In an era marked by technological advancements and increasing cyber threats, financial institutions (FIs) play a critical role in safeguarding their customers and the integrity of the financial system from fraud and money laundering. The forthcoming implementation of the UK fraud liability shift marks a significant step towards making FIs more accountable for fraud and bolstering fraud prevention measures. We will explore the implications of this shift from the FI’s perspective, highlighting the opportunities and challenges it presents in the battle against fraud.
We like to think that we know our neighbors fairly well; we wave to them as we leave for work, maybe exchange a few pleasantries while getting the mail or watching the kids playing outside. Maybe we’ve even invited them over for a BBQ or a to watch the game.
Financial crime programs must continually adapt to the changing regulatory and threat landscape. This makes the refinement of the tools and processes crucial to meeting new regulatory requirements and thwarting emerging threats.
What measures should firms have in place to counter money laundering in 2023? Regulation Asia and NICE Actimize jointly hosted a roundtable discussion at the InterContinental Sydney, bringing together about 30 practitioners from banks, asset managers and securities firms to discuss that and the capital market’s vulnerabilities to money laundering.
In the aftermath of the recent collapses of Silicon Valley Bank and Signature Bank, we have seen the emergence of new scam opportunities from fraudsters. Reports from industry are noting an increase in the registration and number of fake domains impersonating SVB or SB. In addition, these cybercriminals with fake domains are also using malware to steal account data or gain valuable information to be used in subsequent phishing attacks.
A country being added to the FATF grey list can have far-reaching ramifications. Any country being considered as a new addition to the grey list will try desperately to ensure they’re not added. Showing up on a FATF grey list can adversely impact investment into the country, overall growth, and it can affect the country’s currency—making goods and services more expensive.
In the recent blog “Payment Systems Regulator (PSR) Responds to Increasing APP Fraud with Mandatory Reimbursement Proposal for Fraud Victims”, we discussed the changes to regulation for fraud liability in the U.K. and diffusion of regulation to new countries.
In this article, we explain how machine learning techniques can help achieve complex tasks, such as tuning thousands of parameters at once, with great results.