463 Results from /crime
Jackie Barwell Director at ACI Worldwide
Fraud rates in the UK have been climbing to new record heights, so much so that the UK’s industry body UK Finance has been talking for the first time about fraud posing a national security threat. According to latest figures, £754m was stolen from bank customers during the first half of this year - a 30% rise compared to the same period in 2020. S...
14 October 2021 /payments /crime Fintech
Steve Goddard FME at Featurespace
In March, a bakery owner in South West England received a curious SMS from her bike courier. The baker, whose canelés are famous in her city, supplies pastries to nearby cafes and other bakeries. She relies on couriers to get fresh pastries to those businesses early in the morning, and the bakery and the courier service have a years-old partnersh...
13 October 2021 /regulation /crime Financial Risk Management
Gian Mahil Director at The FinTechGuys
During and post-Covid 19 the world has been hit by a tsunami of fraud. With the move to electronic money where everyone has their money in digital form, the criminals have realised this has made it easier for them to part you from your money. They don’t need a gun, a knife – just a phone and a computer and they don’t have to come to you. They can ...
07 October 2021 /payments /crime Personal Finance
Retired Member
The FinCEN Files revealed money laundering to be a systemic problem, but the Pandora Papers and the recent resignation by the Financial Action Taskforce (FATF) chief, David Lewis, suggest a much more broken system, where regulators are barely tipping the iceberg in the fight against financial crime. The Papers also reveal a much higher power at pl...
05 October 2021 /regulation /crime Banking Regulations
Jussi Karjalainen CEO at Valtatech
As Australia continues to slip in and out of lockdowns business continuity continues to be tested. While business leaders battle to try and not just survive the pandemic, but thrive, groups of highly sophisticated scammers are seeking to exploit the pandemic and scam businesses out of their hard earned and much needed cash. According to the ACCC’s...
05 October 2021 /security /crime Electronic invoicing
Claus Christensen CEO at Know Your Customer
Historically, the space of individual Know Your Customer (KYC) compliance has always been one step ahead in terms of industry awareness and digitisation trends compared to the connected area of corporate KYC, or “know your business” (KYB) compliance. Hence, to know what’s coming for KYB, it’s worth paying attention to what’s currently happening in...
04 October 2021 /regulation /crime RegTech
John Bertrand MD at Tec 8 Limited
People, who think they are being defrauded, will soon be able to call 159, a new initiative against fraud, supported by a number of banks, telecom and social media firms. The goal would be for 159 to immediately direct the call to the Payer Bank for fraud assessment. Approximately half of the current bank accounts will be covered by this service i...
04 October 2021 /payments /crime Banking Strategy, Digital and Transformation
The disruption and uncertainty created by COVID-19 has slowed business execution across all aspects of businesses. Anti-financial crime and compliance functions are no exception. However, the challenges and pressures of fighting money laundering and other financial crimes have not eased. Instead, the current environment is making the need to drive...
30 September 2021 /crime /covid-19 Financial Services Regulation
Steve Dourdil Business Development at Kerv Collaborate
It seems hard to believe that it was only 10 years ago that the FSA, as it was known back then, removed the mobile phone taping exemption from the call recording rules introduced in March 2009 with COBS 11.8. The initial legislation, designed primarily to tackle market abuse, required capital markets participants to capture and retain all relevant
30 September 2021 /regulation /crime Financial Risk Management
Roy Prayikulam SVP Risk & Fraud Division at INFORM GmbH
For years, financial institutions have been using automated monitoring procedures to make their processes for detecting money laundering and terrorist financing as effective and efficient as possible. However, many of the solutions used still leave much to be desired in terms of effectiveness and efficiency. Silo architectures, a lack of cross-dep...
29 September 2021 /regulation /crime Artificial Intelligence and Financial Services
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