Financial Institutions Must Take More Holistic Approach to Combating Fraud
TowerGroup this morning reported on new research regarding enterprise fraud management in financial services firms - asserting that while many financial institutions fight fraud effectively in certain areas of their business, many do so poorly - if at all - across their full spectrum of products and services.
"The financial services industry's response to fraud has historically been to react with point solutions directed at each specific area of threat," said Virginia Garcia, director in the Financial Services IT Strategies & Investments research service at TowerGroup and author of the research."Over time, institutions have assembled a menagerie of disconnected solutions that vary in effectiveness, resulting in a fragmented, inadequate view of the total fraud landscape. An enterprise approach to fraud management is needed so financial institutions can adapt to the shifting sands of fraud in a proactive, timely and cost-effective manner."
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