Financial Crime 360: The industry leaders fighting fraud on the ground

by George Iddenden, reporter, TPA

Share this post

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.

How important are events such as FC360 in helping address financial crime issues in the payments sector?

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.

What are the key emerging risks to the payments industry that Visa is monitoring, and how is the company adapting its risk management strategies to address these evolving threats?

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.

From a financial crime perspective, what are the biggest threats to the payments industry, and how can we address them moving forward?

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.

What are you most looking forward to at FC360?

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.

What are your main concerns for firms entering the second half of the year and beyond regarding the threat of financial crime, and how can we combat it?

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.

What are you expecting from this year’s FC360, and how will industry events such as this one help fight against new financial crime methods?

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.

Payments Review Summer 2024
Read the entire Payments Review summer edition here

More To Explore


Are you a member of The Payments Association?

Member benefits include free tickets, discounts to more tickets, elevated brand visibility and more. Sign in to book tickets and find out more.


Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.

Continue reading

Explore how FC360 fosters industry unity against financial crimes. Subscribe to Payments Review to read the full article.

Subscribe to continue reading

Already a subscriber? Please log in to continue

Having trouble signing?

We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.

First things first

Have you set up your Member account yet? If not, click here to do so.

Still not receiving your auto-login link?

Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.

Please click the button below which relates to the issue you’re having.

I didn't receive an e-mail

Tip: Check your spam

Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association

Tip: Check “other” tabs

Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.

Tip: Click the link within 60 minutes

For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.

Tip: Only click once

The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.

Tip: Delete old login e-mails

Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.

Tip: Check your security policies

Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.

Need to change your e-mail address?

For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.

Still got a question?