Regulators and financial firms around the world are not only ramping up their anti-fraud efforts, but are also thinking more strategically about how fraud can be prevented.
Fraud is on the rise. According to a recent study, 43% of companies suffered one or more fraud events in the past two years that had a significant impact on their business. Furthermore, a report from the Association of Certified Fraud Examiners in the US last year looked at approximate known fraud cases, saying US companies lost on average 7% of their annual revenue to fraud. In the UK, the National Fraud Authority in January said UK fraud loss is £30.5 billion a year. Private sector fraud was estimated at about £9.3 billion, and public sector fraud was estimated at £17.6 billion.
A webinar recently hosted by Operational Risk & Regulation and sponsored by Wolters Kluwer, 'Fraud and financial crime', asks why fraud is rising and looks at how financial institutions can be better protected.
John Flynn, the head of financial crime at Aviva; Anthony Harris, senior adviser in the Financial Crime Enforcement Network (Fincen) regulatory policy and programmes division; and Nona Tiedge, assistant director at the office of regulatory analysis, regulatory policy and programmes, at Fincen, debate why they believe fraud is increasing with Guy Sheppard, who heads financial crime solutions in the UK and the EU, and Tom Leuchtner, director of the financial crime solutions group, both at Wolters Kluwer Financial Services.
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