This article originally appeared in the Sept’23 magazine issue of Electronic Specifier Design – see ES’s Magazine Archives for more featured publications.
Last year, fraudsters across the UK stole over £1.2 billion through authorised and unauthorised fraud. This incredible figure equates to more than £2,300 every single minute. Clearly, the threat facing businesses and individuals has reached an alarming new height, with this shift requiring a response from us all. Moving forward, intelligent fraud and financial crime (Fincrime) prevention solutions are going to be key to this effort.
This escalating need is already being reflected through the growth of the exciting field of Fincrime prevention. Companies in this space, such as SEON, recognise how blurred the lines have become between online and offline fraud, as well as the many other aspects of financial crime that exist today. By offering a holistic, end-to-end approach to these problems, businesses in the sector are helping to make a real difference.
Building on solid foundations
As Director of Brand, Product Marketing, and Growth at SEON, I’m glad to be on the ‘ground floor’ of this new space. It’s energising to work in an industry at an early stage of its development. Right now, companies involved in Fincrime prevention are setting the standards for others to follow. In this endeavour, it’s essential to prioritise aspects of good business practice that will set the industry up for long-term, sustainable growth and ensure a strong talent pipeline.
Notably, it’s crucial that the Fincrime prevention sector properly appreciates the immense value of diversity as it develops. Unfortunately, the broader technology sector is still struggling to achieve anything close to acceptable performance in this area. In fact, a Tech Nation report, which investigated diversity across UK tech companies revealed that 77% of tech director roles are filled by men.
Tackling the issue
In another poll, Women in Tech found that 76% of women have experienced gender discrimination or bias whilst working in a tech role. Women continue to face an interest, representation, and salary gap in relation to the tech sector. If we are to build a Fincrime prevention sector capable of tackling the problems today, then we must first address this problem and unlock the untapped potential of women in our field.
While awareness regarding STEM professions and their nature is gradually increasing, there remains a gradual progress in educating people about more nascent fields, such as Fincrime prevention. It’s conceivable that a portion of highly talented individuals might not have encountered the realm of Fincrime prevention yet, due to this ongoing knowledge gap but would offer great value to the field if given the right opportunity.
Embracing diversity
I always bear this in mind when working to build teams at SEON. Hiring great talent is always a challenge but it’s made harder within the context of the sector. I try to prioritise candidates that possess the right attitude and passion for this reason. Everyone must begin somewhere – knowledge and skills can be taught, so it’s more about finding people who are the right fit, then equipping them with the knowhow.
Diversity is important in every single field. In my opinion, it’s alternative viewpoints that help to expand possibilities and that contribute to healthy debate. Equipping your team with diverse mindsets and outlooks is a great way to encourage people to be more open-minded, helping to challenge assumptions and the status quo. Through the exploration of new perspectives, businesses can unlock previously unattainable insights.
Unlocking new solutions
When you apply these benefits to the field of Fincrime prevention, the advantages of embracing diversity become even more pronounced. This is a field firmly rooted in the importance of problem solving and that necessitates alternate voices, different approaches, and diversity of thought. Financial criminals come in all shapes and sizes, so it stands to reason the fight back against them will require the same.
Therefore, not only do we need to raise awareness about the career potential in the Fincrime sector but ensure that young women have the necessary support in place
to help them to reach their goals. Once they’ve achieved that, we need to take greater effort to ensure they’re going on to receive the same level of opportunities as their male counterparts and ultimately, are being equitably reimbursed for their efforts.
Taking the step
Achieving this will require consistent work and incessant engagement. Additionally, it will inevitably necessitate cross-industry cooperation and collaboration with external actors, including governmental and educational bodies. However, if companies identify this importance early and work accordingly, it’s easy to see how the Fincrime prevention sector could really take the lead here and provide a shining example to others.
Here at SEON, we’ve been working ardently to do our part, and encourage others in the field to follow suit and ensure greater female representation within their operations. In doing so, the Fincrime prevention sector can fully unlock the incredible potential of women in our space, putting us in the best position possible to tackle the growing and damaging effects of online fraud and financial crime.
The Women in Tech column
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