Explore the findings of the Financial Crime 360 survey, focusing on the challenges, prevalent fraud types, and strategic responses across various sectors.
The Financial Crime 360 State of the Industry Survey 2024, which involved participants from 32 countries, provides insights into the payments industry. Key findings reveal that fraud remains the foremost concern, with identity fraud being the most common type encountered.
These key findings underscore the critical need for advanced technologies, regulatory compliance, and comprehensive strategies to effectively combat financial crime and safeguard the financial ecosystem.
“This working group gives professionals with the passion and enthusiasm to reduce financial crime the opportunity to network with, share expertise and learn from like-minded people and invited external guests. We produce thought leader guides on crucial financial crime topics for members and influencers in the sector. A fantastic opportunity to help determine policies to defeat criminals who increasingly use technology to conceal their activities. We aim to ensure the good guys keep one step ahead.”
The payment services providers (PSPs) community is on the brink of significant regulatory changes due in October 2024, as the Payment Systems Regulator (PSR) enforces new rules under the authorised push payment (APP) fraud reimbursement policy. This policy aims to combat the escalating issue of APP fraud, where victims are tricked into authorising payments to criminals. According to UK Finance, Britons lost approximately £459.7 million to APP fraud in 2023, highlighting the urgent need for robust protective measures.
With the APP fraud reimbursement policy’s critical deadlines rapidly approaching, PSPSs must take immediate and strategic actions to ensure compliance and readiness.
An article recently published in Payments Intelligence outlines the 10 steps companies must take to comply with the new APP fraud reimbursement policy in October.
The Financial Crime Working Group supported TPA’s lobbying campaign to highlight the systemic issue of fraud, particularly APP fraud, in the U.K. This also included championing members’ concerns around the development of a new reimbursement framework, as set out by the PSR.
AI (artificial intelligence) is the simulation of human intelligence processes by machines or computer systems.
The adoption of Artificial Intelligence (AI) divide’s opinion and serves to remind us that humans’ use of technology is not always a force for good. AI has the potential to transform our lives and will ultimately underpin our access to services. It is a disruptive technology which will increase the impact and speed of change. AI deployment clearly comes with risks. The issue facing us all is how to develop new and amend existing policies, processes, and customer journeys to mitigate those risks and then enforce the regulation we create.
The Financial Crime Working Group launched their content programme exploring the role of data sharing in preventing financial crime. The programme included a whitepaper, podcast and webinar exploring the barriers to data sharing in the UK, related legislation and best practice for data sharing arrangements from around the globe.
The Financial Crime working group published a whitepaper explaining the processes of identification and authentication, presenting an overview of the technologies and suppliers that can help businesses know who their customers under the threat of criminal activity such as money laundering, financing terrorism and fraud.
Chryssi Chorafa, CEO and Founder of Starlix and Francisco Mainez, Financial Crime Lead at Lucinity, join Nick Fleetwood, Head of Data Services at Form3 to reflect on findings from The Payments Association’s report ‘Data Sharing to Prevent Economic Crime’. Thanks to Form3, benefactor to TPA’s Financial Crime Working Group.
Please fill out the form to indicate your interest in receiving more information about The Payments Association’s Financial Crime Working Group. A member of our Project Team will be in touch with you shortly.
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