UK banks struggle to cope with financial crime surge due to COVID-19

Tuesday 13 April 2021 12:03 CET | News

As cases of fraud and money laundering have been rising during the COVID-19 pandemic in 2020, banks in the UK faced unforeseen challenges, according to a FICO survey.

The survey, conducted by global analytics software provider FICO and independent research firm OMDIA, revealed that 79% of respondents from UK banks said that working from home had a high or major impact on the effectiveness of their financial crime prevention.

The high impact of having multiple software systems for fraud management and financial crime compliance was also cited. This was the top technology challenge for 21% of UK respondents. 49% of respondents ranked it first, second or third among their technology challenges, the most of any challenge.

The FICO study consisted of 110 interviews by OMDIA with senior executives responsible for fraud management, financial crime compliance and security/technology, in the US, UK, Brazil, Germany, the Nordics, and Canada.

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Keywords: survey, financial crime, fraud detection, banks, FICO
Categories: Fraud & Financial Crime
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime

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