- What financial crime trends were observed in 2023?
- What is the fraud outlook for 2024?
- How might the legislative regulatory landscape impact financial crime fighting?
- What other tactics can financial institutions use to tackle their financial crime challenges?
Scammers continue to develop in their sophistication, making it harder year on year for financial institutions to keep up with mitigating fraud. The 2023 Nice Actimize Fraud Insights Report found authorised push payment (APP) fraud continues to impact financial institutions and money mules are a growing threat.
The pressures of this financial crime landscape are increased when considering the changing legislative environment. For instance, in the UK, the Payment Systems Regulator (PSR) will be shifting the liability for APP fraud, meaning that there is even greater interest and need for banks to improve their fraud prevention systems.
Prevention will become a critical requirement the adoption of ISO 20022, meaning transactions will finally be occurring in real-time, 24/7/365, and cross border. Despite being months before the deadline, it is already becoming evident that some financial institutions will not be prepared to comply with this standard, and for the growing fraud risk associated with these changes. 2024 will be a year of change and financial institutions should plan ahead.
Sign up for this Finextra webinar, hosted in association with NICE Actimize, to join our panel of industry experts who will discuss the financial crime outlook for 2024.
- Jane Cooper - Researcher, Finextra [Moderator]
- Rob Rendell - Global Head of Fraud Market Strategy & Fraud Prevention, NICE Actimize
- Andrew Dawson - MLRO, LHV Bank
- Jorge Cardoso - Fraud Surveillance Technology Lead, Deutsche Bank