/financial crime

News and resources on financial crime, including fraud, scams, Anti Money Laundering and Know Your Customer.

Discussion
Case Management for solving Fin Crime Risk
Jeff Case

Jeff Case

  Thanks for the insight on case management. The concept of "case" is a fundamental building block to support a true E2E digital experience and customer journey. 
A strong base for Client Lifecycle Management and KYC allows banks to adapt to changes
A Finextra member

A Finextra member

  Interesting points.
Zelle P2P Fraud: You Ain’t Seen Nothing Yet...
Ketharaman Swaminathan

Ketharaman Swaminathan

  @Uri Rivner: If the backdoor measures proposed by you are completely friction-free, then I'm all for it. TY for the clarification. 
Zelle P2P Fraud: You Ain’t Seen Nothing Yet...
Uri Rivner

Uri Rivner

  Hi Ketharaman - thanks for the comment! You're right that UX consistency is important. However today there are a lot of controls in place that disrupt the UX due to all sort of security and risk policies: you're accessing from a new and untrused device, or from out of the country, or you're moving much more than you normally do (well, in these troubled times of social distancing moving irregular sums of money online for the first time is actually pretty expected as you cannot use checks or cash). In those cases there is a 'user escalation' - a transaction can be blocked, or you might need to approve it using a one time code, or someone from the bank may need to contact you. These user escalations are normally not very effective: criminals find ways around them, and honest people just get bothered. The idea of using invisible layers of visibility such as device intelligence and behavioral biometrics is to get a firm understanding of whether this activity is good or bad without any change to the UX. So, completely friction free. This can over-ride more crude controls and actually improve the UX, and it's also much more effective in terms of catching fraud.  With regards to APP fraud, the banks are now using a clever combination of payee name verification, device intelligence, behavioral biometrics and risk-based messaging to the users, in addition to education. It's always a mix of controls and technology that can fight sophisticated attacks...
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On-Demand Webinar - How to address increasing fraud and social engineering threat in the mobile chan
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On-Demand Webinar - How to address increasing fraud and social engineering threat in the mobile chan

Increasingly sophisticated fraud and social engineering attacks are on the rise. Banks are required to future-proof their online and mobile banking against ever evolving attacks like trojans, spear phishing or voice phishing.

 On-Demand Webinar - How to Address Fraud Through the Use of Risk Analytics
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On-Demand Webinar - How to Address Fraud Through the Use of Risk Analytics

Account Takeover is one of the biggest threats that banks are facing today. With 3.8 billion data records compromised worldwide in 2018, it is evident that despite implementation of cybersecurity measures, digital channels remain vulnerable.

On-Demand Webinar - Banking Payment Fraud: Best Practices and Solutions to Fight Financial Crime
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On-Demand Webinar - Banking Payment Fraud: Best Practices and Solutions to Fight Financial Crime

Register for this on-demand Finextra webinar, in association with NetGuardians, as we discuss banking payment fraud and preventative measures to combat this growing threat to financial institutions, banks and corporates.