NICE Actimize Blog:
Fighting Financial Crime

Future Trends and Threats Across Fraud and AML

The past 12 months have been marked by profound change and rapid digitization, a trajectory that is likely to continue over the next few years. Digital is now the name of the game; creating new realities for organizations to adapt to and presenting opportunities for criminals to exploit.

The Future of Compliance

The effects of COVID-19 will be felt for the next few years and will continue to ripple out into the world of financial crime and compliance. In my opinion, this will result in a seismic shift in how compliance programs are governed, staffed and what technology is employed to ensure efficacy.

The New Baseline for Financial Crime

Financial services organizations (FSOs) must continually evolve to protect against the growing sophistication of financial crime. Traditionally, FSOs used solutions that were rule-based to fight financial crime threats. But using rule-based models alone are no longer sufficient. That’s because there are three main problems with rules:

The Digital Underground and Dark Web – A Treasure Trove of Actionable Intelligence

The Dark Web is home to many of the fraudsters and cybercriminals targeting financial institutions. It provides a safe haven for criminal activity, a platform for storing and exchanging compromised data, and a means of communication and collaboration. But this activity extends far beyond the Dark Web.

How to Build a Holistic Authentication Management Strategy

As financial Institutions (FIs) respond to the changing interaction and transaction behaviors of the new normal and prepare for a post-pandemic future, the context of the user experience (UX) is being reshaped. Face-to-face interactions have been replaced by digital ones, and FIs are revving up their digitization efforts to deliver more secure customer journeys amidst a broadening fraud landscape.

Canadian Payments Modernisation: What FIs Can Do to Counter Fraud Threats

What are the likely implications of Real Time Rail (RTR)? The Real Time Rail (RTR) is a significant development for Canada’s payment systems, and I think some may be surprised at how real time payments take off once this approach is in place. The UK experience shows, as does Zelle in the US, that there is often a large increase in the usage of a real time payments once the capability is live. This is not only in the early stages, but even in a mature infrastructure, as new use cases come about, along with migration from cash and cheques, and cannibalisation of existing batch payments and those of an RTGS.

Connecting Your Organization to Drive Cost Transformation

The release of the FinCEN files in 2020 is going to leave its mark on the financial services industry and our financial crimes programs for some time to come. The exposé showcased to the world that our current financial system continues to be vulnerable to bad actors that move illicit funds all over the globe.

Canadian Payments Modernisation: Taking on New Fraud Threats

Real time payments systems and schemes, often based on ISO20022, are proliferating across the globe. Canada is now joining this group of countries, with an ambitious modernisation plan across its payments systems that is beginning gain traction. This movement will bring in real time payments for the mass market, as well as improve clearing and settlement across batch payments and large value real time payments between banks.

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