Simon Moss CEO at Symphony AyasdiAI
The United Nations has estimated that between $800 billion and $2 trillion are laundered every year, though it’s almost impossible to know the true amount. In an attempt to deter this crime, we’re seeing fines continue to increase. In 2020, authorities handed out $5.6 billion in money laundering fines – a massive uptick from prior years – and when...
01 December 2021 /crime /predictions Exposing Financial Crime
Alex Robinson Fraud Analytics at TSB
Unsecured systems and processes can be remarkably easy to exploit. Just imagine a banking call centre, where employees process payments on behalf of customers every day. Before the world changed in early 2020, call centre supervisors could control and monitor employee access to customers’ information and money. When that work went remote, supervi...
01 December 2021 /security /crime Financial Risk Management
Jackie Barwell Director at ACI Worldwide
Financial fraud causes billions in losses every year for banks and financial institutions (FIs). By 2027, the global cost of fraud could reach $40.62 billion. In the UK alone, £753.9 million was stolen through fraud this year, an increase of 30% compared to the same period in 2020. The rapid adoption of digital and real-time payments and new payme...
30 November 2021 /payments /crime Fintech
Retired Member
The global cost of financial crime compliance is estimated to be $213.9bn, according to Lexis Nexis’ Global Cost of Compliance 2020 report, up from $180.9bn the previous year. And this is expected to grow. The range of risks outlined by the thousand banks that were surveyed were broad, ranging from customer risk profiling and sanctions screening, ...
26 November 2021 /regulation /crime Exposing Financial Crime
Introduction If the customer lifecycle is a performance, the onboarding process is the opener. If the opener doesn’t catch your attention, you don’t want to stay for the show. For many financial institutions, however, onboarding is not a showstopper. It’s fragmented, with too many customer touchpoints. According to a recent study, the result is fr...
22 November 2021 /regulation /crime Innovation in Financial Services
Amita Choudhary Marketing Manager at Princeton Growth Accelerator
Control systems have been caught in between the analog systems of the past and the digital future. This is due to the rapid evolution of digital technology and the never-ending need for fundamental industries to stay caught up. If they don't, these industries are leaving themselves open to cyber attacks by remaining exposed. The Advancement of Cyb...
19 November 2021 /crime Business Knowledge for IT
Keith Stanton International Product Manager (Fraud & Risk) at FIS
In my previous blog (click here), I spoke about how Card Fraud had reduced globally, but that there was significant fraud in other channels. According to UK Finance, in the UK Authorised Payment fraud totalled £480m in 2020, a value that is only 17% less that the value lost to Card Fraud (£574m). And in the US, while the values are going down com...
17 November 2021 /crime /covid-19
Globally, there’s been a great deal of media attention on payment scams affecting consumers, and rightly so. In late September of last year, the U.K. Financial Ombudsman Service received more than 5,000 complaints and requests for help with fraud and scams from U.K. consumers, an increase of 66% year-over-year. That same month, UK Finance reported...
17 November 2021 /payments /crime Financial Risk Management
Working from home has become “the norm” for many of us, as COVID-19 forced the closures of traditional offices, people across the world moved into hastily converted kitchens, sheds, dining rooms and spare bedrooms to create homeworking spaces. In the UK alone nearly 70% of us are still working from home in some capacity, whether it’s on a full-tim...
15 November 2021 /payments /crime Transaction Fraud Systems and Analysis
Since the beginning of March 2020, when the world moved to multiple lockdowns and restricted activity as a result of the ongoing pandemic, it’s been clear that there has been a real shift in how we transact. It’s a subject I’ve covered in previous blogs, but as we come to the end of 2021, and payment data continues to be published for 2020, we are...
14 November 2021 /payments /crime
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