463 Results from /crime
John Bertrand MD at Tec 8 Limited
‘To CoP, or not to CoP, that is the question Whether 'tis nobler in the mind to suffer The slings and arrows of outrageous scams, Or to take arms against a sea of fraudsters And by opposing end them delay’ Bank/PSP (Payment Service Provider) not offering Confirmation of Payee (CoP) could be aiding and abetting fraudsters. CoP links the name of the ...
14 June 2021 /payments /crime Banking Regulations
Kevin Eley VP of Sales, UK and Europe at LogRhythm
Businesses in the financial services sector have to manage enormous risk, wealth and personally identifiable information (PII), all while meeting strict regulatory requirements. With pressure mounting on compliance and data protection, financial services organizations are becoming increasingly motivated to improve their cybersecurity preparation, ...
11 June 2021 /security /crime
Shagun Varshney Senior Product Manager at Signifyd
Did you hear the one about how SCA is delayed for six months? Of course you have... Five times now. It would be funny if it weren’t so, well, not funny. UK retailers and their product teams have been whipsawed repeatedly by moving enforcement deadlines for the new payment regulations being ushered in by PSD2, which passed in 2015. “These are compl...
04 June 2021 /payments /crime Frictionless Payments
Pj Rohall Fraud SME at Featurespace
Money mules are a hot topic in fraud prevention circles these days. But wait a minute, isn't that more of an AML issue? I mean the literal definition of money laundering is "concealing the origins of illegally obtained money". That's money muling to a T. However, when you look across the lifecycle of muling activity, it becomes more comp...
24 May 2021 /payments /crime Financial Risk Management
Simon Moss CEO at Symphony AyasdiAI
We’re living in a golden age for financial crimes and it’s a good time to be a bad actor. Among the many potentials for crime is stimulus fraud – such as what occurred last year with the major stimulus packages passed in response to the pandemic. In 2020 alone, fraudsters siphoned off $36 billion meant for unemployed Americans, and Californian aut...
18 May 2021 /retail /crime Exposing Financial Crime
Carl Wegner CEO at Contour
Trade finance is a critical component of global trade, enabling banks to provide risk mitigation and working capital facilitation. Any transaction brings with it a degree of risk, and trade finance is no different – but the $18 trillion market is simply too profitable to abandon. So what are banks looking out for when it comes to trade fraud and, ...
17 May 2021 /security /crime
Alex Robinson Fraud Analytics at TSB
As Open Banking (OB) in the UK prepares to accelerate, have the fears around security and fraud risks gone away? When OB launched to great fanfare in 2017, there were concerns from banks about the security and fraud risks - have these materialised, been mitigated or do they remain, lurking in the shadows? When OB launched in the UK it was meant t...
12 May 2021 /payments /crime Open Banking
Ananstasiia Svarych CEO at Lextensio
June 18, 1815. The defeat of Napoleon at Waterloo brought Nathan Rothschild £ 40 million and from the time the phrase: "Who owns the information, he owns the world" became known. After two centuries, this phrase has become stronger and has become a kind of slogan of the era of digitalization. History knows many examples of when informat...
11 May 2021 /crime Banking Strategy, Digital and Transformation
Oliver Tearle Head of Technology Innovation at The ai Corporation
The fraud tool landscape is changing. Fraud managers are looking for more and more ways to optimize their operations as rising digital payments increase the strain on many fraud detection systems. The use of machine learning (ML) and artificial intelligence (A.I.) has become common in many fraud detection strategies. Many organizations have seen h...
10 May 2021 /security /crime Artificial Intelligence and Financial Services
Justin Bercich
The first 100 days of the new US Administration are upon us, and while focus of the news cycle has been targeted on the response to COVID-19, there has been signficiant progress in the fight against money laundering. The start of 2021 saw the enactment of the Anti Money Laundering Act – the first major piece of AML legislation passed since 2004. Ex...
30 April 2021 /regulation /crime Artificial Intelligence and Financial Services
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