573 Results from /crime
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
Alex Robinson Fraud Analytics at TSB
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
Transaction monitoring is a fundamental part of detecting and preventing your business from being used to facilitate financial crime and terrorism financing. Regulators are increasing their scrutiny on Anti-Money Laundering (AML) control frameworks and the fines issued for failings are increasing year on year. Transaction monitoring is a fundament...
09 November 2021 /regulation /crime Exposing Financial Crime
Greg Woolf CEO at Fiverity
By combining fraudulent theft with cyber tactics, Synthetic Identity Fraud (SIF) has emerged as the fastest-growing financial crime. How big is the problem? Based on insights from our Cyber Fraud Network, FiVerity estimates losses among U.S. banks grew to $20 billion last year. A key factor in SIF’s growth is its ability to evade traditional fraud...
03 November 2021 /security /crime Exposing Financial Crime
Tristan Hinsley Cybersecurity Engineer at TDI Security - tdisecurity.com
With the rise of ransomware globally, every organization has been feeling the pressure; but fewer have felt the pain quite like financial institutions and financial service providers. With the emergence of ransomware-for-hire and the global proliferation of ransomware like LockBit 2.0, financial services need to be more alert than ever. According...
02 November 2021 /security /crime
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.