I recently attended a security conference in New York, where I listened to a couple of talks―one from the Head of Risk for a global bank and another from a consultant in Capgemini’s Financial Services unit.
It was thought-provoking content. And the challenges around how to deal with increased exposure to fraud were of particular interest. For example, customers obviously want faster and easier processing of transactions, but this is in direct conflict with fraud prevention solutions, which want to impose more security steps.
That’s just the start. I know that when it comes to fraud detection, most financial services organizations face similar challenges: disparate transaction systems, piecemeal fraud detection solutions and high operational costs. In specific fraud areas, such as money laundering, any shortcomings in a bank’s approach to proper controls can expose them to non-compliance with regulations and potentially significant fines.
So, what’s the solution? To help me embed what I learnt from the conference into my cybersecurity strategy, I turned to Capgemini.
Firstly, I wanted to know how Capgemini brings together fraud, cybersecurity, governance risk and compliance to provide a more integrated approach to security. Having a more coordinated approach to threats ― both legal and otherwise ― would significantly boost my company’s defenses.
The Capgemini consultant was happy to explain ― and provide a demo of their analytics capabilities too. This was an opportunity to see how a more cognitive approach to combating fraud could help reduce the risks I mentioned earlier, especially the challenge of balancing customer experience with added security.
He explained how the cognitive tools and skills embedded in Capgemini’s solution, along with cognitive analytics, has helped clients achieve highly effective detection rates, greatly reduce false positives, and significantly improve investigator efficiency with investigation time.
So, have I learned the truth about fraud? Well, certainly I’ve discovered that a key weapon in the fraud-busting arsenal is to take a more integrated approach to our fraud resilience ― one that incorporates a cognitive approach enabling us to pick out fraud patterns.
Interested in Capgemini’s integrated approach to fighting fraud? Find out more.