South East Asian countries are emerging economic giants in their sense, and financial frauds being news one day or the other can jeopardize the economic sentiment across the board in one of the most promising regions of the world. According to a whitepaper published by Accenture titled ‘Unmask digital fraud today’ on digital fraud, the expected global loss associated with transaction fraud is worth at least US$31.3 billion. Financial frauds are increasing by miles and bounds in South East Asian countries, with loan apps leading the fray in the quantum of frauds committed. All these developments are sullying the reputation of the banking system and financial systems at large. This is worrisome for the long-term sustainability of the systems in place in the world.
Financial frauds are a parasite on the society and economy at large as they involve huge misuse of the funds of the common people. Criminals indulging in such activities take shelter in shady mechanisms and lack lustre legal framework. It becomes even more difficult when the technologies and software solutions to authentically recognize financial frauds and establish patterns and links in the transactions taking place in the financial system are not part of a standard operating procedure in financial fraud investigation institutions in South East Asia.
Problem is that South East Asian laws do not have a detailed and established legal framework to bring the wrongdoers to the book. This when coupled with laxity in implementing crime analytics software solutions in the financial markets and banking systems in South East Asia has been harming the prospect of establishing ideal practices across financial systems in the region. This ongoing phenomenon needs to be reined in with the help of technological input and analytics. Having a tech that authentically detects financial malpractices, establishes patterns, keeps a record, and measures them based on established International Financial Reporting Standards is the need of the hour.
There is a need for greater input from crime forecasting software solutions in the domain of Fraud Detection. The ability of data processing in financial markets and banking systems can help the authorities recognize patterns, establish links, differentiate good transactions from suspicious or bad ones, and recognize wrongdoers from among them. Doing this due diligence on such a serious matter creates a comprehensive database of all present and previous fraudulent transactions and establishing a database of such practices and wrongdoers seems to be the right direction to follow.
Analytics solutions provided by crime software solutions like Advanced Crime Analytics (ACA) can help authorities crack down on such frauds efficiently. This would be crucial in cramping down on the mischief makers who threaten the Integrated Border Security (IBS) of the countries where these crimes happen. Technology like ACA has been helping law agencies in ensuring an increased crackdown on financial fraud activities in South East Asia. Advanced Crime Analytics (ACA) by Wynyard Group can prove to be a great value addition for the concerned authorities in South East Asia to have a comprehensive investigation and crackdown on the repeated cases of financial fraud plaguing South East Asia.
