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#COVID19 Fraud Surge Threatens to Overwhelm Banks
Phil Muncaster UK / EMEA News Reporter , Infosecurity Magazine
Surging levels of fraud and financial crime during the pandemic threaten to overwhelm banking teams working from home with disjointed internal systems, according to new research from FICO.
The predictive analytics company commissioned Omdia to poll 110 senior executives supporting financial crime-fighting efforts in banks across the US, UK, Brazil, Germany, the Nordics and Canada.
In the UK, the vast majority (79%) of respondents cited remote working as having a “high” or “major” impact on the effectiveness of their financial crime prevention efforts.
A lack of cloud-based capabilities for home working, low levels of automation, inflexible systems and low levels of integration all compounded the challenges of maintaining productivity levels across the distributed workforce, the report found.
FICO Survey: UK Banks Struggled with COVID-19 Fraud and Money Laundering Surge
LONDON, April 8, 2021 /PRNewswire/
Highlights
First results from FICO survey show how COVID-19 put stress on fraud and financial crime prevention at UK banks
79 percent of respondents from UK banks said that working from home had a high or major impact on the effectiveness of their financial crime prevention
49 percent of respondents said it was a major challenge having multiple systems for managing fraud and financial crime
The FICO study consisted of 110 interviews by OMDIA with senior executives driving, managing, or directly supporting financial crime
As cases of fraud and money laundering rose during the pandemic last year, banks in the UK faced unforeseen challenges. In a new study by global analytics software provider FICO and independent research firm OMDIA, 79 percent of respondents from UK banks said that working from home had a high or major impact on the effectiveness of their finan