Last month, our CPO, Janer Gorohhov contributed to the Financial Crime and Fraud Report 2021 produced by The Paypers. The report covers the development of best practices and the tools used by financial institutions to prevent fraud from happening, and boost the digital onboarding process for their customers while fighting financial crime. Download it today!
Patrick Johnson, May 26th, 2021
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The Paypers' Financial Crime and Fraud Report 2021 follows the development of the best practices and tools used by financial institutions to prevent fraud from happening, to boost the digital onboarding process for their customers while fighting financial crime
Structured in three comprehensive chapters, Financial Crime and Fraud Report 2021 shares how digitalisation and the current global pandemic have caused an increase in fraudulent activities (e.g. synthetic identities, social engineering, stimulus fraud, etc.), and the significant role identity verification technologies play in decreasing fraud rates around the world. Moreover, having a digital identity standard enables financial institutions and regulated entities to onboard customers quicker, while reducing costs and paperwork.
Getting customers on board quickly and efficiently is the first step in the lifecycle of the engagement. Developments in fintech and regtech allow financial organisations to bring together datasets, build ecosystems, and leverage APIs to determine customer behaviour or to create accurate reporting that support transaction monitoring, KYC, and AML processes.
2020 brought regulatory changes such as the EU’s AMLD6 and the US’ Anti-Money Laundering Act (AMLA) that provide much-needed alignment across countries and regions, closing the loopholes for money laundering networks to process funds via digital transaction channels. All in all, risk and compliance issues can become prominent during stressed socioeconomic times. However, by embedding analytics, AI, and other technologies into their operations, products, and services, regulated industries manage to prevent fraud, while mitigating risks.
To enable banks and financial institutions to better understand their customers, their financial dealings, the risk associated with them, and their needs in the digital space, The Paypers Financial Crime and Fraud Report 2021’s contributors offer their opinions regarding the following aspects:
Along with the editorials, the report displays a second part that includes a comprehensive section of company profiles with details regarding the key player’s core solutions, their business partners, technology, and many others.
Download the report today!