ONS Fraud Results – Value of Fraud Increasing – SAS

Sundeep Tengur, Banking Fraud Solutions Manager SAS UK & Ireland commented:

Although the number of cases reported has fallen, recent research shows that the value of the UK’s fraudulent activity hit a 15-year high of £2.11 billion in 2017.

Financial organisations have seemingly improved their game but let’s not forget that fraudsters are constantly gaining in sophistication, often at a faster pace. Even a single missed fraud attempt can result in a very costly hit.

Detection is no longer the end game for businesses and they need to learn and adapt to new fraud threats. The true challenge in the fight against fraud now lies in bolstering the ability to proactively detect and prevent fraud, ideally in real time. With new payment schemes such as SEPA instant credit transfer, and the disintermediation of the banking sector with PSD2, speed of execution is now more important than ever for an effective anti-fraud system. It’s therefore imperative to make better use of the data available and automate the hunt for suspicious activity.

By using a hybrid analytical detection model and by implementing security in layers, it’s possible to spot the warning signs before assets are compromised and at the same time deliver operational benefits such as a smoother customer journey and lower investigation costs. In that regard, the adoption of machine learning and artificial intelligence can empower businesses to quickly identify and stop fraud attacks.