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Battling Fraud Grows Even More Complex

By Samuel Greengard  |  Posted 2015-09-11
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    Battling Fraud Grows Even More Complex

    Battling Fraud Grows Even More Complex

    Multi-industry fraud is becoming more common and increasingly sophisticated, and it has a moderate to high financial impact on the organizations involved.

Enterprise fraud is nothing new, but digital technologies and ubiquitous communications have forever changed the stakes. Not only is it easier to move data and information across computer systems, but fraudulent activity can span multiple computers, organizations and industries. A new survey conducted by LexisNexis Risk Solutions surveyed 400 professionals about this topic and the key issues surrounding it. The "2015 LexisNexis Fraud Mitigation Study" found that multi-industry fraud is becoming more common, and it has a moderate to high financial impact on the organizations involved. Survey respondents also indicated that they see value in being able to access data and information about fraud cases that involve other organizations—both within and outside their industry. Noted Bill Madison, CEO, Insurance, LexisNexis Risk Solutions. "Status quo fraud mitigation is not enough for fraud schemes that are becoming increasingly sophisticated. Sharing more data will enable organizations to be armed with more effective tools in the fraud battle. The fact that data is not yet better shared across industries reveals an exposure for organizations combating … individuals and organized crime rings."

Samuel Greengard writes about business and technology for Baseline, CIO Insight and other publications. His most recent book is The Internet of Things (MIT Press, 2015).
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