Due to the increased volume of exposed personal records through cyber breaches, it's much easier for bad actors to combine illegally-obtained information with data gleaned from social media and other web-based, public information sites. Once armed, these actors have shown incredible creativity in their exploitation of this data to steal money from our organizations and our customers. Given this information rich-environment, how bad is fraud, and can we stop it?
What is fraud and how bad has it become?
Fraud is the wrongful or criminal deception intended to result in financial or personal gain. Fraud can occur internally where an employee, manager or executive uses their occupational status for unlawful personal enrichment. Additionally, fraud can occur externally, where dishonest customers, vendors or unknown third-parties defraud an organization. In most cases, the fraudster explicitly violates a trusting party to achieve their illegal objective. Given that cyber breaches have exposed the personal records of millions of people, this trust violation has become much easier to perpetrate.
Armed with the means to commit fraud, criminals have found numerous ways to execute their schemes. As a result, U.S. citizens and organizations face staggering losses due to fraud. According to a variety of economic studies (although economy-wide reporting is incomplete), upward loss estimates range near $50B annually with fraudster methods becoming increasingly complex and more difficult to detect. As firms have taken preventative action, fraud attempts have morphed in response. This highly-adaptable threat has shown itself resilient to anti-fraud controls.
What to expect at the SS&C Deliver Conference
As a critical vendor to the financial services and health care industries, SS&C is uniquely positioned across our client ecosystem to provide thought leadership on anti-fraud activity and governance. Attend our upcoming session at the SS&C Deliver Conference (Sep 17-19) to hear about:
What is the current state of fraud across the economy
How to identify scams through red flags
What fraud detection and prevention tactics, techniques and procedures do we believe are the most effective
What does good anti-fraud governance look like
What are emerging fraud threats
As you look to protect your organization, your customers, and yourself, discover how SS&C can help. Join us at the Deliver Conference in Orlando, Florida: 'Delivering the Future' - so we can continue the conversation and walk along the journey of challenges, successes and useful best practices!
Alternative Investments, Asset Management, Fund Administration, Insurance, Real Estate & Property Management, Regulation, Wealth Management
risk management , identity theft , Data breaches , customer records , security risks , fraud