Financial Crime - Long Reads, News, Articles & Research: Finextra

Trade-based financial crime: Criminal activity, complex supply chains, and coverage

Madhvi Sonia Head of Content at Finextra

Trade-based financial crime: Criminal activity, complex supply chains, and coverage

The Canadian Department of Finance revealed in November 2024 that they would be requesting changes to the Proceeds of Crime (Money Laundering) and Terrorism Financing Act (PCMLTFA) so that it could “continuously monitor and adapt to new risks and threats”. Similar initiatives are being implemented in a number of countries as regulators realise the...

19 February 2025 /crime

Cybercrime landscape in 2025: Building a secure digital future

Michele Centemero EVP Services Europe at Mastercard

Cybercrime landscape in 2025: Building a secure digital future

As we step into 2025, the digital landscape continues to evolve at an unprecedented pace, unlocking opportunities for innovation, connection, and growth. Yet, alongside these advancements, the need for robust cybersecurity has become more critical than ever. Cybercriminals are adapting quickly, using emerging technologies like artificial intellige...

17 February 2025 /crime

Don’t be duped by AI cupid: Stay alert for romance scams this Valentine’s

Sehrish Alikhan Reporter at Finextra

Don’t be duped by AI cupid: Stay alert for romance scams this Valentine’s

While Valentine’s Day is a happy holiday for many, it also marks the day when the lonely are at their lowest. Just as it is destined to be full of red roses, heart-shaped candy, and cheesy greeting cards, Valentine’s Day is fated to bring down the isolated and prey on the vulnerable. Which makes it a prime time to bring awareness to the flurry of ...

14 February 2025 /crime

Staying ahead of cybercrime: The importance of AI-based fraud prevention

David Capezza Vice President, Europe Risk Advisory at Visa Inc.

Staying ahead of cybercrime: The importance of AI-based fraud prevention

Since the emergence of ChatGPT in November 2022, we have seen the increased integration of artificial intelligence (AI) across our personal and professional lives. From deepfakes to biometric bypasses, the ways fraudsters are leveraging AI-powered technology are evolving rapidly. This article explores how cybercrime is increasingly leaning on cutt...

13 February 2025 /crime

Sehrish Alikhan Reporter at Finextra

What are money mules?

There is a plethora of scams afoot in the current fraud landscape, each more disturbing and invasive than the last. Looking at financial crime trends emerging this year, money mules have become somewhat of a buzzword, so this article serves as an overview of money mules. Money mules are criminals who transfer stolen funds on behalf of other peop...

12 February 2025 /crime

How did committing online fraud, then bragging about it, become okay?

Scott Hamilton Contributing Editor at Finextra Research

How did committing online fraud, then bragging about it, become okay?

There are many that would welcome the opportunity to weigh in on one particularly ‘trending’ question getting lots of attention right now: Why did it become appropriate to steal and brag about it? Gen Z, those born between 1997 and 2012, have expressed more willingness than any other generation to commit online fraud. Opinions among those studying...

12 February 2025 /crime

Four festive payment frauds to watch this Christmas

Hamish Monk Senior Reporter at Finextra

Four festive payment frauds to watch this Christmas

Payments in the UK are feeling the chill this Christmas – especially in the retail sector, which rose only 0.2% last month, despite the Black Friday flurry. This figure is part of a wider trend of sluggish economic recovery in the wake of the pandemic, slumped consumer sentiment, as well as a general lack of confidence following Labour’s divisive ...

24 December 2024 /crime

Níamh Curran

6 social media scams to look out for

Social media firms have been under increased pressure to improve fraud monitoring due to scams originating on the platforms. This comes after Authorised Push Payment (APP) victim reimbursement scheme came into effect on 7 October. Payment Service Providers are required to reimburse victims of APP fraud up to £85,000, but some are arguing social me...

15 October 2024 /crime

Hurricane Milton: How to avoid natural disaster scams and fraud

Madhvi Sonia Head of Content at Finextra

Hurricane Milton: How to avoid natural disaster scams and fraud

As Hurricane Milton gradually tracks away from Florida, leaving deadly storm surges, flooding rain and high winds in its path, it is an unfortunate reality that fraudsters will try and capitalise on the misfortune and vulnerability of those affected. This week, the US Justice Department, the Federal Trade Commission (FTC) and the Consumer Financi...

10 October 2024 /crime

What you need to know about APP reimbursement

Níamh Curran

What you need to know about APP reimbursement

Authorised Push Payment (APP) victim reimbursement scheme comes into effect today under rules from the Payment Systems Regulator (PSR). Payment service providers (PSPs) are now required to reimburse victims of APP fraud, up to £85,000, split evenly between the sending and receiving PSP. Reimbursement is likely great news for many consumers, howeve...

07 October 2024 /crime

Deepfakes: The role banks play in fraud education

Níamh Curran

Deepfakes: The role banks play in fraud education

Last week, Santander released deepfake images of their head of fraud risk management Chris Ainsley and ‘finfluencer’ Mr Money Jar, Timi Merriman-Johnson, to raise awareness of scam potential of this technology. Deepfake scams are a growing threat for financial services, although they are not necessarily a threat which many banks are deeply conce...

13 August 2024 /crime

Hamish Monk Senior Reporter at Finextra

How to prevent a cyber-attack

In June, Russian ransomware-as-a-service gang, Qilin, stole data covering 300 million NHS patient interactions – and demanded an alleged £40 million for its return. The leak meant that two of the health service’s biggest trusts, King’s College hospital and Guy’s & St Thomas’, “had to cancel 1,134 planned operations, including cancer and trans...

02 July 2024 /crime

Long reads