An enterprising solution

Solution providers have been advocating enterprise-wide fraud management for years, but financial services firms have continued to manage fraud in business-based silos. This is changing thanks partly to regulatory pressure and also because of the need to match the increasing sophistication of criminals. By Victoria Pennington

Having an enterprise-wide view of anything is usually a good idea, but for managing fraud risk in banking it is essential. Financial services firms, particularly retail banks, have woken up to the fact that having an enterprise-wide approach to fraud risk management is vital for reducing financial crime losses. Although regulatory requirements in the UK and the US have prompted firms to take this approach, technological progress such as advanced analytics, as well as the realisation of the