464 Results from /crime
Stan Cowan
While identity theft has been in the modern lexicon for decades, a newer, more insidious and faster-growing variant of identity fraud is taking hold in the U.S.—and it’s costing U.S. financial institutions billions of dollars and keeping fraud executives awake at night. Unlike traditional identity theft where an unwitting victim’s financial identi...
05 October 2022 /security /crime Financial Risk Management
Luke Firmin
Sanctions are a massively complex area. But all too often, financial institutions think sanctions adherence is fairly straightforward – it’s just checking a list to ensure an individual or company doesn’t appear on it, right? Wrong. Sanctions are far more multi-dimensional and nuanced than that. The UK implements a range of sanctions regimes throug...
05 October 2022 /regulation /crime Banking Regulations
Jamel Derdour CMO at Transact365 / Nucleus365
September 2022 will be remembered as an era of profound change for the UK. At the beginning of the month, Liz Truss was officially appointed the UK’s prime minister, who is now responsible for leading the country through somewhat precarious economic times. A cabinet reshuffle immediately followed, signifying the beginning of a new government that ...
28 September 2022 /payments /crime Payments strategies 2015-2020-2030
Traci Krepper Head of Propositions, Identity and Fraud at Experian UK&I
Consumers and businesses are facing numerous threats as fraudsters deploy new and sophisticated scams to part people from their digital identity and money. 2022 has so far proved to be a happy hunting ground for UK fraudsters – credit card fraud, scams, and ease of access methods are creating a perfect storm for fraudsters. What trends have emerge...
22 September 2022 /identity /crime
Amit Gupta Director at Matrix-IFS
Digitalization and Open Banking are two most prominent trends in banking industry in recent time. While the former was initiated by changing customer behavior, the latter was driven by regulatory and market forces. Open Banking is a new kid on the block with a lot of promise and fanfare, but it can present new challenges for financial services. Rat...
22 September 2022 /regulation /crime Open Banking
Jason Grasso Customer Risk Business Unit Leader at Pega
In talking with clients about their strategy around perpetual or event based know your customer (“KYC”) risk approaches there are two different groups: firms that have started implementing an event based KYC approach and those that have not but understand that they will need to in the future. Change and transformation is hard. Firms need to s...
20 September 2022 /regulation /crime Exposing Financial Crime
Chris Lewis Head of Solutions at Synectics Solutions
Compliance is costly. Know Your Customer (KYC) compliance in adherence with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations can account for anywhere between 3% and 30% of a bank’s total operational costs. In 2020 reports suggested that global spending on compliance topped $213 billion. And that figure could be conserv...
20 September 2022 /regulation /crime Data Management and Governance
Frank Cummings CEO at AML Partners LLC
Hosted Managed Services--A crucial option for institutions striving to maximize RegTech capabilities, focus on core business Custom fit. Tailored. Bespoke. Made to order. If you’ve been tracking trends in RegTech and GRC solutions, you might recognize how those terms describe an innovative new direction: hosted managed services. Prior to the pande...
12 September 2022 /crime RegTech
Gian Mahil Director at The FinTechGuys
Like a lot of other people, I love going to the gym and having a swim and sauna afterward. Going to the gym helps me to relax for a while away from the day-to-day grind. After the gym, I may go to the shops or grab a coffee. Just like millions of others every day. This means I need to have my phone and card(s) with me. However, as reported by the...
08 September 2022 /retail /crime Exposing Financial Crime
Ketharaman Swaminathan Founder and CEO at GTM360 Marketing Solutions
We took the following example of a cybercrime in Why Is It Hard To Catch Cybercriminals? Joe uses a digital payment to buy something from Jane, and does not get what he ordered. In this context, digital payment is any A2A RTP like UPI (India), FPS (UK) or Zelle (USA). (For the uninitiated, A2A RTP stands for Account-to-Account Real Time Payment, w...
07 September 2022 /payments /crime
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