Financial Crime 360 – 19th November 2024

Opening Remarks

Tony Craddock, Director General, The Payments Association

Opening Address

Tijs Broeke, Chairman, Police Authority Board

Future of Payments and Fraud

The traditional four-party model no longer looks as it did back in 2005. Whilst this evolution continues to improve the customer experience, it also results in a much larger attack surface for criminals to exploit. Criminals are uniting like never before in the dark web and taking more brazen steps than ever to perpetrate fraud. Fraudsters are using audio, text, images, chatbots, video, code, and Generative AI to make their way to consumers’ money. As payment rails shift from cards to account, let’s take a look at Visa’s winning battle against fraudsters.

Natalie Kelly, Chief Risk Officer, VISA

APP Reimbursement Review: Are the new regulations fit for purpose?

• What have been the immediate effects of the new regulations on the level and scale of fraud and participants of the payments’ ecosystem?
• What are the unintended consequences of the policy implementation? Are we preventing payments by putting up too many barriers?
• What is the role of social media and big tech in preventing fraud? How do we target the source of fraud? How do we improve detection and prevention across the market?
• What are the mechanisms in place for high-risk and financially excluded or vulnerable customers?
• What is likely to happen over the next 12 months?

Tony Craddock, Director General, The Payments Association (moderator)

David Geale, Managing Director, PSR

Roseanne Spagnuolo, Chief Content Officer, VIXIO

Alison Webdale, Chief Compliance Officer, Santander UK

Virraj Jatania, CEO, Pockit

The AI revolution: redefining risk detection to face new and emerging threats

·       What challenges do financial institutions face in detecting and preventing AI-driven fraud?

·       Are current regulatory frameworks effectively addressing AI-related criminal activities?

·       How effective are advanced AI tools and technologies, like predictive analytics and real-time monitoring systems, in detecting and preventing economic crimes?

Jane Jee, Working Group Lead- Financial Crime, The Payments Association (Moderator)

Philipp Pointner, Chief of Digital Identity, Jumio

Rebecca Marriott, Chief Risk Officer, Tide

Dr Nicholas Gilmour, Author, The War on Dirty Money

KEYNOTE PANEL: Staying ahead of the curve: Building a collaborative ecosystem to combat financial crime.

·       Data collaboration: Is enough data being shared? Where are the current gaps?

·       Sharing insight: How should the industry keep on top of reporting vital information?

·       A holistic strategy: Are there collaborative strategic approaches which can be applied to address the latest threats?

·       Economic Crime Plan: As an industry, are we still on track for the final year of implementation and, what have we learnt to date?

Helen Fairfax-Wall, Chief Policy and Communications Officer, Stop Scams UK (Moderator)

Chris Oakley, Head of Fraud, Form3

Daniel Holmes, Subject Matter Expert – Fraud, Feedzai

Adrian Searle, Director, NECC

Rakhee Modha, Data Director for Financial Crime, Starling Bank

Philip Milton, Head of Economic Public Policy, META

Track A – The Regulation Helpdesk

Track B – The Protected Consumer 

Track Chair: Thara Brooks, Working Group Member, The Payments Association

Track C – Beyond the Algorithm    

Track Chair:  Matt Clare, Working Group Member, The Payments Association

Beyond the AML checklist: A guide to future-proofing your AML systems.

·       What are the biggest factors you need to take into consideration when building a sustainable risk management system?

·       How are firms interpreting and implementing perpetual AML controls?

·       How do you leverage available technologies to be cost-effective and have sufficient controls?

·       How can data and AI be used effectively to speed up the process of detection?

Oonagh Van Den Berg, Global Head of Product, Napier AI

Nicola Poole, Head of 1^st Line Financial Crime, Barclays

Beyond the horizons of traditional fraud and risk mitigation: What’s next?

·       What are the emerging patterns in APP scams?

·       How can a bank take the next step in intelligent decision-making and foster collaboration to combat APP scams and mule accounts?

·       Can banks achieve effective human, data and artificial intelligence correlation without compromising operational efficiency?

Cleber Martins, Head of Payments Intelligence and Risk Services, ACI Worldwide

Navigating sanctions in a faster payments world.

In this fireside chat, the Head of Risk & Compliance from PagoNxt, a payment services provider, and Lynx Tech, a fraud and financial crime prevention solution provider, will discuss the evolving challenges that financial services firms face in keeping up with constantly changing sanctions in the fast-paced world of payments. They will showcase innovative solutions that are addressing long-standing industry challenges, including issues with common names, staying up to date with frequent list updates, and inflexible systems. 

Lucy King, Global Alliances Director, Lynx

Oliver Achkar, Subject Matter Expert in AML, Lynx

Caroline Kennedy, Head of Financial Crime and Compliance, PagoNxt

PANEL SESSION: Managing the regulation price tag.

