The Clue report Counter Fraud in 2022: Navigating the Path to Prevention highlights the pockets of best practice emerging in counter fraud as the offence reaches record levels. In this extract, Clue explores how more seamless intelligence and data sharing is vital to keep pace with changing threats.
For counter fraud professionals, staying ahead of entrepreneurial and agile criminals is difficult, if not impossible. According to Clue’s survey of fraud investigators, effective intelligence sharing is now crucial.
Respondents emphasised that effective intelligence sharing hinges on the ability to transfer data. With 50% of investigators claiming to be overwhelmed by it, building an effective culture of intelligence sharing to acquire valuable insights requires a combination of smoother compliance, and better data management and consolidation.
Interested in learning more? Access Counter Fraud in 2022: Navigating the Path to Prevention report here.
Aside from access to open data programmes such as those led by National Fraud Initiative and non-profits such as Cifas, the survey highlighted an appetite for better interoperability between both internal systems and other organisations. APIs can help secure interoperability between systems and organisations. However, implementing data sharing agreements between departments, agencies and organisations is a necessary point of focus in overcoming issues of compliance more seamlessly.
We ignore the opportunity to leverage data across the public and private sector at our peril. We need to collaborate to make this sort of criminality uneconomic.Survey respondent
By enabling multiple systems to ‘talk’, investigators across the public and private sector can make decisions led by real-time data, providing them a better chance of keeping pace with newly emerging threats that could otherwise fall under the radar, be deprioritised or disregarded.
Outside of sharing hard data, members of the counter fraud community should also lay the groundwork for strategic partnerships through events, meetups and working groups, in turn helping to foster a wider recognition of the importance of collaboration in counter fraud.