NICE Actimize Blog

Fighting Financial Crime

AML Predictions–What Lies Ahead for the Compliance Industry in 2023?

2022 was a year of change that took the financial crime and compliance industry on a roller coaster ride. The U.K. pushed through the Economic Crime Act at lightspeed, and the sanctions landscape changed overnight with the Ukraine and Russia conflict. There was political uncertainty both in the U.K, with the constant Prime Minister changes, and in the U.S. thanks to midterm elections. Potential leadership changes could have significantly impacted the focus and direction of financial crime. But safe to say, we made it to the end of this tumultuous year with our strategic direction intact.

Fighting Fraud Faster: Responding to a Growing Challenge

Rampant inflation, unprecedented energy bills, rising interest rates, and now, at least in some markets like the U.K., rising taxes—to say that many businesses and individuals are feeling the squeeze is an understatement. Many developed economies are either in a recession, or on the brink of it, and the ongoing geopolitical tensions only add to the uncertainty.

Five Things Compliance and Fraud Professionals Need to Know about Crime in Crypto

As the blockchain industry matures, cryptocurrencies are becoming a legitimate asset class that’s getting the attention of traditional financial institutions (FIs) that want to become part of this new economy and expand their revenue streams.

Buy or Build? Choose the Strategy that Elevates Risk Management, not Undermines it

Buy vs. build debates have reignited as financial crime becomes more complex. So which approach is best? The biggest drivers to determine if you should buy or build a case management system for your financial institution (FI) actually comes down to three questions

2023 Outlook: Fresh Fraud Trends Emerge to Exploit Your Mid-Sized and SMB Bank

Is your newsfeed oversaturated with fraud stories lately? This year was a frenzy of fraud with bold criminals who aggressively construct a risk landscape reflective of the technology-forward mindset of today.

The Authorized Fraudulent Transaction Dilemma

Zelle, a network designed to compete with Peer-to-Peer (P2P) fintechs such as Venmo, is owned by six of the seven banks represented at Senate Banking Committee hearing on Sept 22, 2022. Two statements warned against going too far with Regulation E expansion: one from Sen. Elizabeth Warren called the network “unsafe”, claiming Zelle users were defrauded out of $500 million last year. The second came from Jamie Dimon, JPMorgan Chase CEO’s who stated that “Anything that’s unauthorized, we do cover. But consumer-authorized transactions made to fraudsters are another matter.” .

Payment Systems Regulator (PSR) Responds to Increasing APP Fraud with Mandatory Reimbursement Proposal for Fraud Victims

In the U.K. last year, authorised push payments (APP) fraud reached £583 million ($706 million), a 39% increase from 2020.

ACH and Holiday Fraud: Don’t Give Fraudsters an Unexpected Gift

This holiday season, you jolly well better be prepared for more fraud.

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