Exposing Financial Crime

Criminals are smart, and detection capabilities need to be smarter and always adapting to stay one step ahead. Time to drive out pointless investigations and finding true malignancies hidden from existing rules and machine learning techniques. Join us for conversations and articles on how to refocus financial crimes investigations into actually stopping crime.

Simon Moss CEO at Symphony AyasdiAI

Looking at AML in the New Era of Money Laundering: Where we’ve been and what’s to come

The United Nations has estimated that between $800 billion and $2 trillion are laundered every year, though it’s almost impossible to know the true amount. In an attempt to deter this crime, we’re seeing fines continue to increase. In 2020, authorities handed out $5.6 billion in money laundering fines – a massive uptick from prior years – and when...

01 December 2021 /crime /predictions

Retired Member 

The three steps in fixing data for the fight against financial crime

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

Retired Member 

The Top 5 Transaction Monitoring Pitfalls and How to Avoid Them

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

Greg Woolf CEO at Fiverity

In The World of Cyber Fraud, Legacy Solutions Aren't Enough

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

Retired Member 

Banks need to understand their data to combat fraud effectively

COVID-19 has led to increased challenges with ensuring a consistent customer experience, but more than that it’s highlighted that new digital channels are making combatting ever changing “scams” harder to detect and manage. The rise in online scams that banks are grappling with is part of a much bigger challenge spanning risk, governance and compl...

29 October 2021 /security /crime

Michael Ault CEO at UTP Group

A new age, the same threats: How today’s fraudsters are targeting SMEs and what you can do about it

Though it might have been hoped a decade ago that technological advances by the 2020s would have all but wiped out the threat of fraud, this is not the case. Fraud isn’t just on the rise; it’s reaching levels not seen before. Indeed, 2020 holds the record for being the worst year to date for breaches with over 36 billion data records compromised. ...

16 September 2021 /payments /crime

John Bertrand MD at Tec 8 Limited

Scamdemic protection: call a journalist

In the Scamdemic, investigations by journalists are a source of inspiration by helping many clients receive compensation from banks who initially refused fraud reimbursement. At the point of banks saying no to a rebate, the bank scam team trot out with the excuse of their standard lines , ‘We contacted the payee bank and were unable to recover fun...

31 August 2021 /payments /crime

Amanda Mickleburgh Director Product - Merchant Fraud at ACI Worldwide

We all love a bargain, but so do fraudsters

The success of Amazon’s recent Prime Day - this year over 250 million items were sold worldwide - typically results in many other merchants promoting similar sales events. With many merchants hoping the marketing strategy works out for the best. Unfortunately, this presents a multitude of challenges. Not just the need to prepare well in advance fo...

19 July 2021 /payments /crime

Simon Moss CEO at Symphony AyasdiAI

Where the COVID-19 Stimulus Fraud Risks Are – and How to Stop Them

We’re living in a golden age for financial crimes and it’s a good time to be a bad actor. Among the many potentials for crime is stimulus fraud – such as what occurred last year with the major stimulus packages passed in response to the pandemic. In 2020 alone, fraudsters siphoned off $36 billion meant for unemployed Americans, and Californian aut...

18 May 2021 /retail /crime