More Needs to be Done to Identify and Mitigate Fraud

EY launched its 2016 Global Fraud Study and the findings reveal that boards could do significantly more to protect their companies from fraud and corruption. Surveying nearly 3,000 senior business leaders from 62 countries, the report suggests governments and companies need to be doing more to identify and mitigate fraud, bribery and corruption issues on a global scale. Commenting on this report, John Lord, managing director at identity data intelligence firm GBG argues that this solution to this global fraud issues lies with greater data transparency.

John Lord, Managing Director, GBG

“Today, those with malicious intent are not static individuals – they move around – and unless free-flowing access to real-time information is possible across multiple countries, their criminal history cannot be effectively tracked and they’re free to commit fraud again. As fraudsters increasingly hone their skills to take advantage of the innocent, company boards need to consider how they can stay one step ahead to protect their customers’ valuable identities, their data and IP.

Data transparency can be an incredibly effective way of battling fraud. When data is shared freely between the public and private sectors, across geographical boundaries and amongst international bodies, a more accurate picture of global fraud patterns can be established. Being able to use accurate data to connect the dots, predict algorithms and identify behaviour patterns are all crucial to building out an intelligent view of global fraud and stopping the bad guys in their tracks.”