Security News > 2022 > February > Why cybersecurity and anti-fraud teams need to collaborate
While the world's leading financial services evolved, so did the criminals who use increasingly sophisticated methods to commit fraud.
For years, many of the world's largest financial institutions treated financial fraud and cybersecurity as separate departments with differing roles, responsibilities, and threats.
Criminals will leverage AI to perfect fraudulent credit applications while leveraging cybersecurity tactics to conduct fraud at scale.
To combat cyber fraud, financial institutions need to take a more considered approach than simply saying, "The two of you need to talk." Criminals have done their homework and understand the weaknesses of current detection systems.
These are the initial questions that need to be answered if financial institutions are to stand a chance of preventing cyber fraud.
It's time for the industry to take cyber fraud seriously and stop pretending that the old, siloed methods of combating fraud are still relevant.