Police arrest man over 18-month online banking fraud at top UK bank

While nobody is concluding that back-end detection tools will in themselves solve the rising figures of financial crime, it is clear from endorsements such as from the FFIEC that it is needed.

Yet it isn't getting any easier. Criminals are finding new ways to 'pick the locks' of financial institutions.  As the new Javelin report shows, the rise of new channels such as smartphones and social media by incautious consumers has helped fuel the increase in identity fraud.  As my colleague, Mike Urban who analyzes fraud patterns for Fiserv, has warned, people who download apps on their mobile devices are already being targeted by the criminals.  The lure of a free game, particularly one not vetted through a company-operated app store, can result in users having programs that collect and distribute their personal information.

The battle against the criminals goes on. Yet by combining front and back end detection methods, financial institutions should be in a better position to align their detection activities with the way the modern day criminal perpetrates fraud across multiple channels, products and devices (including mobile).