·       How do you ensure scalability of systems & controls with the shrinking business budget?

·       How do you create a sustainable business roadmap in an uncertain regulatory climate?

·       How will smaller businesses cope with the rising cost of compliance?

Lisa Lee Lewis, Working Group Member, The Payments Association (moderator)

Tom Townson, Partner and Head of Financial Crime, Grant Thornton LLP

Pallavi Kapale, Senior Financial Crime Officer (2LOD) – Financial Intelligence Unit (FIU), Bank of China

Dominic Cashman, Director of Authorisations, FCA

John Gidla, Head of Content, Payments Compliance, VIXIO

Fireside Chat: From manipulation to empowerment: communicating effective fraud prevention to the customer.

·       Which communication channels have seen the best results in conveying safeguarding information to the customer?

·       Is your communication plan fully inclusive to your customer base?

·       What should be done to increase consumer awareness of scams, their responsibilities and prevent abuse of the system?

Jane Jee, Working Group Lead, The Payments Association (moderator)

George Robinson, Head of Government Affairs, Three

Daniel Ager, Telecommunications Lead, Home Office UK – Fraud Policy Unit

PANEL SESSION: AI – the double-edged sword

·       How is AI driving fraud strategy in the financial services industry?

·       What are the vulnerabilities in AI systems that make them susceptible to manipulation?

·       How will deep fakes and bot attacks continue to affect the industry looking forward?

Matt Clare, Working Group Member, The Payments Association (moderator)

Rich Bromley, Director, Head of Fraud & Disputes Risk, Monzo

Marc Corbalan, VP Vice President, RTP Analytics, A2A Risk Solutions, VISA

Nico Barawid, Co-founder, Tunic Pay

Kevin Penter, Director- Financial Crime, Barclays

Minding the Gap: Unpacking APP Fraud

·       How have the new rule updates to APP fraud affected customers, businesses and banks?

·       How can businesses protect themselves against APP fraud?

·       What have we learned, what do we know, and what do we do about it?

Monica Eaton, CEO, Chargebacks911

PANEL SESSION: Beyond a one-size-fits-all approach for KYX.

·       How has enhanced AI technology optimised customer onboarding and fraud detection?

·       Which sectors, business or customers are still affected by AI bias and therefore continue to require a human in the loop?

·       Does the increased reliance on automated KYX hinder the goal of being financially inclusive?

·       What impact does consumer duty regulation have on AML compliance? How does this affect the speed of the financial crime prevention process?

Thara Brooks, Working Group Member, The Payments Association (Moderator)

Iain Armstrong, Regulatory Affairs Practice Lead, ComplyAdvantage

Hugo Veazey, Financial Crime Subject Matter Expert, NICE Actimize

Joanne Dewar, Project Lead, Project Nemo

Leon Ifayemi, Directors of Coalitions, CFIT

Kartik Nagarajan, Head of KYX Product, Tide

Spotlight: Disrupting scam payments: Flipping the script on pig butchering and investment scam fraudsters

·       Fighting AI with AI to extract critical intelligence and disrupt criminal networks targeting your consumers

·       Unprecedented scale of attacks means increased exposure, how you can protect your organization from changing APP regulation

·       The 1’s and 0’s of fraud intelligence – starting your risk model with near-zero false positives

Robert Duncan, VP, Product Strategy, Netcraft

The macro check: staying ahead of sanctions in a dynamic world.

·       What are the main priorities in the UK sanctions regime for the financial services sector?

·       How have the UK’s sanctions against Russia affected the payments landscape? How does this align with other sanctions’ regimes?

·       The ownership and control test: do we need a clearer framework to balance compliance with legitimate business activity?

·       How can businesses understand the parameters of your sanctions screening systems? How can this be tested?

Vera Akiotu, Director of Financial Crime Compliance Proposition, Dow Jones Risk & Compliance

1440: SPOTLIGHT: Gen AI & Identity: the good, the bad, the ugly

Russ will cover the latest trends, risks and innovations Gen AI has brought to the identity sector and will provide you with insight and guidance on how to manage these risks.

Russ Cohn, SVP Go To Market Global, IDverse

1450: SPOTLIGHT: Tackling Authorised Push Payment Fraud – Lessons from the Contingent Reimbursement Model Code

From 2019 to 2024, over 90% of UK Authorised Push Payment (APP) fraud cases were covered by the Contingent Reimbursement Model Code (CRM Code), overseen by the Lending Standards Board. The CRM Code more-than trebled reimbursement rates for victims and slashed the average amount lost to fraudsters in every case. Crucially, the Code required firms to take action to prevent and detect APP fraud. Following the wind down of the Code in October 2024 – after the Payment Systems Regulator introduced new statutory reimbursement requirements – the LSB outlines what firms and others can learn from the Code’s successes.

