UK banks are upgrading the systems and processes used
tofight fraudand focusing on
prevention, according to research fromFidelity
National Information Services(FIS).
The research revealed that retail banks felt that they did not
yet have the right tools to deal with identity fraud and phishing
attacks. Most also believe the move to faster payments could put
pressure on their existing fraud systems
An APACs spokeswoman said the arrival of faster payments in May
will increase the risks of fraud because it will be a service that
could be attractive to fraudsters. But she said like all other
frauds the banks are developing systems to prevent it.
Mark Davey, managing director for EMEA at FIS, said the research
shows that banks are changing the way they think.
"Banks have relied on older systems and processes that are not
equipped to deal with increasingly sophisticated fraud attacks," he
said.
Companies in the mortgage banking sector said they are dealing
with more sophisticated and specialist fraud such as money
laundering. Davey said fraud-specific preventative tools are needed
to fight fraud, which often emanates from organised crime. In the
private wealth sector banks are using enterprise-wide analysis to
track and monitor potential fraud in the hope of early detection.
In both sectors companies claimed that more sophisticated
technology was required.