131 Results from 2024, /crime
Will Anderson CMO at Eastnets
A Trade Based Financial Crime story A large shipping vessel leaves a port in Southeast Asia carrying electronics—supposedly valued at $2 million—for delivery to a partner company in Europe. The ship’s cargo manifests are meticulously prepared, but unknown to customs officials, the cargo has been intentionally misinvoiced. In reality, the goods on ...
30 September 2024 /regulation /crime Financial Risk Management
Barley Laing UK Managing Director at Melissa
Financial crime remains a big issue with $3.1 trillion of illicit funds flowing through the global financial system in 2023, according to Nasdaq’s 2024 Global Financial Crime Report. It’s no wonder that most in financial services are investing heavily in advanced ID verification technology to protect themselves from fraud and meet increasingly stri...
30 September 2024 /identity /crime Digital Identity Management
Retired Member
“Our ability to manufacture fraud now exceeds our abilities to detect it.” This observation was not made by a banker, but the actor Al Pacino. And it leads one to wonder, how pervasive is fraud and the unremitting threat of fraud in American life? Certainly bank leadership recognizes the relentless growth of this criminal activity, even as they con...
27 September 2024 /wholesale /crime
Darya Lyhach PR manager at Noda
The rise of e-commerce has revolutionised how we shop, sell, and manage transactions. Yet, with this evolution comes a darker reality — online fraud. As more consumers embrace digital payments, fraudsters are increasingly sophisticated in their attacks, making e-commerce fraud one of the most pressing issues for businesses today. In this art
24 September 2024 /payments /crime Fintech
Hugo Chamberlain Chief Commercial Officer at smartKYC
As the COO of smartKYC, I've been at the forefront of innovation in due diligence and Know Your Customer (KYC) screening processes for many years. The rapid advancement of artificial intelligence, particularly generative AI (GenAI) and Large Language Models (LLMs), such as ChatGPT, has opened up exciting new possibilities for enhancing KYC screen
12 September 2024 /ai /crime Artificial Intelligence and Financial Services
Ben O'Brien Managing Director at Jaywing
The message is clear: Payment Service Providers (PSPs) will soon be required to reimburse victims of Authorised Push Payment (APP) fraud up to £85k. In this post, we explore the upcoming changes, examine how fraudster behaviour is evolving, outline what lenders need to do to comply with the new regulations, and discuss ways to protect vulnerable cu...
05 September 2024 /regulation /crime
Pankaj Gupta Manager Data Engineering at Independent Researcher
In today’s digital world, fraud has become more complex, which means we need smarter ways to detect and prevent it. Generative AI helps with this by looking at large amounts of data in real-time, learning what normal and suspicious behavior looks like, and spotting anything unusual with incredible accuracy. In simple terms, it uses advanced AI to ...
03 September 2024 /ai /crime Artificial Intelligence and Financial Services
Ellen Roberson Global Marketing Advisor, Risk, Fraud & Compliance at SAS
Fraud, risk, and compliance departments worldwide face a rapidly evolving and expanding workload, fueled by increasingly complex modern-day fraud and financial crimes. According to data from the FBI and Deloitte, generative AI (GenAI) is expected to rapidly increase fraud losses over the next few years. But even as AI technology galvanizes bad act...
30 August 2024 /ai /crime Artificial Intelligence and Financial Services
Franklin Manchester Principal Global Insurance Strategic Advisor at SAS
This article originally appeared in the Anti-Fraud Alliance email newsletter and is re-published here with permission. Life insurance fraud is the second most expensive type of insurance fraud in the United States, with losses totaling an estimated $74.4 billion per year. Anecdotally, many carriers note that, while insurance fraud detection rates ...
29 August 2024 /ai /crime Artificial Intelligence and Financial Services
Alexander Boehm Chief Executive Officer at PayRate42
The whistleblowers are considered the unseen guards of an otherwise complicated—sometimes esoteric—world of finance with hardly any accounts of malpractices and illegal rackets. They are the people with courage who work behind the curtain to ensure transparency of operations and integrity of an industry indispensable to the global economic system....
26 August 2024 /regulation /crime
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