PYMNTS
OCTOBER 16, 2020
In this month’s Preventing Financial Crime Playbook, Armistead explains how artificial intelligence (AI) can offer a bird's eye view of suspicious transactions and stop fraudsters from exploiting legitimate customer vulnerabilities. Developments Around The Financial Crimes Space. trillion a year. More than 58 million pounds (about $74.8
PYMNTS
SEPTEMBER 21, 2020
Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) show that several of the largest global banks moved money on behalf of scores of individuals and enterprises involved in criminal financial activity. As BuzzFeed reported, “laws that were meant to stop financial crime have instead allowed it to flourish.
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PYMNTS
OCTOBER 15, 2020
With over $1 trillion lost to financial crimes globally every year, advanced technology will be needed going forward, PYMNTS writes. The solution will come through more advanced methods like multifactor authentications that do away with the reliance on passwords.
FICO
JANUARY 27, 2020
I am going to keep looking forward – especially when it comes to 2020 predictions for fraud and financial crime. A better question may be: why have fraud and financial crimes used siloed technology for so long? There is an estimaged 85% overlap in the technology used by fraud and financial crime compliance teams.
PYMNTS
NOVEMBER 17, 2020
This negative experience is due to a number of factors, including ineffective communication, unclear directions on how to access their devices, and tedious processes when setting up their accounts that often require multiple password entries and multifactor authentication (MFA) setup. SIM Swap Fraud Plagues Smartphone Users.
PYMNTS
AUGUST 24, 2020
This multifactor authentication strategy can be as easy as walking down the hall to meet face-to-face with the chief financial officer, yet with teams still working remote, the process has migrated to the phone or video chat. One seemingly real enquiry to change bank account details can — and often does — mean millions of dollars lost.
PYMNTS
MAY 22, 2020
Financial institutions (FIs) are no strangers to financial crime, with fraudsters continually targeting them and their customers for money and data. These financial crimes are perpetrated using various techniques, and no one-size-fits-all defense can block them all. Understanding the Scope of Financial Crimes.
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