Adam Krug CLM Ambassador at Pegasystems
How a Unified Case Management System Can Improve AML Practices In September this year, the ‘FinCEN Files’ – thousands of documents detailing $2 trillion (£1.55tn) of potentially corrupt transactions that were overlooked by the US financial system – were leaked. The data revealed how some of the world's biggest banks have permitted criminals to ...
13 October 2020 /regulation /crime
Retired Member
As technology constantly evolves, becomes simpler and more cost effective, it is also simultaneously becoming more accessible to fraudsters. This means we’re seeing a surge in fraud cases. The latest tactic these bad actors are turning to is synthetic identity fraud. In the US, it’s already the fastest growing type of financial crime according to ...
29 September 2020 /identity /crime Digital Identity Management
“How can we reduce false positives?” is the million-dollar question facing the banking industry. Costly and potentially harmful from a customer service perspective when a legitimate account is frozen unnecessarily, the silver bullet is yet to be found. But this problem lies in the very nature of fraud detection engines used during the KYC process –...
11 September 2020 /regulation /crime Financial Risk Management
Miloslav Hoschek Freelancer at e-Silk Road, NGO
The spectral technologies in mid of 2030s such as THz communication, molecular communication and quantum communication will dramatically improve the data rate. The blockchain will become an important part of a 6G society using smart devices of all of multimedia data, The 6G new paradigm in the sustainable future will shift intelligent materials. Cy...
11 September 2020 /sustainable /crime Payments strategies 2015-2020-2030
Riten Gohil Director & Co-Founder at Sphonic
The importance of Regtech to navigate through the haze of regulation, criminality and bad shopping choices in the Covid era. Living with the new-norm You’re on Mute! Clearly the phrase of the summer as millions of us descend to the dining tables, garden rooms, loft, home office or whatever space you can find amidst the fun and games of kids taki...
10 September 2020 /identity /crime Fintech
Tamas Kadar Founder and CEO at SEON
Throughout the COVID-19 pandemic, we have seen the rapid rise of phishing scams, ID theft and account takeover techniques, as fraud has increased alongside digital activity while consumers shop from the safety of their homes. However, the real fallout of the current fraud ‘boomtown’ will not be felt fully for months to come and the increased level...
28 August 2020 /security /crime Information Security
Adam Holden Chief Executive Officer at NorthRow
As a first step towards introducing the Economic Crime Levy, as announced by the Chancellor in his March budget, the Government has issued a consultation document designed to get feedback on how the levy should be introduced, what it should cover and who should pay for it. Although there appears to be a general acceptance that the levy is a good i...
24 August 2020 /regulation /crime Financial Risk Management
John Bertrand MD at Tec 8 Limited
UKFinance reported fraud grew 28% in 2019 to £456 million with Faster Payments, 73% of that total, growing at 33%. UKFinance noted 76% of the fraud comes from the internet and the banking industry covers 98% of the fraud losses. If continued unchecked this could total £1 billion within three years. In addition, COVID 19 has turbo charged the move ...
07 August 2020 /payments /crime UK Faster Payments
Matt Smith CEO at SteelEye
As the Covid-19 pandemic continues, global regulators are warning financial services firms that they may need to enhance their trade surveillance activities to ensure they detect potential financial crime and insider trading. During lockdown, the UK Financial Conduct Authority (FCA) voiced concerns about managing insider trading conduct risks with ...
06 August 2020 /regulation /crime Financial Services Regulation
Ketharaman Swaminathan Founder and CEO at GTM360 Marketing Solutions
There are a lot of fraud-like situations, where there’s no fraud in the strictest sense of the term, but consumers feel defrauded. Let me give a few examples: Price of a certain item is 225 (in whichever currency) at one outlet of a chain store in one zip code and 265 at another outlet of the same chain store in the adjacent zip code. Price of a c...
04 August 2020 /crime /covid-19
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