/financial crime

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

Discussion
Customers have 50 percent chance of reimbursement after APP fraud
Ketharaman Swaminathan

Ketharaman Swaminathan

  Hindsight is 20/20. If banks actually put all these hurdles at the point of payment, customer will complain of friction and finsurgents will predict that banks will be wiped out by fintechs, and so forth. To paraphrase a recent FT bank-bashing puff piece: * If banks take 3 days to clear a cheque, they're sponging off of your hard-earned money. * If banks process a payment in realtime, they're making you lose your hard-earney money to fraud. IMO, if govt wants to take the populist measure of taking responsibility away from the payer, then, along with banks, it should also hold the following parties responsible:   TELCO: For giving a phone connection to scammer. ISP: For giving Internet connection to scammer. etc. 
The push and pull of identity security adoption in the financial services industry
Janne Jutila

Janne Jutila

  Banks in Nordics have been front-runners in online & mobile first banking since 10+ years. Now we see the mobile only challengers disrupting the industry. It is high time for incumbents to embrace customer digital identity and convenient user experience into digital banking.
BubbleNomics
Ketharaman Swaminathan

Ketharaman Swaminathan

  Bubble or not, I won't comment, but a fact that's missed by a lot of people is that bubbles don’t burst overnight.  Before bursting in the steady state, bubbles go through a transient phase, when they grow and lot of people make a lot of money. Quite often, the transient phase can last years if not a decade. For example, the subprime mortgage bubble began in the early 2000s and lasted four to five years before it burst and caused the Great Financial Crisis in 2007-8. While all bubbles burst at steady state, they end badly only for the people who’re caught holding the parcel when the music stops at the end. For many others who make money by passing the parcel around while the music kept playing for years, bubbles prove to be lucrative. That’s why, even though so many bubbles have burst in the past, that has never stopped new bubbles from forming in the future. Pundits have been predicting that the startup valuation bubble will burst next year for the last 10 years. But it hasn’t burst yet. If anything, it has only grown. (Above passage is reproduced with permission from my company blog post titled How Do Founders Become Rich When Their Companies Make Loss).
PEP Reset: Take a risk-based approach to Politically Exposed Persons
A Finextra member

A Finextra member

  Immensely reasonable posting.  Too bad it has nothing to do with the reality of PEP's regulatory enforcement.  If only...
Financial Crime Analysis
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How risk profiling can lead to revenue through personalised offerings
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How risk profiling can lead to revenue through personalised offerings

Register for our latest webinar with Aerospike on Tuesday 25 May 2021 at 15:00 UK time as industry experts discuss how risk profiling can lead to revenue through personalised offerings.

Digital Identity Verification: Reducing Friction in Online Account Opening
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Digital Identity Verification: Reducing Friction in Online Account Opening

A tipping point has been reached whereby financial institutions need to solve their digital account opening processes for good.

On-Demand Webinar - Enriching financial services by building fertile banking ecosystems
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On-Demand Webinar - Enriching financial services by building fertile banking ecosystems

With the emergence of new instant payment systems and payment initiatives we see new ecosystems emerging, and as a result, both traditional financial institutions and non-financial firms are being pressed to consider their place in this new environment.