8MAY 2019IN MYOPINIONIt's been nearly three decades since modern, sophisticated fraud detection systems have been widely deployed within banks, credit card processors, brokerages, online merchants and anyone else who sits within the increasingly-complex financial systems ecosystem that keeps commerce moving around the world. And while these systems continue to become increasingly more sophisticated and capable at handling new types of fraud, it is almost guaranteed that fraud techniques will continue to evolve quickly. As a result, there continues to be much evolution in the financial fraud detection space today.In parallel, as more financial systems have become connected to the outside world via the Internet, amassive global cybersecurity threat has produced a multi-billion-dollar criminal industry that has put companies out of business, threatened individual lives and altered political landscapes throughout the world. According to Aon's 2019 Aon Global Risk Management Survey, which surveys risk management professionals around the globe, cyber security risk is the #1 concern among North American companies.The Great Divide: Fraud vs. SecurityThere's traditionally been a distinction made between the world of fraud versus the world of cybersecurity. While both are considered criminal activities, cybersecurity criminals have traditionally been perceived as the stereotypical "hackers," with the deep technical skills required to infiltrate and exploit critical systems. Fraudsters, on the other hand, have often been placed into a separate category, covering everything from simple credit card theft to complicated social engineering schemes to defraud individuals and large companies alike. As a result of this thinking, organizations have often separated fraud teams from cybersecurity teams, which has often resulted in a significant divide between the tools, technologies, techniques and intelligence used to combat each discipline. This may have been fine ten years ago, but there continues be an ever-thinning line Changing the Organizational Mindset to address Fraud and Cyber SecurityBy Christopher Uriarte, CIO, Aon, Cyber Solutions GroupChristopher Uriarte
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