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Survey Shows Global Rise In Fraud Tech Efforts

""Fiserv, Inc."":www.fiserv.com/ recently evaluated technology initiatives targeting the prevention of fraud money laundering, and the company's survey shows that financial institutions are continuing to invest in such measures in spite of the growing need for mortgage banks to limit spending. The varied results definitively show that financial crime risk management is still tops for lenders looking to prevent damages and fraud.


Key global trends were revealed in the survey, which was conducted by ""AML Services International"":nomoneylaundering.com/ and sponsored by Fiserv, and the 271 respondents from the Asia Pacific region, EMEA, and the Americas included fraud personnel within banks, regulatory bodies, and governing bodies. The findings show that top concerns for participants encompass money laundering, credit card fraud, mobile payment fraud, and internal fraud.

Overall, financial institutions are making technology moves toward single platform facilitation of anti-fraud requirements, and Fiserv reports that many firms are planning ahead for increased technology budgets related to both money laundering


and fraud concerns. Fifty-four percent of participants demonstrated a strong desire to utilize a one-platform solution or vendor approach to anti-fraud and money launder issues, to better facilitate transaction monitoring and case management. More emphatically, 79 percent of those in the EMEA sector expressed a single platform approach.

The convergence of financial crime prevention operations was a major theme within the survey, with 49 percent of the group indicating that such a program would improve detection measures and streamline processing. Additionally, 46 percent of total respondents felt that the one-platform offerings would be most effective in customer management and on-boarding in terms of fraud prevention on the front end of client relationships.

Commenting on the results of Fiserv's study, the company's president of risk and compliance, John Filby, said, ""The increase in volume and complexity of financial crimes is driving financial institutions to look more closely at their operations in order to be more accurate and efficient in the processing and detection of these crimes. Inefficient operations are a drain on resources for many financial institutions. As a result we are getting increasing demands for technology that moves financial crime prevention onto a single platform to address increasing threats from money laundering and fraud.""

In good news for Fiserv and other companies with products geared toward fraud and money laundering mitigation, the poll demonstrated that 56 percent of all financial institutions included expect to raise budgets for technology-based prevention programs. Fiserv's risk and compliance solutions earned them the number one spot in North America and the number four position worldwide in the annual ""Chartis"":www.chartis-research.com/ RiskTech 100TM.

About Author: Abby Gregory


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