Session Leader: Stanley Chege, Group CIO – Jubilee Life Insurance

Session Title: Data and Fraud Management Systems

Session Synopsis:

• – According to more than 7,000 respondents in PwC’s 2018 Global Economic Crime and Fraud Survey:
• – Fraud is pervasive: 49 percent of global organizations report having been a victim of fraud and financial crime (up from 36 percent in 2016). And those are just the ones that know. The true figure is undoubtedly much higher.
• – Fighting fraud is costly: 46 percent of respondents said their organizations spent the same or more on investigations and other interventions than was directly lost to the crime itself.
• – Tuning fraud detection systems is a science that, when done wrong, wastes time and irritates customers: 34 percent of respondents said their financial crimes technologies produced too many false positives.
• – “The business case for investment in anti-fraud technology goes beyond protecting the organization from reputational, regulatory and/or financial damage. It also includes reducing the cost of fraud prevention through efficiencies and enabling an organization to safely build and sell new products and services on a digital platform.
• – Fortunately, advances in fraud detection technologies are giving financial institutions a more accurate and efficient arsenal than ever for attacking fraud and financial crimes.