Top Three Takeaways From the Financial Crime Forum

At the Datos Insights (formerly Aite Novarica) Financial Crime and Cybersecurity Forum, aside from enjoying a bit of celebrity because Kevari sponsored the gourmet coffee carts, I appreciated the opportunity to hear bankers from the nation’s largest institutions talk about their daily fraud challenges. Here are my top three takeaways:

Banks need many, many layers of protection to detect organized fraud activity.

These criminal enterprises have amassed incredible talent and technology. If banks have even the smallest gap in their lines of defense, the criminals will find their way in. Bankers acknowledged that they need to keep adding to their defensive arsenal because fraud vectors are constantly evolving. This gave me the opportunity to share information about our newly launched Kevari Data Network.

Criminals are recruiting bank employees to participate in organized fraud activity.

It’s referred to as “insider fraud,” and it’s a huge threat. One large bank shared how they continually warn employees that they might be targeted and asked to release sensitive information or open fraudulent accounts on behalf of a criminal enterprise. The money offered can be extremely tempting, so its important that employees understand that they could face criminal charges and prison time.

Financial institutions are still working to eliminate fraud-fighting siloes.

Traditionally, institutions operated multiple specialized fraud units, like those specializing in anti-money laundering or transaction fraud activity. But several years ago, they realized that fraud detection would be more effective with an enterprise-wide view of all suspicious activity. Today they are making great strides toward this single, centralized view. But time is of the essence; organized crime rings are proving to be extremely agile. Financial institutions have to be even more nimble to stay ahead of them.

The Datos Insights Financial Crime and Cybersecurity Forum confirmed for me that Kevari is indeed focused on the fraud challenges that financial institutions – large and small – are facing on a daily basis. It’s always wonderful to return to the office and say to your colleagues, “Keep up the good work. We’re making a difference.”


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