542 Results from /crime
Retired Member
It’s been reported recently that £4m is stolen every day by fraudsters in the UK. That’s a lot of money even by today’s highly inflated standards. Isn’t it time to ask the difficult question - are banks part of the problem? Like the rest of us todays’ criminals/ fraudsters, don’t like cash – it’s not safe. They might get robbed! They want their mo...
24 September 2021 /payments /crime Payments strategies 2015-2020-2030
Midsized financial institutions must pay close attention to anti-money laundering Midsized financial institutions (with $1 billion - $10 billion in assets) play an essential role in our financial system, especially in the U.S. where banks with less than $10 billion in assets represent 14% of the market and 97% of the total number of banks. Unfortu...
22 September 2021 /regulation /crime Trends in Financial Services
Michael Ault CEO at UTP Group
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 Exposing Financial Crime
Garima Chaudhary Head of Fin. Crime Solution Consulting at Oracle
The current financial crime compliance management efforts are based on a combination of automated but static analysis of a pre-determined set of risk factors, together with human judgement. Legacy systems are updated with new algorithms and manually inputted information, generating matrixes for risk interpretation and action, but these very rarely...
08 September 2021 /regulation /crime Innovation in Financial Services
Alex Ford President, North America at Encompass | RegTech Association | Women in RegTech
Perpetual KYC or pKYC is an emerging concept in financial crime compliance. It has generated great interest and accelerated digital-first approaches because of the cost and risk benefits on offer if firms can maintain KYC profiles dynamically as new information becomes available. Today KYC is typically undertaken on 1, 3, and 5 year cycles which c...
02 September 2021 /regulation /crime Banking Strategy, Digital and Transformation
Introduction The eager and rapid adoption of artificial intelligence (A.I.) by financial institutions (F.I.s) may surprise those outside this otherwise cautious industry. However, the industry consensus is clear that intelligent technologies such as A.I. are major factors in the race to differentiate and establish market share. For example, a surv...
01 September 2021 /regulation /crime Innovation in Financial Services
Paul Kitchener Technical Marketing Manager at Speakerbus
Both the blockchain and low-cost trading apps have had their share of ups and downs during the global pandemic. In addition, over the last few months, we have seen financial regulators tighten their grip on these firms, both mobile Stock trading applications and Crypto exchanges. In June, the U.S. Financial Industry Regulatory Authority delivered ...
01 September 2021 /crypto /crime
John Bertrand MD at Tec 8 Limited
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 Exposing Financial Crime
UK e-commerce spending hit a record £10 billion in July 2021. The year-to-date online spending was £65 billion, up 18% y-o-y and 56% on 2019. Following this trend online fraud rate for faster payments and account take over fraud for 2021 could be £1 billion. If this trend continues the monthly running rate could top a £100 million by early 2022. ...
27 August 2021 /payments /crime Banking Strategy, Digital and Transformation
Eyal Worthalter Vice President – Global Solution Sales at Utimaco
This year has been hit hard by cyber-attacks, with many major companies experiencing compromission by hackers, such as Microsoft’s Exchange Server, and Australia’s Nine Network, which was taken off air. Most recently, a hacker stole $600m in cryptocurrencies from a blockchain finance platform in what could be the biggest hack ever, and T-Mobile ...
26 August 2021 /security /crime Information Security
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