464 Results from /crime
Retired Member
Stemming the tide of money laundering might feel like an impossible task for law enforcement agencies when you consider just how pervasive it is. The UN estimates that between $800billion and $2trillion – the equivalent of 2-5 per cent of the world's GDP – is laundered through worldwide networks. These are the proceeds from serious organised crime...
06 September 2022 /crime Artificial Intelligence and Financial Services
John Bertrand MD at Tec 8 Limited
The scenario: On Facebook, a fake Airbnb website offers accommodation that includes a faster payment deposit of £1,000. It was a scam and the money gone. Airbnb noted it was fake website and says call your bank Refuses any type of reimbursement Facebook advice is call your bank Refus...
06 September 2022 /payments /crime Digital Banking Trends
Jeremy Annis CEO at Ripjar
To safeguard consumers, investors, and the market itself, the EU has for the first time put forward laws for bitcoin service providers. These measures will also promote fair competition and financial stability. The EU aims to ensure compliance among all member states by putting in place a legal framework. The goal of the new legislation is also to...
05 September 2022 /regulation /crime Exposing Financial Crime
Luke Hinchliffe Head of Marketing at RiskScreen
Increasing regulatory scrutiny often results in businesses having to re-validate their existing customers. The subsequent remediation process can be an onerous task, but if carried out correctly it reduces risk and delivers a far better customer experience. Over the last decade the rate of regulatory change has increased exponentially. This year it...
26 August 2022 /regulation /crime
Jason Grasso Customer Risk Business Unit Leader at Pega
It may seem counterintuitive that focusing on centralizing your fraud case management functions can lead to better fraud detection. In conversations with fraud professionals they often mention when evaluating a fraud detection solution they focus much of their attention on how well the system detects fraud and user experience. This approach make...
25 August 2022 /regulation /crime
Timur Yunusov
When a new tool called "Deepfake Offensive Toolkit" was released, claiming that now you can inject real-time deepfakes into your virtual camera and bypass biometric liveness checks, I was thrilled! As you may notice, all my last posts are related to fake identities and bypassing KYC checks in financial institutions. I thought, why not g...
24 August 2022 /security /crime
Frank Cummings CEO at AML Partners LLC
I Am Not a Boss or a Leader; I Am an Enabler I have been around the block far more times than I would like to count. I have been led, and I have led. And I have come to realize that neither will make you truly successful. Leading organizations large or small does not mean you are successful. It means you played the game well enough to be allowed to...
23 August 2022 /crime RegTech
Steve Wilcockson Product Marketing at Quantexa
Think carefully, someone could be watching! Busy Regulators! Regulators have been busy. Organizations such as SMBC Nikko, JP Morgan, Atlantic Trading, Natwest, and Robinhood have all recently incurred one or more significant fines, reputational damage and criminal prosecution – courtesy of the power and tenacity of regulators. A particular reg...
23 August 2022 /regulation /crime Financial Risk Management
Financial institutions globally have enhanced Customer Due Diligence/Know Your Customer procedures to the point of pure art. In some cases, institutions collect over 600 individual fields of information, and some use upwards of 14 data interfaces to support a mix of internal systems and external data providers. It’s getting to the point where we
19 August 2022 /crime RegTech
Ketharaman Swaminathan Founder and CEO at GTM360 Marketing Solutions
When the authorities say cash leads to tax evasion, counterfeiting, etc., the common man ("Joe") thinks it's because cash is anonymous. When they goad him to ditch cash and move to digital payments, Joe assumes that digital payment will eliminate fraud because it's not anonymous. Then, one day, Joe uses a digital payment like UPI to buy ...
11 August 2022 /payments /crime
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