With Financial Crime 360 around the corner, Payments Review spoke to some of the leading figures working tirelessly to combat the growing issue of financial crime within the payments ecosystem.
Financial services organisations in the UK spend approximately £22,000 per hour fighting financial crime and fraud, according to the latest True Cost of Compliance report from LexisNexis Risk Solutions. Without action, this figure is likely to rise.
Hosted by The Payments Association, Financial Crime 360 (FC360) is the essential gathering of financial crime experts that demands vital collaboration among all stakeholders in addressing financial crime.
In November, it’s set to host 600 industry experts, policymakers, and thought leaders to devise strategies and solutions to protect the industry from the growing threat of financial crime. For this quarter’s issue, the editorial department wanted to spotlight some of the figures making a difference in the world of financial crime.
Natalie relocated to Europe in August 2022 to take on the role of chief risk officer for Visa Europe Limited. Natalie has 25 years of payment industry experience, from innovation, digital and emerging payments to leading global go-to-market and risk teams.
Before joining Visa, Natalie was a senior officer at SouthTrust Bank (now Wells Fargo), where she developed and executed the overall issuing and acquiring bank card strategy.
Financial Crime 360 plays a key role in helping to address financial crime within the payments sector. By fostering collaboration, sharing knowledge, and emphasising technological adaptation, the event helps bring the industry together to more broadly tackle the very real and emerging threats in fraud, money laundering, and cybercrime.
With the ever-evolving payments industry landscape, it’s our collective responsibility to participate in such events to safeguard consumers and businesses from financial crime and promote a resilient and secure payments ecosystem.
Just as payments technology and authentication have become more secure, fraudsters are also becoming increasingly sophisticated. That’s why it’s so important – now more than ever – to provide a secure payments environment in a digital-first world.
We take a multi-layered approach to counter the rising threat of malware, social engineering, and brute force attacks by organised, well-funded, global criminal enterprises. By innovating, partnering, investing, and harnessing our network and scale, we can ensure our clients are protected by the most advanced security products and services.
Having invested over $10 billion in technology worldwide to reduce fraud and enhance network security, our commitment to security has kept fraud at historic lows: less than 0.1% of transactions – among the lowest of all payment forms.
We also have over 1,000 cybersecurity specialists worldwide and cybersecurity fusion centres on three continents, delivering 24x7x365 risk and cybersecurity monitoring, incident response and investigations and threat intelligence capabilities.
Sally is a highly skilled fraud risk professional with over 30 years of experience. She has worked at HSBC, KPMG, Cifas, Equifax, and now BDO. Sally has held senior positions in industry and consulting, leading teams to reduce fraud risk for clients in various sectors.
Many firms have mixed views on how the new rules will impact fraudulent activity in the industry. While there’s a need for banks to protect customers, there’s concern that customers may become less vigilant in checking transactions. Finding a balance between customer education and banks’ responsibilities is crucial. The operational impact and cost of implementing the new rules are also significant concerns. Better data sharing is essential, and creative innovation is needed to address these challenges.
I am looking forward to catching up with fellow fraud risk professionals, re-establishing old connections, and meeting new people. I am sure the agenda will be packed with interesting speakers, breakout sessions, and the opportunity to see what new, innovative tech solutions are coming.
Jessica Cath is head of financial crime at Thistle Initiatives, working with various firms to mitigate financial crime risk effectively and efficiently. She has broad experience designing controls, implementing systems, overhauling processes, changing embedded cultures, and s166 reviews and remediation both in the UK and abroad.
Jess was previously the head of financial crime project delivery at FINTRAIL, working with fintechs to solve financial crime challenges, having previously managed large transformations for private banks at Capco.
There are many concerns for firms currently, especially in a challenging economic environment; however, my three main concerns are: 1) Firms must prepare for the mandatory reimbursement of authorised push payment (APP) fraud by October 7 and the failure to prevent fraud offence; 2) They must also address rapidly changing financial crime typologies, including increasing criminal AI use; 3) Additionally, regulatory enforcement and sanctions are expected to become more complex.
I expect practical conversations around fraud, sanctions, AI, and how firms can mitigate new threats using new technologies. I am also hoping for engagement with regulators following a helpful forum with the regulator at FC360 last year. There are a lot of challenges facing firms at the moment, and all need to be ready if the regulator comes knocking.
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