The Missing Link in Fraud Detection: Content Management

White collar crime, or fraud, remains one of the biggest silent killers throughout the world.  Wait ... what?  People just steal money, how are they killing?  When one considers the intended downstream beneficiaries of many economic upliftment projects and initiatives, be it public or private, it's often the person on the street that loses out on benefits when fraud occurs. 

How many projects has your government simply written off as failed where large sums of money were paid out without generating the expected benefits?  It's obviously a complicated topic, but in many cases, fraud prevention or detection could have helped stop some of these modern-day digital mobs in their tracks, and it all comes down to content management.

Digital Transformation: The Double Edged Sword

As the world continues to advance and digitize, criminals have likewise become a lot more savvy in the manner in which they defraud the state and private enterprises.  So while we have made it easier to transact, the digital transformation era has ushered in a new subset of white collar criminals, working the bureaucracy of many states via a web of shell companies and legal entities to hide super complex transactions which, when forensically investigated, amounts to nothing more than a simple underhanded kickback or bribe.

Much of this fraud is carried out through the established banking system, where criminals are able to exploit weaknesses in process and technology. Governing bodies set standards and regulations in an attempt to minimize fraud, waste, and crime, but banks often struggle to comply. The result is the worst of both worlds - a failure to stop bad actors and a degrading of the customer experience overall.

How is the world reacting?

To comply with regulations, banking institutions ...