589 Results from /crime
Simon Moss CEO at Symphony AyasdiAI
We’re living in a golden age for financial crimes and it’s a good time to be a bad actor. Among the many potentials for crime is stimulus fraud – such as what occurred last year with the major stimulus packages passed in response to the pandemic. In 2020 alone, fraudsters siphoned off $36 billion meant for unemployed Americans, and Californian aut...
18 May 2021 /retail /crime Exposing Financial Crime
Carl Wegner CEO at Contour
Trade finance is a critical component of global trade, enabling banks to provide risk mitigation and working capital facilitation. Any transaction brings with it a degree of risk, and trade finance is no different – but the $18 trillion market is simply too profitable to abandon. So what are banks looking out for when it comes to trade fraud and, ...
17 May 2021 /security /crime
Alex Robinson Fraud Analytics at TSB
As Open Banking (OB) in the UK prepares to accelerate, have the fears around security and fraud risks gone away? When OB launched to great fanfare in 2017, there were concerns from banks about the security and fraud risks - have these materialised, been mitigated or do they remain, lurking in the shadows? When OB launched in the UK it was meant t...
12 May 2021 /payments /crime Open Banking
Ananstasiia Svarych CEO at Lextensio
June 18, 1815. The defeat of Napoleon at Waterloo brought Nathan Rothschild £ 40 million and from the time the phrase: "Who owns the information, he owns the world" became known. After two centuries, this phrase has become stronger and has become a kind of slogan of the era of digitalization. History knows many examples of when informat...
11 May 2021 /crime Banking Strategy, Digital and Transformation
Oliver Tearle Head of Technology Innovation at The ai Corporation
The fraud tool landscape is changing. Fraud managers are looking for more and more ways to optimize their operations as rising digital payments increase the strain on many fraud detection systems. The use of machine learning (ML) and artificial intelligence (A.I.) has become common in many fraud detection strategies. Many organizations have seen h...
10 May 2021 /security /crime Artificial Intelligence and Financial Services
Justin Bercich
The first 100 days of the new US Administration are upon us, and while focus of the news cycle has been targeted on the response to COVID-19, there has been signficiant progress in the fight against money laundering. The start of 2021 saw the enactment of the Anti Money Laundering Act – the first major piece of AML legislation passed since 2004. Ex...
30 April 2021 /regulation /crime Artificial Intelligence and Financial Services
In the UK, fraud accounts for more than 50% of reported crime; yet less than 1% of police time is spent investigating it. Several weeks ago, I wrote an article about the UK fraud epidemic, based on a BBC article and think tank report. The overall conclusion was that fraud was not being taken seriously by UK government and law enforcement, and tha...
15 April 2021 /payments /crime Financial Risk Management
Scott Cutler Director, at Fortinet
Remote working saw a spike like never before during the first half of 2020, with workers across the globe forced out of the office and into lockdown to curb the spread of Covid-19. There wasn’t a single industry that went unaffected by the pandemic, but financial services in particular witnessed a huge change in the way it functions. Thanks to har...
14 April 2021 /security /crime Information Security
Jane Jee
The number of women working in RegTech account for up to 35% of the industry’s workforce, which compares favourably to the FinTech industry, where 29% of roles are held by women. However, more can and should be done - as mentioned by Lucy Heavens, Co-founder of RegTech Women – from encouraging more young women into the RegTech industry, through ...
13 April 2021 /regulation /crime RegTech
John Bertrand MD at Tec 8 Limited
A consultation by the PSR (Payment Systems Regulator) to PSP(Payment System Provides)/Banks to prevent Authorised Push Payment Scams (APP) at source and to provide better support to the victims is underway. APP scammers use Faster Payments as their payment channel of choice, 80% of APP fraud. To do so scammers need a bank account. Contingent Reimbu...
08 April 2021 /retail /crime The Payments Business
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