KYC protocols traditionally focus on account-level verification, but examining KYC at the product level can help banks assess risk more accurately. Asking targeted questions based on product risk enables institutions to detect potential financial crimes, said Gabriella Bussien, CEO of Trapets.
Your secret weapon to combat cyber threats might be just under your nose! Cybercriminals continue to exploit vulnerabilities while upping their game with new and more sinister attack methods. The human firewall is your cybersecurity ace in the hole.
But how resilient are your users when it comes to fending off...
Payment screening is a regulatory requirement but doing it with speed and efficiency proves challenging for many firms.
Financial institutions (FIs) need to decide if payments should be blocked or processed in real time. And they must also stay current with new regulatory requirements and constantly updated...
Over the last few years, organizations have had to cope with different types of disruption on a global scale, investing in digital resilience to ward off potential threats and eliminate business risk. This ability to predict incidents before they occur is a key area for driving value with artificial intelligence (AI)...
What are the top forms of fraud and financial crimes against institutions? What role does AI increasingly play in defending against these crimes? Ian Holmes of SAS and George Tai of Intel explore these questions in their analysis of the latest fraud and financial crimes survey.
The digital payment landscape is undergoing transformative growth, with cybersecurity at its core. Dharshan Shanthamurthy, CEO at SISA, discussed the urgency of addressing cybersecurity in an industry that is not only lucrative for businesses but also for motivated criminal gangs.
Don't click phishy links. Everyone knows that. But are your end users prepared to quickly identify today's tricky tactics being used by bad actors? Probably not. Cybercriminals have moved beyond simple bait and switch domains. They're now employing a variety of advanced social engineering techniques to entice your...
The U.S. Department of Justice announced Friday that it has wrapped up its investigation of the xDedic dark web marketplace and successfully dismantled the multinational criminal organizations, leading to charges against 19 individuals, including administrators, developers and customer service reps.
In late Q4 2023, ISMG conducted a survey that attracted over 100 responses from professionals and provided a unique platform for Fraud, AML, Financial Crime, and Compliance leaders to contribute their insights and to offer a deeper understanding of how AI is shaping the daily battle against fraud.
This week in the cryptocurrency industry, Thunder Terminal successfully prevented a hack, Changpeng Zhao ranking 34th on a list of billionaires, Coinbase refuted a senator's allegations of subverting crypto regulations, and scammers stole $3 million in 24 hours using fake ads.
The continuing battle against fraud and financial crime demands constant adaptation and innovation. Generative AI - Artificial Intelligence - and broader AI technologies have brought both excitement and apprehension to our field, as they hold the promise of revolutionising our approach to fraud prevention while...
EUROPOLs financial crime division (EFECC) have increased their budgets in 2024, in order to combat various forms of financial crime and fraud that are growing in sophistication.
Mobile based transactions and identification are prime areas in which European organisations face an ongoing battle to keep the consumers...
Banking institutions have more data and analytics than ever before. They are embracing embedded finance, digital and contextual customer journeys and near real-time customer decisions.
But how are they using them to drive better risk and fraud decisions? If they do not have agility to respond to these new types...
Financial institutions need to adopt a risk-based approach to every aspect of financial crime and compliance to keep up with evolving regulations. Whether it’s verifying identities, completing due diligence processes, conducting periodic reviews or assessing monetary transactions—all of them require up-to-date,...
Identity resolution identifies individuals and their relationships to others in data. With identity resolution, financial institutions (FIs) can create and maintain a consolidated and unique 360-degree view of each party.
FIs significantly increase operational effectiveness when using identity resolution, as it...
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