Financial Crime news

Financial Crime headlines

SmartKYC introduces smartLists

03 Aug

Sumsub offers traders a KYC guide

29 Jul

45% of firms failing to detect criminal 'ghosts'

26 Jul

Lucinity secures $17 million to fight financial crime

07 Jul

Plenitude unveils cloud-based AML risk rating service

16 Jun

Juni signs for combined ID verification and Know Your Business services from iDenfy

16 Jun

Juni signs with Salv for fincrime risk monitoring and screening

15 Jun

Pleo selects Lucinity as central hub for financial crime prevention

14 Jun

Ecommpay hires form HSBC financial crime lead Francisco Mainez

07 Jun

Napier expands North American presence

18 May

More /crime announcements »

Lloyds, Santander, Barclays, TSB demand Google, Facebook reimburse online fraud victims

As reported in The Telegraph, UK banks have urged Big Tech and telecommunications firms to take responsibility for their contribution to the rise of online fraud and voluntarily reimburse victims.

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Starling posts first profitable year

SCA remains top requirement for merchants

UK to regulate stablecoins as part of Finance bill

UK proposes new AI rulebook

Firms failing to monitor social messaging

Bank of America fined $225 million for unlawfully freezing accounts during Covid-19 pandemic

Zurich picks Mendix low-code to roll out next-gen solutions

UK condemned as a shameful safe haven for Moscow's gold

EBAday 2022: Balancing smooth onboarding with sanctions screening

Regulators seek legal ground for revoking licences of firms who breach AML rules

[Webinar] Money Mules: Shifting from detection to prevention

[Webinar] Money Mules: Shifting from detection to prevention

Financial Crime blogs

Artificial Intelligence and Financial Services

Enhancing Trade Compliance with Artificial Intelligence (AI)

Prabhu Ramamoorthy

Prabhu Ramamoorthy - NVIDIA - New York City

Combatting the rise of money laundering in insurance

Saeed Patel

Saeed Patel - Eastnets - London

Banking Regulations

Advancing AML: Why ultimate beneficial owners must be properly identified

Joost Van Houten

Joost Van Houten - Sentinels - Amsterdam

The Payments Business

A Reflection on Payments Fraud: 2022 and Beyond

David Smith

David Smith - Lusis Payments - London

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Latest TV

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SCA remains top requirement for merchants

David Jeffrey, Director, Head of Product - Fraud & Security, Barclaycard Payments, speaks at MPE 2022 about why Strong Customer Authentication (SCA) holds its place at the top of merchant's agendas and why it is such an important requirement still. We evaluate the lessons learned from the implementation of SCA so far, the impact this has had on customer experience and what merchants can do to rectify this.

Money 20/20: Major Fraud & FinCrime Management Trends in EMEA

Matt Mills, Chief Commercial Officer & GM, Featurespace, speaks at Money 20/20 about the latest trends in fraud and fincrime management, where AI & ML come in and how the technology can help tackle the challenges presented here, why model explainability is so important, and what we expect from this space in EMEA.

EBAday 2022: Instant Payments, fraud & the increase in mule recruitment

Freddy Arthur, EMEA Fraud Specialist, NICE Actimize, speaks at EBAday 2022 about the challenge Instant Payments are presenting around fraud, the scale of money mule involvement in fraudulent transactions, and where AI and machine learning play in tackling these challenges.

Why UK incumbents are the perfect pioneers for multi-cloud strategy

In the lead-up to EBAday 2022, Mike Walters, CPO of Form3 discusses what makes multi-cloud strategy such an attractive approach for large financial institutions and why are UK incumbents the perfect pioneers, the significance of APP fraud on European financial institutions, why financial institutions should look to the UK market to prepare for real-time fraud prevention strategies, and how banks can improve their cross-border transactions.

The long read

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Thomas Cattee

Tech and Crime Series: Cryptoassets and financial crime Part II

Thomas Cattee - Solicitor - Gherson

Discussion

Lloyds, Santander, Barclays, TSB demand Google, Facebook reimburse online fraud victims

Ketharaman Swaminathan

Ketharaman Swaminathan

I'd once raised the question of liability of TELCO, Power Utility, et al in APP Scams. Not sure whether banks were inspired by my thoughts or whatever but I totally endorse their going after other parties that are equaly involved in APP Scam. Automobile company can't be held liable for selling the robbery getaway car. Payee bank can't be held liable for opening the alleged scammer's account. KYC is not Character Certificate. Banks can't deny accounts even to convicted scammers. How can they be expected to deny account to alleged scammer? Payor is totally responsible for APP Scam, particularly if s/he ignored a Confirmation of Payee red flag while initiating the payment. Of course, depending on their jurisdiction, they might be eligible to seek redress from law enforcement.

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Lloyds, Santander, Barclays, TSB demand Google, Facebook reimburse online fraud victims

Jeremy Light

Jeremy Light

The principle of "polluter pays" should apply also to the banks who allow fraudsters to operate fraudulent bank accounts to collect the funds they scam. I keep on repeating this and I am amazed at how little visible action is taken by the banks and the regulator to address this issue head on. When fraud using bank transfers is committed the account the stolen funds are sent to is always known as are any accounts the funds are then forwarded to. It is equivalent to always knowing the registration details of the getaway car in a robbery and all subsequent getaway cars the criminals use - but doing little with the information. Innocent victims need to be reimbursed and the platforms that facilitate the scams have a duty to prevent them - but banks need to do more to prevent fraudulent account openings and account takeovers and do more to recognise and trace fraudulent payments flows into and out of their accounts. It is also bizarre that confirmation-of-payee is used by (some) banks to alert payers if the beneficiary name they think they are paying is different to the account name, a red flag for potential APP fraud, but the receiving bank is under no obligation to do the same, very simple check for incoming payments, again a red flag that the account may be fraudulent if the names are different.

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Firms failing to monitor social messaging

A Finextra Member

A Finextra member

I won't say what foreign owned bank I worked for where piles of messaging was not being monitored - essentially because post implementation of a tool, no one followed up to keep up monitoring. And that was just one type of messaging. I'd gone to my 'mangler' and warned him - he told me to leave him alone. Then internal auditors asked him the status - and suddenly it became a top priority. But that was just one of many platforms. Others were ignored. I cared about this for a number of reasons - one of them is that another firm I'd worked for was part of the LIBOR scandal. At that firm, there were rules, including about cell phones on the trading floors, that at a certain point were no longer enforced. Compliance on all sorts of things is a joke in numerous firms until, if and when these firms get hit with audits.

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AN INTRODUCTION TO CHARGEBACKS: THE EVOLUTION OF THE CHARGEBACK PROCESS

Ketharaman Swaminathan

Ketharaman Swaminathan

Nice post but I totally disagree with the suggestion that credit card chargeback should be scrapped. Instead, the industry has responded by introducing A2A RTP as a competing method of payment which does not have chargeback provision, lower MDR, so it's pro merchant as against credit card which is pro consumer. India's A2A RTP is very popular. USA's A2A RTP Zelle is gaining traction.

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Featured

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Ray-Ban manufacturer sues JPMorgan over $272 million cyber theft

Joe Lycett provides evidence to House of Lords fraud committee

JP Morgan invests in blockchain intelligence platform TRM Labs

Chainalysis: North Korean hackers stole $400m worth of digital assets in 2021

The long read

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Simon Mansell

Financial services businesses must stop putting Customer Due Diligence on the backburner

Simon Mansell - UK Forensic Head of Customer Due Diligence, KPMG

Elsewhere...

The long read

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Níamh Curran

Five behaviours that indicate a social engineering scam

Níamh Curran - Reporter - Finextra