Technology is key to fighting financial fraud – FCA | New

Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), described technology and data as key to tackling financial fraud in the UK in a speech at the Peterson Institute of International Economics.

Rathi proclaimed that the FCA had “invested heavily in data and technology” to help detect fraud, with more than 100,000 websites scanned every day.

He highlighted the investment saying, “We are investing in our data and technology platforms to improve how we use analytics and insights to support our decision-making. This helps us to take a more proactive stance and, above all, to spot damage and intervene more quickly and broadly.

As part of their data strategyFCA moved its physical data center to a cloud-based service, developed a data lake, implemented new analytics tools, and created a new decision center, to help work more efficiently with sets of large and complex data.

So far in 2022, FCA has recruited 500 new staff, including a number of data scientists, tech-savvy staff, and is set to welcome its largest-ever cohort of graduates.

Dr. Henry Balani, Global Head of Industry and Regulatory Affairs for Encompass Corporationcommented :

“FCA’s commitment to evolving and developing the regulatory system, as well as its own operational platform, to anticipate and counter threats is to be commended.

“With a sharp increase in financial crime, banks and other financial services organizations need the very latest support to operate effectively and improve compliance and reporting standards. Digital capacity building must be key to this effort.

Mary I. Bruner