Tachat Igityan Founder and CFO at destream
The contemporary banking system operates in a dynamic and interconnected global landscape. While this presents vast opportunities, it also introduces novel challenges to financial security. According to a report by Deloitte’s Center for Financial Services, generative AI could drive fraud losses in the United States to an estimated $40 billion by 2...
14 June 2024 /regulation /crime
Steve Bradford Senior Vice President EMEA at SailPoint
In 2021, a wave of deepfake videos started to emerge across the internet and social media. From humorous TikTok videos of Tom Cruise, to unsettling speeches from Morgan Freeman explaining synthetic reality, AI-driven deepfakes started to capture the attention of many internet users. Over the past year, as AI has bled into the mainstream, technology...
12 June 2024 /ai /crime
Adhikar Babu Product Manager at Worldpay
The use of AI in banking fraud detection is becoming more and more popular. Indeed, the statistics surrounding online fraud are alarming. Cybercrime imposes a significant cost on the global economy and reaches $600 billion annually, equivalent to 0.8% of the worldwide GDP. Besides, fraud attempts surged by 149% in the first quarter of 2021 compa...
11 June 2024 /ai /crime Artificial Intelligence and Financial Services
Helena Wood Director of Public Policy at Cifas
With a General Election announced for 4 July, now is the perfect time for a stock take on the progress made over the past decade in relation to tackling fraud. For the most part, this was a decade in which fraud felt like the Cinderella of the criminal justice system; a crime neglected by politicians and police alike while other crime types receiv...
28 May 2024 /regulation /crime Exposing Financial Crime
Clare Rowley Head of Business Operations at Global Legal Entity Identifier Foundation (GLEIF)
The global economy is wrestling with never-before-seen levels of identity-related fraud. Cybercrime costs in the United States reached an estimated 320 billion U.S. dollars as of 2023, according to Statista. Between 2017 and 2023, this figure has seen a significant increase of over 300 billion U.S. dollars. According to the latest estimates, this ...
24 May 2024 /identity /crime Digital Identity Management
Nick Green Director at Purple Patch Broking Ltd
Fraudsters are getting bolder and more sophisticated in their attacks on the financial sector. Their increasingly complex schemes are breaching institutional security and eroding the very foundation of customer trust that banks have worked so hard to build. The challenge is: There’s no silver bullet solution. Given the diversity of fraudulent activ...
23 May 2024 /retail /crime Banking
Simon Luke UK Country Manager at First AML
When you think of money laundering, you may picture an underworld of hidden criminals doing dark deeds. You may also think of the real world consequences, which can result in the exploitation of vulnerable people across the globe. Clearly, our collective goal needs to be disrupting the flow of dirty money wherever possible. With such high stakes, ...
22 May 2024 /regulation /crime Financial Services Regulation
Joris Lochy Product Manager at Intix | Co-founder at Capilever
Digital threats top the agenda for every Chief Information Officer (CIO), especially in the Financial Services industry, where the consequences of breaches can be catastrophic. As financial services increasingly rely on IT tools and systems, any digital disruption can have profound impacts not only on the institution itself but on the broader econ...
21 May 2024 /security /crime Banking Regulations
APP fraud is on the rise. According to Finextra, the total number of APP fraud cases was up 22% in 2023 compared to 2022. In fact, APP fraud is now the number one payments threat and are expected to reach $5.25 billion by 2026. In the UK, consumers lost over half a billion pounds to scams in the first half of 2023 alone. What’s more, the PSR has ...
21 May 2024 /retail /crime Banking
Nick Feast Principal Business Solutions Manager at SAS
If cracking an insurance fraud case is like assembling a jigsaw puzzle, then data points are the puzzle pieces. Insurer special investigative units (SIUs) work hard to put together the data at hand — the puzzle pieces — to see the complete picture. But just as missing crucial pieces of a puzzle can leave the picture incomplete, a lack of data can ...
16 May 2024 /ai /crime
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