There is an increasing need for enhanced data sharing in the payments industry to combat the rising threat of financial crime, specifically money laundering and online-enabled fraud.
Andrew Novoselsky, Chief Product Officer at SumSub explores why Payment fraud poses a substantial challenge to the payments industry, and why its severity is anticipated to escalate in the coming years.
After the peak of APP Fraud losses in 2021, CoP contributed to a 17% reduction in 2022, despite over 100,000 cases amounting to £482 million. However, implementing CoP takes a
In a decisive move to fortify the financial sector against the ever-evolving threat of authorised push payment (APP) scams, the recent policy statement PS23/4, issued in December 2023 by the
The 2024 Veriff Fraud Report is compiled after extensive analysis of our global customer data throughout 2023. This data shows the real story of what it’s like on the frontline
As the digital landscape continues to evolve at an unprecedented pace, the payments industry finds itself standing at the intersection of innovation and transformation.
The advent of instant payment systems, a reflection of our increasing reliance on digital immediacy, has unfortunately opened the gates to various forms of financial deceptions. Over 77% of all
Authorised push payment (APP) fraud has been steadily climbing the charts of global payment frauds with nearly £240m lost to UK consumers and businesses in the first six months of 2023.
The Payments Association’s annual Financial Crime 360 conference took place at the Royal Lancaster Hotel in London on Tuesday, 21 November. Hundreds of industry professionals from across the payments industry heard from some of the sector’s most important voices on the ever-present issue of financial crime and its solutions.
The Payment Systems Regulator (PSR) has published its inaugural APP Scams Performance Report, which presents data from the year 2022. This report aims to provide transparency on the state of
Can FI’s look beyond transaction data to uncover the true picture of risk? ComplyAdvantage’s research revealed that payment screening teams continue to grapple with siloed data sets and disparate systems. And yet, as the financial crime landscape grows more complex, the need to connect fragmented data sets to understand the global networks behind financial crime has never been more important. ComplyAdvantage’s Iain Armstrong give his top tips for integration success in payment screening.
Asia is the largest and most populous continent in the world, home to more than 60% of the global population – some 4.56 billion people. This vast region spans over
The Payment Systems Regulator (PSR) has published its report detailing the latest data on the pressing issue of APP fraud scams.
In a digital age where immediacy in payments is crucial, understanding the challenges and opportunities in real-time systems is paramount. As industry leaders, we’ve compiled a comprehensive white paper to
Confirmation of Payee (CoP), initiated in 2017 and launched in 2020, has proven to be an effective tool against Authorised Push Payment (APP) Fraud in the UK. CoP is a
Richard Dunlop of fscom summarises the major points of the 2023 Financial Crime Compliance Report and highlights key issues in anti-money laundering strategies that have been identified.
UK regulators are prioritising APP scam prevention after £480 million in customer losses in 2022, proposing new PSR rules for stricter fraud warnings and reimbursements, especially protecting vulnerable customers and small businesses
Nigel Farage is back on our front pages. The coverage is not related to Brexit or GB News, but to a niche financial crime control that few people outside the
As digital payments continue to grow in popularity, the threat of fraudulent activity also rises. With UK Finance revealing that people in the UK lost £1.2bn to fraud in 2022,
The UK and EU are leveraging advanced analytics solutions to address emerging money laundering and terrorism financing risks and strengthen anti-money laundering efforts, but supervisors are concerned about the payment
FinCrime Dynamics have been awarded UK government funding to develop a consortium for the advancement of Trustworthy AI in the fight against financial crime. The initiative forms part of the UK
The ComplyAdvantage State of Compliance 2023 series brings together industry experts from across the financial services sector for a hands-on look at key financial crime themes, complex compliance challenges, and
Aleksander Tsuiman, at Veriff, explains why he believes remote identity verification can help businesses keen to adopt or build their own use of cryptoassets without the common security risks associated
May 31, 2023: Lucinity, a world-leading AI Software-as-a-Service (SaaS) company, is proud to contribute to the successful conclusion of the BIS Innovation Hub Nordic Centre’s Project Aurora, a groundbreaking initiative aimed
Lucinity’s Generative AI Copilot, Luci, transforms the way financial crime prevention professionals work, reducing investigation time from hours to minutes. June 6, 2023: At Money 20/20 in Amsterdam, Lucinity, a
AutoRek’s Nick Botha discusses how the FCA is taking payments safeguarding very seriously and firms should be able to demonstrate robust governance and control frameworks to avoid unwanted consequence.
Financial institutions must collaborate and see the bigger picture to prevent fraudsters taking advantage of the fragmented payments sector.
In an ever-evolving landscape where fraudsters use increasingly sophisticated techniques, keeping your business safe is paramount. The key to successful fraud management? Proactive prevention. Dealing with fraud after it’s occurred
High levels of data and machine learning are key if financial institutions want to tackle the sophisticated nature of payment scams.
Top trends that are driving how Cardholders pay today! Download your copy now
Peter Harmston and Robert Dean at KPMG UK explore how AI can be adopted to have the biggest benefits for both business and customers.
New comprehensive library of KYC resources provides critical information for businesses navigating changing compliance guidelines Veriff, a global identity verification provider, today announced its new Know Your Customer (KYC) Education
Rowenna is sharing her story about how she (nearly) got scammed in the hope that it might help others and to assuage her “total embarrassment by doing something positive”. UK
Mastercard is set to rollout Mastercom Collaboration in early 2023, an enhanced version of its current platform that enables merchants and acquirers to settle payment disputes before it becomes a formal chargeback.
Form3, the cloud-native account-to-account platform, today announces that it is sponsoring the Payment Association’s Project Financial Crime Working Group this year, to address the challenges of tackling increasing levels
Hiding behind technology enables fraudsters to use emotive language to target their victims, so industry experts examine how can people identify the red flags.
With two-thirds of businesses struggling to combat fraud, The Payments Association examines how data, artificial intelligence and verification tools can be used to mitigate the risks
Be recognised as an industry leader at the most important payments awards – The PAY360 Awards. Nominations are now open for 2023 awards. You have until 17 February to submit your entry.
Santander is calling for more to be done to combat fraud because the PSR’s mandatory reimbursement plans for APP scam victims will be an unsustainable cost for banks and schemes.
Fraud has become the most commonly experienced crime in England and Wales, and Fintech companies are working hard to develop solutions which help to reduce the number of victims. UK-based
We are proud to announce that KYP have been accepted onto the London & Partners Mayor’s International Business Programme as one of the best FinTechs in London. The programme is
Building on its recent launch and in line with its growth plans for North America and Europe, KYP today announced the closure of its pre-seed funding round with total funds
A major report has revealed the key financial crime and anti-money laundering (AML) compliance challenges facing financial services firms in 2022. Produced by leading governance, risk, and compliance consulting firm fscom, the
The PSR is seeking views on proposals to increase the protections against APP scams, create quicker and mandatory reimbursements and put greater pressure on banks and building societies to tackle APP fraud. The Payments Association will be responding.
The all-new “watchlist” functionality sends alerts and helps to identify possible risks with VASPs for banks and FIs. The Crystal team is introducing new functionality in BETA that allows for
The Payments Association asked Kate Fitzgerald, head of policy at the Payment Systems Regulator, about her work and what she will be discussing at the Financial Crime 360 conference.
In the coming months, Project Financial Crime members expect criminals to become quicker at exploiting the government’s cost of living schemes to help the vulnerable.
LONDON, September 7th – BaaS (Banking as a Service) fintech firm Griffin announces the launch of Verify, a customer onboarding product. Verify will help regulated fintechs onboard customers at scale
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