498 Results from /crime
Nicky Goulimis Co-founder at Tunic Pay
Imagine you are a fraudster swindling unwitting consumers out of their hard-earned savings. You'd have to agree, it's a good time to be in business. Most banks don't spot you before you complete the scam. They are powerless to stop you. And they haven't a hope of tracking you down once the money reaches you. Official statistics tell us that 250,0...
18 October 2024 /payments /crime Fintech
Pankaj Gupta Manager Data Engineering at Discover Financial Services
In today's digital landscape, where transactions occur instantaneously, ensuring security has become a top priority for businesses. One innovative method gaining momentum in fraud detection is the use of geolocation data. By employing advanced data engineering techniques, organizations can effectively harness geolocation information to identify an...
17 October 2024 /ai /crime Banking Strategy, Digital and Transformation
Oliver Tearle Head of Technology Innovation at The ai Corporation
Why Leveraging Diverse Data Enhances the Chances of Detecting Fraud Fuel retailers are increasingly grappling with the escalating threat of payment fraud, driven by the proliferation of compromised data on the dark web and the emergence of sophisticated fraudulent tactics. While many fraud detection systems employ advanced technologies and strat...
15 October 2024 /ai /crime Transaction Fraud Systems and Analysis
Nico Barawid Co-founder at Tunic Pay
It’s been a busier year than usual for fraud teams at UK banks as they’ve grappled with significant regulatory change handed down on a tight deadline in an effort to stem the rising tide of payments fraud. Starting 7 October, every UK retail bank is required by the Payment Systems Regulator (PSR) to reimburse customers who lose money in proven inst...
14 October 2024 /identity /crime Fintech
Gus Tomlinson Managing Director, Identity Fraud at GBG
Money laundering and fraud is a serious threat to the UK economy. Fraud accounts for nearly 40% of all crime, while the National Crime Agency estimates over £10 billion is laundered in the UK each year via money muling alone – the act of moving criminal funds through clean bank accounts on behalf of malicious actors, either in return for payment ...
14 October 2024 /identity /crime Digital Identity Management
Alexander Boehm Chief Executive Officer at PayRate42
The FBI's recent undercover operation involving the fake cryptocurrency NexFundAI (NEXF) has sent shockwaves through both the crypto world and regulatory circles. While it's certainly impressive that the agency managed to expose market manipulators using their own tactics against them, it also raises significant concerns about transparency, accoun...
14 October 2024 /crypto /crime
Priyam Ganguly Data Analyst at Hanwha Q cells America Inc
Fraudulent activities within the financial services sector have escalated into a significant concern, with projections indicating that online payment fraud could result in losses exceeding $206 billion between 2021 and 2025. This stark reality has forced financial institutions to reassess their risk management strategies and seek more advanced fra...
11 October 2024 /ai /crime
Fang Yu Co-Founder and Chief Product Officer at DataVisor
With the holiday season just around the corner, Buy Now Pay Later (BNPL) services are poised to be just as popular as ever. For many still feeling the pinch of economic strain, these services offer a lifeline, allowing shoppers to spread out their expenses without the immediate burden on their wallets. This financial flexibility is especially appe...
09 October 2024 /payments /crime BNPL
Tristan Prince Product Director, Fraud & Financial Crime at Experian
In an era where digital transactions are the lifeblood of the global economy, the UK’s pioneering bank transfer fraud refund scheme sets a significant step forward for consumer protection and the fight against fraud. The ground-breaking initiative mandates over 1,500 financial institutions reimburse victims of authorised push payment (APP) fraud u...
09 October 2024 /payments /crime
Hassan Zebdeh Financial Crime Advisor at Eastnets
Trade-based financial crime (TBFC) is a global menace, with trade-based money laundering (TBML) being particularly insidious and often misunderstood. Criminals manipulate international trade transactions – through techniques like double invoicing, non-shipment of paid for goods, or over-invoicing – to funnel illicit funds into legitimate financial...
08 October 2024 /crime
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