Businesses Weigh Options in Battle Against Fraud and Cyber Risk

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Recent findings by PwC reveal that in the past two years, over half of all businesses have faced incidents of fraud, corruption, and other economic crimes. Additionally, 49% of CEOs have identified cyber risk as a primary concern for the upcoming year, underscoring the importance of implementing effective anti-fraud strategies.

Businesses are challenged to combat rising fraud rates and increasingly sophisticated tactics. A key decision in this process is whether to develop a customized anti-fraud solution in-house or invest in a pre-existing platform. This decision is influenced by carefully considering the company’s needs, resources, and strategic objectives.

Important factors in this decision-making process include data privacy concerns, ease of integration with current technologies, and the flexibility to respond to future fraud challenges. Companies considering building their own solutions often prioritize customization, data control, and cost management.

However, developing an in-house solution can sometimes lead to underestimating the required complexity and resources, causing delays, budget overruns, and a product that may not fully meet the needs of evolving threats or scale with business growth.

On the other hand, pre-built anti-fraud solutions can offer several benefits, such as avoiding significant upfront research and development costs and providing immediate access to the latest technological advances and expert guidance. These solutions aim to simplify integration, ensure compliance with data privacy regulations, and offer scalability and adaptability to new fraud tactics.

While in-house solutions can provide specific customisation, they may lack the scalability and flexibility of comprehensive, ready-made solutions. The decision should ultimately reflect the organisation’s ability to effectively and efficiently combat fraud, support its growth, and safeguard its financial interests.

Collaborating with an experienced end-to-end solution provider can represent a balanced strategy, offering customisable risk scoring and rules, plus machine learning capabilities to adjust to new fraud patterns. Such partnerships can enhance the ability to address current and future fraud challenges, ensuring resilience against the changing landscape of cybercrime.

The choice between developing or acquiring anti-fraud technology involves weighing distinct advantages. The optimal decision aligns with a company’s capability to address fraud effectively and support business growth.

For further insights on choosing between building or buying anti-fraud technology, SEON’s “Buy vs Build” guide offers advice on assessing anti-fraud solutions, conducting evaluations, avoiding common regrets, comparing benefits, identifying key features in anti-fraud technology, and questions to ask sales advisors.

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Article by SEON

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