Security News > 2021 > April > The impact of the pandemic on AML compliance and fraud strategies

New research from FICO highlights the key challenges North American fraud and financial crime teams faced amidst the COVID-19 pandemic.

68 percent of senior executives said that remote working had a major impact on maintaining effective fraud and financial crime prevention functions within their organizations, during the past 12 months.

Managing collaboration between anti-financial crime functions and enabling productivity of staff working completely from home during the pandemic.

Especially, as fraud and financial crime departments experienced increased levels of fraud attacks - with almost three-quarters saying the increased fraud attacks had a major impact on their operations.

"The pandemic put stress on numerous industries and functions, including fraud and financial crime, as fraudsters tried to take advantage of new opportunities and changing customer behavior," said TJ Horan, VP of product management, at FICO. "As we come to the one-year mark for COVID-19 measures such as remote workforces, these findings illustrate how teams managing fraud are demanding flexibility, centralized decisioning, automation, as well as an integrated platform to drive effectiveness. It is encouraging to see how today's teams are rapidly evolving to handle the fight against financial crime."

Throughout the pandemic, one of the biggest demands on fraud and financial crime operations has been the ability to quickly adjust.

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