Fraud losses are estimated to be $10 to $20 billion per year in Canada. This white paper explores the strategic initiative undertaken by a leading financial institution to modernize its fraud management systems. The program’s objectives included mitigating fraud risk, supporting new product lines, retiring legacy technology, and achieving operational efficiencies. Drawing on extensive program insights, the paper examines the drivers, challenges, outcomes, and lessons learned, offering actionable insights for similar enterprises seeking to modernize their fraud management ecosystems.
The paper is a product of the collective experience and insights from industry into Financial Crimes by Principal Consultant Malcolm Clarke and Wellington Founder and President Brian McConnell. Published at a time of explosion of new and creative uses of Artificial Intelligence technology, it is perhaps the most unique opportunity in a generation to use data for good.