In general, fraud and theft in companies are conducted by internal parties. Based on the Global Fraud Survey by Kroll and the Economic Intelligence Unit, in 2011, 60% of the frauds were committed by senior managers, junior officers or third parties. To prevent this, it is important for companies to take...
The global insurance industry is the world’s largest business sector with an annual turnover of US$ 4.6 trillion and an asset portfolio of US$ 25 trillion based on Berkeley Lab data. However, insurance fraud is also a world problem that costs insurance companies up to millions of dollars. Along with the advancement of...
The endless wave of financial technology (FinTech) inevitably will change the system of financial institurions on a global scale. Financial institutions have only two choices: adopt FinTech or be in extinction. More and more financial institutions are adopting FinTech, the higher demand for system designed to combat financial fraud. This...
Fraud has always been a challenge for financial institutions, especially with the development of the digital world. Digital innovation opens more opportunities for fraudulent acts and brings threats to a higher level that made financial institutions become more vulnerable to such threats. However, like two sides of a coin, as there...
