Over the past two decades, economic downturns – most notably the Great Recession from 2007-9 – have foreshadowed a rise in financial crime. Against this backdrop, the threat of synthetic identity fraud has become a growing issue, with Forbes projecting […]
Cash-intensive facilities that utilize complex transaction chains often attract criminals looking to launder illicitly obtained funds. Casinos fall into this category, offering gamblers anonymity and the ability to transact large amounts of money at a rapid scale. While the market […]
When it comes to the rapid expansion of financial technology (fintech), Asia-Pacific (APAC) is leading the way. As economic integration and private sector innovation increase, many countries throughout the region are experiencing growth and regulatory reform across various verticals of […]
Would a greater focus on predicate offenses make the fight against money laundering more effective? Until recently, the focus for many financial institutions (FIs) has been on detecting money laundering and retrieving the proceeds of crime. And given that the […]
What’s Happened? On March 16th, the Financial Conduct Authority (FCA) issued a “Dear CEO” letter to payments firms authorized or registered under the Payment Services Regulations 2017, and Electronic Money Regulations 2011. In it, Matthew Long, the FCA’s Director of […]
In the US alone, it is estimated that losses related to account takeover fraud (ATO) amounted to $11bn in 2021, representing a 90 percent increase from 2020. In our 2023 global compliance survey, 39 percent of respondents said the type […]
According to the Organisation for Economic Co-operation and Development (OECD), money laundering through real estate is one of the oldest known ways to move and hide illicit funds. Often viewed as a popular means to “wash” funds because large amounts […]
Before entering into a relationship with a new customer, financial institutions must establish what level of due diligence to perform. This decision will be determined by a number of factors that, combined, provide a customer risk score, highlighting whether they […]
Chargeback fraud occurs when a customer submits a transaction dispute with their payment provider for illegitimate – even dishonest – reasons. The consequences of fraudulent chargebacks can include unnecessary costs to firms, as well as enabling certain forms of illicit […]
The Automated Clearing House (ACH) network is a way of transferring money from one bank account to another. Supporting both credit and debit transfers, payments and withdrawals are sent to the clearing house where they await authorization before arriving at […]
E-commerce has become indispensable to retail frameworks around the world, providing customers and businesses with a flexible shopping experience that can save both time and money. However, high return rates are becoming an increasing challenge, creating additional costs and complexities […]
EN