attacks. However, with cloud adoption and data streaming companies can unlock more advanced protection capabilities. Historically, businesses focused on identifying fraud through anomalies in transaction patterns, but this method is limited in success, and often reactive, meaning money has already been taken by the time the crime has been flagged. With the introduction of cloud capabilities, AI and machine learning (ML) technology can be integrated into fraud prevention systems, drastically improving their effectiveness.”
