Wednesday, 20 January 2016

A common banking disease that can lead up to $67bn loss in a year: fraud

Fraud is big business, costing the banking industry $67 billion per annum, according to the Association of Certified Fraud Examiners. It’s a problem no one can afford to ignore as firms struggle to recover from the global financial crisis and the world’s major economies teeter on the edge of recession. Most worrying of all, its incidence is escalating.

NetGuardians has recently partnered with Temenos to compile a comprehensive e-book, A-Z of Banking Fraud 2016. This e-book outlines the what, why and how of fraud; exploring the size of the issue, who commits it and, most importantly, what can be done.

I have summarised the banking fraud phenomenon for you through eight infographics taken from this e-book. 

I hope it’s thought provoking – and not too worrying – that it stimulates discussion and provides reassurance for the future...

1. How much money are banks losing to fraud? Where does it comes from?

2. Why could even my closest colleague become a fraudster?

3. How easy is it to commit fraud from the inside?

4. How easy is it for a non IT skilled outsider to convince your closest colleague to become fraudster?

5. How do IT skilled outsiders (hackers) rely on human weaknesses?

6. Technology = good opportunity for fraudsters?

7. But technology = good opportunity for banks: Big data technology to fight fraud.

8. How to provide easy access to innovative anti-fraud technologies to audit, risk, forensic and compliance?

CEO and Co-Founder of NetGuardians

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