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Risk Management

04:02 PM
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Rising Concerns over Fraud Management

The lack of robust enterprise-wide case management is the single biggest cause of concern for financial firms.

The lack of robust enterprise-wide case management is the single biggest cause of concern for financial firms, according to a new report by Aite Group.

The Boston-based consultancy said 62% of companies surveyed cited it as an "important or extremely important impediment."

Firms ranked enterprise case management tools and enterprise fraud management dash boarding as highest in priority for investment over the next 24 months.

Enterprise case management was the only area in which more than half of respondents said they intend to purchase, replace or upgrade their solution, or have recently done so.

"The results of the survey were strongly indicative of a common need for U.S. financial institutions to have enterprise-wide clarity when it comes to the management of fraud," says Nick Holland, senior analyst with Aite Group and co-author of the report.

"With the rapid evolution of new fraud types, and the ability for criminals to attack institutions remotely and on an unprecedented scale using the Internet and inevitably, mobile, the need for the left hand to know what the right hand is doing has never been more important."

Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio

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