The Rise of Fraud in Financial & Insurance Sectors with Chris Mathers
Fraud is evolving – is your organization keeping up?
An #NSBOriginal
By Chris Mathers
The Rise of Fraud in Financial & Insurance Sectors
Artificial Intelligence (AI) has undeniably become a transformative force in the business world. However, the question that frequently arises is, “Is AI right for your organization?” If your organization grapples with people management, financial concerns, and time constraints, then the answer is a resounding yes.
Fraud, cyber or otherwise, has risen to epidemic levels in the Financial and Insurance industries, presenting a multifaceted challenge. Here are the top 5 reasons why:
Jurisdiction. Often the fraudsters reside in a foreign jurisdiction. Police don’t have the resources to pursue them.
Police. The role of the police is to prevent crime and apprehend bad guys. Their role is NOT to recover your money.
Courts. The courts are overwhelmed with cases. Prosecutors regularly withdraw fraud charges, citing public interest or no reasonable chance of a conviction.
Technology. The same old fraud schemes can now be perpetrated online and the chances of being caught are virtually non-existent.
Virtual currencies. Hiding the proceeds of crime is remarkably easy if you convert it to Bitcoin.
Simply put, the burden of combating fraud falls heavily on the Financial and Insurance industries themselves… You’ll see large financial institutions investing a significant amount of time and money on fraud prevention and detection.
But the fraud proliferates… Why?
Many senior executives merely pay lip service to anti-money laundering initiatives.
Financial intelligence units may lack individuals with an investigative mindset.
Front line employees are the first line of defense, but they are not document examiners. And they aren’t always prepared for what they should be looking for. The quality of false documents available to criminals now often rivals government-issued identification, making it challenging to identify sophisticated false documents – and the creators of those documents.
Compliance is typically regarded as a “box-ticking” exercise, leading to most staff paying little or no attention to it.
So, what is the answer?
– Chris Mathers
Learn from Chris as he shares these answers (and more) in his informative – and sometimes shocking! – presentations.
About The Author
Chris Mathers | Crime and Risk Expert
Chris Mathers has posed as a gangster, a drug trafficker, and even as a money launderer. (Think half computer geek, half Bruce Willis in Die Hard…). He’s seen and done it all!
Chris has spent most of his career working undercover for the US Drug Enforcement Administration, the Royal Canadian Mounted Police, and the US Customs Service. Chris personally infiltrated criminal organizations in North America, the Caribbean, Latin America, and Europe.
He now operates a successful investigation and consulting firm with offices in the US, Canada, and Panama. He focuses on asset recovery for victims of large frauds, as well as the use of artificial intelligence by criminal organizations.
Chris’ clients include: Financial Executives International, Scotiabank, Sun Life Assurance, Sigma Loyalty Group, SGI Insurance, Royal Bank of Canada, Manulife, and more!