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Preventing fraud is a major concern for every financial institution. Banks, in particular, must ensure that only the rightful account owner accesses their account and that no incorrect payments are ma...
The Payment Services Regulations (PSR) approach will bring about a significant change for all the payment firms. Its aim is to proactively prevent Authorized Push Payment (APP) fraud from occurring. I...
Fraud accounts for atleast 40% of financial crime in the UK. In 2022, UK banks have identified over 39,000 accounts demonstrating behavior indicative of money muling[1]. NCA estimated that over GBP 10...
Over the past two decades, the banking industry has faced staggering penalties for non-compliance, totaling an astonishing $387,559,149,283 (source: Violation Tracker). This colossal sum underscores a...
High-quality data is the bedrock of an effective anti-money laundering (AML) and watchlist screening programme. Incomplete or inaccurate data can lead to false negatives, potentially allowing illicit ...
By Rodrigo Zepeda, CEO, Storm-7 Consulting INTRODUCTION In June 2024, the Financial Conduct Authority (FCA) published feedback on good and poor quality applications under the existing cryptoasset anti...
Bank Fraud was examined in clinical detail at LexisNexis ‘Trust:Live 2024 Conference. Fraud represents 49% of UK Crime. No one knows how many scammers are out there. The scale of scam messages, over 1...
In June 2024, the Financial Conduct Authority (FCA) published feedback on good and poor quality applications under the existing cryptoasset anti-money laundering (AML) and counter-terrorist financing ...
Magecart attacks refer to a common method of online fraud that have been around for almost a decade, and they continue to pose a serious threat to almost every financial organization, especially as e-...
In recent years, Know Your Customer (KYC) processes have become increasingly critical for financial institutions and other regulated entities to mitigate risks associated with money laundering, fraud,...