LibraryreportsThe Paypers' Financial Crime and Fraud Report 2021 feat. Veriff

The Paypers' Financial Crime and Fraud Report 2021 feat. Veriff

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!

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Patrick Johnson
May 26, 2021
Fraud Prevention

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:

  • Technological solutions and best practices used to deal with fraud detection and prevention - Experts, including Veriff's own Janer Gorohhov, explain the role identity verification solutions play when it comes to decreasing fraud rates around the world, how a Pan-European collaboration may help to combat payment fraud, and what are some ways to tackle criminal activity in the new banking landscape.
  • The growing need for a digital identity layer/standard to boost KYC practices and the impact of COVID-19 on the digital onboarding process - Report participants delve into what is currently happening in the digital onboarding process (for end consumers and corporations), highlighting the best practices and the biggest challenges of the moment, with advice on what technologies to adopt to help banks/FIs improve their digital onboarding and KYC processes.
  • The importance of teams’ collaboration (fraud prevention, cybersecurity, compliance) and a blend of people, technology, data, reporting to build successful AML compliance programs - Many institutions are now considering, experimenting with, and implementing artificial intelligence and machine learning-based solutions. Experts in the field highlight the positives of using next-gen technologies for financial institutions and other regulated firms to meet their anti-money laundering (AML) commitments. Moreover, there's information about the evolution of compliance (including the EU’s AMLD6 and the US’ Anti-Money Laundering Act (AMLA), the regtech solutions, and identity proofing technologies.
  • Who is who in fraud and financial crime prevention – the Financial Crime and Fraud Report 2021 Infographic - COVID-19 and the latest revelations from the FinCEN files have fuelled an increased interest in the efficiency that regtech companies bring to financial institutions. There's an added explanatory infographic that includes solution providers that are part of the digital onboarding (KYC), fighting financial crime (AML/CTF), and fraud (payments/accounts fraud) ecosystem.

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!