# Collaboration and Customer-Driven Technology are Essential for Staying Ahead of Evolving Fraud Challenges in Financial Institutions

By Ben Thomas · Published 2024-10-08 · Updated 2026-06-08 · Professional AV on MarketScale
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Creator hub: Pro AV Today

> Banks and financial firms must unite technology capabilities with shared intelligence to outpace increasingly sophisticated criminal tactics

## Key points

- Financial institutions must integrate technology with shared intelligence to combat sophisticated fraud.
- Customization and client collaboration are vital to aligning technology with financial sector challenges.
- Technological solutions should be reverse-engineered from daily challenges.

The evolving landscape of financial services is placing increasing demands on fraud prevention strategies as financial crimes continue to grow in complexity. Financial institutions ranging from global corporations to community banks are facing rising fraud challenges. The need for advanced technology to support investigative teams has never been greater. How can technology providers help financial institutions stay ahead in an increasingly complex fraud landscape? At GSX 2024, Matt Tengwall, General Manager and Senior Vice President at Verint, highlighted the importance of aligning technology with the specific challenges financial institutions face. His insights underscored the need for a customized approach, driven by close collaboration with clients and tailored solutions that address their unique challenges. We approach these challenges from both an enterprise level and a use case level. By collaborating with the voice of the customer, end users, and integrator partners, we adopt a reverse engineering strategy. We identify their daily challenges and work backwards to address these with technology.— Matt Tengwall, General Manager and Senior Vice President at Verint

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