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498 Results from /crime

Michael Haley

Michael Haley CEO at Cifas

Payment Systems Regulator’s mandatory reimbursement and the fraud impact

7 October 2024 is a landmark day for the banking industry and the wider fraud prevention community. The Payment Systems Regulator’s long-anticipated rule changes – to make reimbursement for fraud losses mandatory – have officially gone live. In what is arguably the most polarising policy initiative in the history of the UK counter-fraud industry; t...

/crime /predictions Exposing Financial Crime

Will Anderson

Will Anderson CMO at Eastnets

A Trade Based Financial Crime story...or drama?

A Trade Based Financial Crime story A large shipping vessel leaves a port in Southeast Asia carrying electronics—supposedly valued at $2 million—for delivery to a partner company in Europe. The ship’s cargo manifests are meticulously prepared, but unknown to customs officials, the cargo has been intentionally misinvoiced. In reality, the goods on ...

/regulation /crime Financial Risk Management

Barley Laing

Barley Laing UK Managing Director at Melissa

Prioritise contact data quality for effective fraud prevention

Financial crime remains a big issue with $3.1 trillion of illicit funds flowing through the global financial system in 2023, according to Nasdaq’s 2024 Global Financial Crime Report. It’s no wonder that most in financial services are investing heavily in advanced ID verification technology to protect themselves from fraud and meet increasingly stri...

/identity /crime Digital Identity Management

Fiaz Sindhu

Fiaz Sindhu Head of Community Banking at FIS

Fraud Losses Continue to Rise

“Our ability to manufacture fraud now exceeds our abilities to detect it.” This observation was not made by a banker, but the actor Al Pacino. And it leads one to wonder, how pervasive is fraud and the unremitting threat of fraud in American life? Certainly bank leadership recognizes the relentless growth of this criminal activity, even as they con...

/wholesale /crime

Darya Lyhach

Darya Lyhach PR manager at Noda

Battling e-commerce fraud: how businesses can stay ahead in the digital age

The rise of e-commerce has revolutionised how we shop, sell, and manage transactions. Yet, with this evolution comes a darker reality — online fraud. As more consumers embrace digital payments, fraudsters are increasingly sophisticated in their attacks, making e-commerce fraud one of the most pressing issues for businesses today. In this art

/payments /crime Fintech

Hugo Chamberlain

Hugo Chamberlain Chief Commercial Officer at smartKYC

The Perils and Promise of Using Generative AI for KYC Screening

As the COO of smartKYC, I've been at the forefront of innovation in due diligence and Know Your Customer (KYC) screening processes for many years. The rapid advancement of artificial intelligence, particularly generative AI (GenAI) and Large Language Models (LLMs), such as ChatGPT, has opened up exciting new possibilities for enhancing KYC screen

/ai /crime Artificial Intelligence and Financial Services

Ben O'Brien

Ben O'Brien Managing Director at Jaywing

APP fraud reimbursement regulations: How PSPs can prepare

The message is clear: Payment Service Providers (PSPs) will soon be required to reimburse victims of Authorised Push Payment (APP) fraud up to £85k. In this post, we explore the upcoming changes, examine how fraudster behaviour is evolving, outline what lenders need to do to comply with the new regulations, and discuss ways to protect vulnerable cu...

/regulation /crime

Pankaj Gupta

Pankaj Gupta Manager Data Engineering at Discover Financial Services

Real-Time Fraud Detection with Generative AI: A New Era of Precision Anomaly Detection

In today’s digital world, fraud has become more complex, which means we need smarter ways to detect and prevent it. Generative AI helps with this by looking at large amounts of data in real-time, learning what normal and suspicious behavior looks like, and spotting anything unusual with incredible accuracy. In simple terms, it uses advanced AI to ...

/ai /crime Artificial Intelligence and Financial Services

Ellen Roberson

Ellen Roberson Global Marketing Advisor, Risk, Fraud & Compliance at SAS

Banking on GenAI: 3 techniques for fighting fraud and financial crime

Fraud, risk, and compliance departments worldwide face a rapidly evolving and expanding workload, fueled by increasingly complex modern-day fraud and financial crimes. According to data from the FBI and Deloitte, generative AI (GenAI) is expected to rapidly increase fraud losses over the next few years. But even as AI technology galvanizes bad act...

/ai /crime Artificial Intelligence and Financial Services

Franklin Manchester

Franklin Manchester Principal Global Insurance Strategic Advisor at SAS

Takeover Terminated: Preventing Life Insurance Account Takeover with Data and AI

This article originally appeared in the Anti-Fraud Alliance email newsletter and is re-published here with permission. Life insurance fraud is the second most expensive type of insurance fraud in the United States, with losses totaling an estimated $74.4 billion per year. Anecdotally, many carriers note that, while insurance fraud detection rates ...

/ai /crime Artificial Intelligence and Financial Services

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