Fraud Management & Cybercrime

The Advantages of Centralizing Fraud Departments

PwC's Genevieve Gimbert on the Need for Unified Strategies, Responsibilities

Organizations are increasingly centralizing their fraud programs. Why? Because they want to reap the benefits of having a unified fraud management team and a single strategy to detect and prevent fraud, says Genevieve Gimbert, a principal within consultancy PwC's financial crimes unit. This is because businesses now understand that they need clear roles and responsibilities to not only ensure regulatory compliance, but also for accountability.

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"Historically there have been fraud organizations, or fraud departments, within each line of business," Gimbert explains in this video interview with Information Security Media Group. "And so what we've been observing is a consolidation and ensuring that there's operational efficiency within the fraud program."

While there are advantages to keeping fraud programs federated, Gimbert says more business now benefit from having consolidated oversight functions, as well as alert-vetting and investigations teams."

"The advantage of centralization is around having a singular message from a unified management team, and having a single strategy to detect and prevent fraud; and, obviously, clear roles, responsibilities and accountability for detection and prevention," she adds.

In this video interview conducted at ISMG's recent New York Fraud and Breach Prevention Summit, Gimbert also discusses:

  • The advantages and disadvantages of a customized fraud strategy;
  • Challenges organizations face when it comes to enhancing authentication across channels;
  • Steps businesses take ensure they enhance security and fraud prevention without adversely impacting the end-user experience.

At PwC, Gimbert co-leads the PwC's anti-fraud practice, which includes more than 100 practitioners with cross-functional fraud expertise in strategy, operations, forensics, technology and industry expertise. Gimbert helps financial institutions optimize their anti-fraud programs while balancing enhanced customer experience. She also is a certified fraud examiner.

About the Author

Information Security Media Group

Information Security Media Group (ISMG) is the world's largest media company devoted to information security and risk management. Each of its 37 media sites provides relevant education, research and news that is specifically tailored to key vertical sectors including banking, healthcare and the public sector; geographies from North America to Southeast Asia; and topics such as data breach prevention, cyber risk assessment and fraud. Its yearly global summit series connects senior security professionals with industry thought leaders to find actionable solutions for pressing cybersecurity challenges.

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