Fighting Human Trafficking With Fraud And AML Detection Systems

Wes Wilhelm, Lead Fraud Subject Matter Expert, Risk & Fraud Management

Banks are uniquely positioned to help end human trafficking if they search for the right transaction patterns

What portions of the multi-billions of dollars that are channeled through a range of bank card products are linked to human trafficking transactions? While we aren’t really sure of the answer, there is one thing of which we are certain. And that is financial institutions should focus their anti-money laundering and fraud detection systems on transaction patterns that indicate human trafficking activity if we are going ever going to help eradicate the problem.

Financial institutions are in a privileged position in a market economy. With that privilege, just like the responsibility to prevent money laundering, fraud, and terrorist financing, comes the responsibility to help combat human trafficking. The combination of prototypical AML and fraud detection rules will work to do this. It is encouraging, and strikingly convenient, that the systems designed to detect money laundering and fraud can easily be refocused to detect human trafficking. Read the rest of Wes’ blog post on Bank Systems & Technology.

Looking Forward: Top 8 Fraud Trends for 2020

December 18th, 2019
Rob Tharle, Fraud & Authentication Subject Matter Expert, NICE Actimize EMEA

Fed Fraud Definitions WG: An Important First Step Towards Collaborative Fraud Fighting

September 27th, 2019
Rob Tharle, Fraud & Authentication Subject Matter Expert, NICE Actimize EMEA
Speak to an Expert


We use cookies to ensure that we give you the best experience on this website. If you continue without changing your settings, we’ll assume that you are happy to receive all on the NICE website. However, if you would like, you can change your cookie settings at any time. To find out more about how we use this information, see ourPrivacy Policy.