AI is set to advance every aspect of our society. But, with great power comes great responsibility. AI is an imperfect technology that has the potential to cause both intentional and unintentional harm. As we implement AI into our monitoring and surveillance systems, we must understand the ethical challenges that can arise with the technology, as well as how to ensure its proper usage and outcomes.
December 12th, 2023
Payments innovation and big regulatory recommendations marked 2023, and fraudsters are changing tactics and leveraging technology to test for weaknesses in fraud controls. This year’s fraud predictions for Enterprise Fraud Management follow three core themes: Uniting to overcome industry obstacles Growing concern about scam growth and losses Focusing on money mule activities These factors may […]
December 5th, 2023
In the complex and dynamic world of wealth management and stockbroking, firms play a critical role in guiding individuals and families towards financial well-being. However, recent scrutiny from the Financial Conduct Authority (FCA) has brought forth significant challenges, demanding an unwavering commitment on consumer protection, financial crime prevention, and fair pricing.
November 28th, 2023
Embarking on #ACAMSAssembly Canada 2023, Sarah Paquet, Director and CEO of FINTRAC, delivered an inspiring keynote, urging financial crime professionals to see beyond routine and recognize their direct impact in preventing victimization. Throughout the day, meaningful conversations unfolded with our cherished customers and esteemed partners. The day concluded with an engaging Q&A, providing a glimpse into the promising future ahead.
November 23rd, 2023
Money laundering enables criminal organizations and facilitates crime—it’s a continuing threat to society. Victims of these crimes suffer physical or psychological harm, but it also has far-reaching consequences that affect thousands of people and industries, such as the severe environmental impact from illegal mining, deforestation and wildlife crime or economic impact through reduced tax revenues or bribery.
November 10th, 2023
Gaps in financial crime legislation and controls have created opportunities for criminals to hide in the void between organisations and behind corporate entities and opaque digital identities. How can we address these weaknesses?
November 3rd, 2023
Scams are nothing new to fraud strategy and banking fraud risk appetites—what’s clearly changing is the amount of consumer loss, and it is staggering. As an example, the FBI’s Internet Crimes Complaint Center (IC3) reported investment scam losses to be $3.31 billion, and investment scams were the most common type of scam reported to IC3 in 2022. Scam losses are driving changes in regulations, such as the ample amount of discussion in market on the UK PSR’s pending APP fraud liability shift for Faster Payments, as well as considerations and effected plans at payment-network levels (P2P particularly) that also affords some level of additional consumer scam protection, but those protections are not widely adopted.
November 2nd, 2023
The stage was set for AML and Fraud Leaders with innovative ideas and new perspectives to share their stories and key learnings at Money20/20. Thousands of attendees from about 3,000 companies came together to hear about the disruptions, trends, challenges, and new technology in the fintech ecosystem that are changing the industry.