Could collaboration enable organisations to fight back and gain the upper hand in the fight against fraud?
Fraud is now the most common crime in the UK, with fraudsters working together to operate successfully. Could collaboration enable organisations to fight back and gain the upper hand in the fight against fraud?
According to the Office of National Statistics there were 5.8 million fraud and computer misuse crimes in 2017, making them the most common crimes in the UK. Sophisticated technology is enabling criminals to steal and sell data globally, and to commit fraud in high volumes.
Research has shown that the criminals collaborate via restricted user groups and dark web groups, sharing fraud methods, identifying weaknesses in target businesses, and developing new ways to commit their crimes.
This presents a massive challenge for law enforcement and industries like finance and insurance as we seek to prevent and detect fraud - whilst also providing the high standards of service required to meet ever more demanding customer needs.