The Financial Crime 360 survey reveals how the industry is tackling evolving threats like AI-driven fraud, emphasising the need for collaboration, innovation, and updated regulations to effectively combat financial crime in 2024.
PostFinance improved dispute management and fraud prevention with Rivero’s Amiko solution, boosting efficiency by 500% and enhancing customer experience.
As mobile wallets rise, so do fraud risks—this BPC guide highlights top threats and essential strategies to protect your digital transactions.
The PAY360 State of the Industry 2024 survey reveals key trends, challenges, and opportunities in the payments sector, emphasising the need for technological investment, enhanced security, and regulatory adaptation.
Entersekt has been recognised as a leading vendor and the highest-rated authentication-focused vendor in the July 2024 Liminal Link Index for Account Takeover (ATO) Prevention in Banking report.
The PSR’s July 2024 report on APP scams highlights growing fraud sophistication and the challenges for financial institutions, stressing the need for improved regulations and consumer protection.
From 7 October 2024, UK financial institutions must reimburse APP fraud victims. FinCrime Dynamics’ SaaS service helps banks identify vulnerabilities, quantify losses, and improve fraud defences.
The rise in online payment fraud has led nearly 98% of industry leaders to enhance security with identity verification and facial biometrics.
A deep dive into the Financial Crime 360 survey, highlighting key challenges, prevalent fraud types, and strategic responses across various financial sectors
APP fraud is surging, with UK Finance reporting £42.6 million lost in early 2023, prompting calls for stronger consumer protections.
Key findings from Cifas highlights the rising threat of identity fraud and the need for advanced, collaborative solutions.
The new APP fraud reimbursement policy mandates up to £415,000 per claim from October 2024, raising industry concerns over its implementation and impact on smaller fintech firms.
Payment businesses must leverage AI technologies to combat increasingly sophisticated fraud networks and protect digital transactions.
Adopting ISO 20022 is essential for modernising cross-border payments, enhancing fraud prevention, and ensuring seamless interoperability and efficiency in international financial transactions.
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.
Tony Sales, a former fraudster turned fraud prevention specialist and co-founder of WeFightFraud, shares his perspective on effective strategies and technologies businesses can use to protect against evolving threats.
Exploring the transformative impact of social commerce on consumer behaviour and the lurking risks of online scams.
Exploring Australia’s comprehensive strategy to tackle payment fraud and enhance security across the national payments system.
AI’s data analysis superpowers are revolutionising financial crime prevention, spotting fraud patterns in real-time, even for small transactions, but good data and industry collaboration are key.
From 7 October this year, all consumers who are victims of automated push payment (APP) fraud paid via faster payments must be reimbursed within 5 business days, with the cost split equally between the paying and receiving payment service providers (PSPs)
In 2023, the UK government committed £100 million and 400 new fraud officers to reduce fraud by 10% by 2025, amid increasing social media and deepfake scams, according to IDnow’s UK Fraud Awareness Report.
The 2024 assessment reveals evolving financial crime trends, including AI fraud and social media exploitation, providing crucial insights for payment firms to fortify consumer trust and operational security.
ComplyAdvantage acquires Golden to enhance its AI-driven financial crime risk management solutions with advanced data integration capabilities
As real-time payment adoption grows, 50% of European firms are already involved, with another 42% planning to join, highlighting the balance of challenges and benefits in managing financial crime.
The Payment Systems Regulator (PSR) has set 7 October 2024 to implement the new mandatory reimbursement rules for victims of authorised push payment (APP) fraud. Why it matters The proposed
AI has been a hot topic in the financial services sector for some time and the topic keeps gathering momentum. It is clear, AI has many potential use cases, such as: helping firms scale up their business; making better informed strategic business decisions; and supporting the efficient and effective delivery of regulatory compliance to name just a few potential use cases.
Exploring how to combat AI-powered identity fraud without reverting to outdated physical verification methods, amidst a rising tide of sophisticated fake ID creation tools
Recent findings by PwC reveal that in the past two years, over half of all businesses have faced incidents of fraud, corruption, and other economic crimes. Additionally, 49% of CEOs
In the first half of 2023, UK Finance reported authorised push payment (APP) fraud losses amounting to £293.3 million, with the total number of APP cases increasing by 22%. The nature of authorised push payment (APP) fraud was harrowing – victims were willingly initiating and authorising payments into controlled accounts, often driven by criminal manipulation or misinformation.
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,
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