Monique Melis Quoted in Thomson Reuters Accelus on Combating Bank Fraud in UK

Monique Melis, Managing Director in Duff & Phelps’ Compliance and Regulatory Consulting practice, was featured by Thomson Reuters Accelus in an article discussing how banks are calling for the UK government to allow more effective intel-sharing to fight post-data breach fraud sprees. The industry blames data protection laws, in part, for hindering its efforts to tackle the aftermath of data breaches effectively.

Banks have also started to apply artificial intelligence (AI) and machine learning technology to anti-fraud programs and these come at a huge expense.

Monique said AI was already making a big difference to banks' anti-fraud programs. "If it wasn't for AI, banks would be hit with fraud all the time. Spending on anti-fraud measures is high. The investment in technology and horizon scanning is huge. It’s a constant battle for banks, especially if they have a large retail footprint," she added.

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