Banks are feeling the pain of having fragmented software for managing fraud and financial crime
FICO survey, conducted with OMDIA has found that for nearly 4 out of 5 respondents from UK banks, working from home had a high or major impact on the effectiveness of their financial crime prevention.
The impact of having multiple software systems for fraud management and financial crime compliance was also cited by UK respondents.
This was the top technology challenge for 21% of UK respondents, which puts it at the top of the challenges. Besides, 49% of respondents ranked it first, second or third among their technology challenges, the most of any challenge.
Even though some 80% of the functions between fraud prevention software and AML software are the same, the systems are nearly always separate, and the teams are usually separate too.
The survey has revealed that 64% of UK respondents said these teams don’t even report to the same person at the bank.
We’ve reported that Canadians are being extremely targeted by fraudsters amid the pandemic.