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Financial Crime, Payment Fraud and the Role of Digital Identity

The primary research for this paper draws on the support of key industry stakeholders and subject matter experts including our Project Financial Crime team and the broader Payments Association membership. In this paper, we provide an overview of the current landscape, emerging threats and insights into how fraud controls can be improved.

Criminals understand how they can profit from financial crime and commit payment fraud as evidenced by the escalating number of attacks and levels of losses incurred. I find it worrying how they are now working more closely together, in effect creating a crime marketplace and been quick at adopting the latest technologies. Promisingly, our research highlights some initiatives that are making a real difference and also suggests ways for the industry to collaborate to a greater extent.

As part of the research, these topics were discussed in an Payments Association Projects webinar with a distinguished panel of expert speakers: Professor Michael Levi from Cardiff University, Alison McDowell representing the Department for Digital, Culture, Media and Sport, Caitlin Sinclair from Refinitiv and Western Union’s Alex Beavan.

I’d like to give a big “thank you” to Refinitiv for supporting the research and to Payments Association Ambassador Mark McMurtrie who conducted the interviews and authored the report.

JANE JEE
Leader, Payments Association’s Project Financial Crime
Chair, Kompli-Global Limited