Emma Lovell, CEO, The Lending Standards Board

PANEL SESSION: Privacy vs. security – The responsible use of customer data.

·       How is profile or transactional data used to inform fraud decision-making in financial services?

·       What are the risks of using natural person identifiers?

·       What data is necessary to create a realistic profile of the customer without breaching their privacy or GDPR? What are the main touchpoints for consumer duty checks?

·       How can you leverage data and analytics successfully to ensure that legitimate customers are unaffected?

Nicole Bossieux, Founder, F4C (moderator)

Rahul Das, Director of Payments, Livescore

Helena Wood, Director of Policy, CIFAS

PANEL SESSION: Beyond Frictionless: building secure and streamlined customer journeys.

·       How much is the customer willing to sacrifice when it comes to their security vs ease of transaction?

·       What are the fundamental fraud controls you need to implement regardless of their ideal needs?

·       What are the latest technologies which bring your customer and safeguarding needs closer together?

Jessica Cath, Working Group Member, The Payments Association (moderator)

James O’Sullivan, CEO, Nuke from Orbit

Michael Jacobs, Chief Compliance Officer & MLRO, eBay

Siobhain Ivers, Chief Compliance Officer, Etsy

DEBATE: Can consortium intelligence provide insight that goes beyond the risk score?

·       How do banks overcome the limitation own customers in managing fraud?

·       How can explainability add insight to the operational process to guide better customer outcomes?

·       Does a consortium intelligence model enable smaller financial institutions to protect themselves from liability risk associated with APP Fraud refunds?

John Erik Setsaas, Working Group Member, The Payments Association (moderator)

Chris Oakley, Head of Fraud, Form3

Daniel Holmes, Subject Matter Expert – Fraud, Feedzai

Oskar Wismierski, Head of Fraud Analytics & Threat Management, NatWest

Fireside chat: The role of the regulator in combatting financial crime.

• What is your approach to monitoring fraud? How does this differentiate from what Pay.Uk does?
• What are the emerging themes/trends you are seeing since the APP reimbursement scheme went live in October?
• How does the process the PSR has taken towards fraud compare to that of other jurisdictions?

Riccardo Tordera, Director of Policy and Government Relations, The Payments Association (moderator)

Oliver Hanmer, Head of Compliance, PSR

Catching the criminal: the impact of collaboration with the DCPCU.

·       How can data be used effectively to speed up the process of locating your criminal?

·       Why is building strong relationships with other parts of the industry important in reaching your goals?

·       Explore case studies and examples of successful collaboration.

Thara Brooks, Working Group Member, The Payments Association (Moderator)

Tony Blake, Head of Stakeholder Engagement, DCPCU

Sean Flynn, Intelligence Manager, DCPCU

Alasdair Macfarlane, Head of Fraud Technology, Controls and Industry Engagement, NatWest

SPOTLIGHT: Investigating Fraud on Telegram

Keven Hendricks, Law Enforcement

The new APP fraud rules: What they mean for consumers, fraudsters and the UK

• Understand the ease with which unscrupulous characters could take advantage of the new PSR regulations on APP fraud
• Get the latest insight from recent research carried out with industry, victims and criminals themselves on the impact this can have on the flow of payments
• Hear about the mechanisms through which loan fraud can be committed and how this can be exploited in line with the new regulations – what is the solution?

Andrew Churchill, Working Group Member, The Payments Association

Hugo Remi, CEO, Cardaq

Dr Nicola Harding, CEO, We Fight Fraud

Case study: The heart of the matter: incorporating human psychology into your long-term scam prevention strategy.

• What is the true impact of a long-term scam on a victim?
• How do you effectively educate consumers? What are the red flags that consumers need to look out for?
• To what extent can a business ask a customer to make a more informed decision?

Siddharth Venkataramakrishnan, Financial Journalist (moderator)

Ronya Naim, MLRO & Head of Financial Crime, ClearBank

Anna Rowe, Co-Founder, LoveSaid and, Founder, Catch the Catfish

Spotlight: The enemy within: Implementing systems to prevent insider fraud

• How does a business detect suspicious activity including bribery and corruption from an insider? 
• What systems and controls can you implement to detect fraud from the source?
• What strategies are you introducing to prevent internal corruption?

Findlay Whitelaw, Researcher, Security & Risk Practitioner & Consultant, Crowe LLP UK

AnnMarie Doyle, Director – Risk and Compliance, Microsoft

Gareth Dothie, Interim Head of Fraud Operations, City of London Police