Financial Services Fraud Mitigation

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Increase in Fraudulent Activities

The Office for National Statistics (ONS) reported that 5 million fraud offenses were committed in the year ending June 2021: a 32% increase on 2019. Despite the prevalence of fraud in across the country, some businesses, including financial institutions, feel that criminal behavior is not something they should respond to. As a result, criminal elements are often ignored, putting the company, its employees and their customers at risk.

Reputational and financial cost of fraud

Corporate fraud in fintech and financial service providers can include contractor fraud, financial crimes – such as money laundering and market manipulation – and wage replacement scheme fraud, for to name a few. All of these types of fraud can cost an organization its reputation and financial loss.

By reviewing emails and attachments, documents on file shares, text messages, phone call or voicemail recordings, and external sources such as social media and forum site visits, organizations can get a sense of what is normal to compare against criminal behavior. However, some companies struggle to gather evidence of fraudulent activity due to lack of investment in digital forensic technologies and implementation of manual data collection processes.

Protect your employees and customers

To protect a company globally, it is imperative that fraud is immediately reported upon identification. To do this, companies must have the right capabilities and work in conjunction with government and law enforcement. The key is not just to prevent and detect fraud, but to gather and secure the evidence for a successful prosecution.

Being able to instantly identify fraud protects both employees and customers. By leveraging digital forensic technologies to accelerate the process of analyzing data and documentation, companies can assimilate the nature and trace the causal link between the fraud and the perpetrator.

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