Financial fraud has changed fundamentally in recent years. And because of that evolution, anti-fraud defenses need to morph from point solutions into an integrated, enterprise approach, says IBM's Paul Clandillon.
Clandillon, the European Practice Lead for IBM's Fraud & Financial Crime group, says the fraud evolution has been dramatic.
"The change has been from individual, opportunistic type fraud to a much more collusive and organized attack," he says. Attacks now tend to be more complex, multi-channel and lead to larger losses.
In the past, anti-fraud solutions tended to be aimed at a single channel, he adds. "But actually as we see these more complex frauds emerge, we're finding that those point solutions, which were so successful in the past, are no longer adequate to protect us against these multifaceted threats that are emerging."
In an interview about enterprise fraud defense, Clandillon discusses:
- The evolution of multichannel fraud;
- Why point security solutions are now an inadequate defense;
- How data analytics and machine learning are shaping new integrated, enterprise solutions.
Clandillon is responsible for the development and execution of a new business model for IBM's Software Group in the Fraud and Financial Crime arena across Europe. His responsibilities include the identification of high-value use cases across different industries, the creation of first of a kind (but repeatable) technology solutions to address these use cases, coordination of IBM development, technical support and sales organisations to implement, a best in class, integrated fraud and financial crime, investigation capability. He also provides leadership to IBM Software Groups sales team, in Europe, in the Fraud and Financial Crime marketplace and has overall responsibility for creating a self-sustaining, revenue-generating, business.