Knowledge & Training

Credit card fraud is one of the most common types of identity fraud. Its prevalence rose significantly during the coronavirus pandemic, with fraudulent credit card applications up 17 percent in the first month of the pandemic alone. And this has […]

While embezzlement and money laundering are both financial offenses that often involve the movement of large sums of money, the terms are far from interchangeable. According to the United Nations Office on Drugs and Crime (UNODC), between two and five […]

When financial institutions exchange payments, they must also exchange essential data associated with them – for example, the payment amount, currency, sender and receiver, intermediary institution details, and other important information. This information needs to be structured to be usable […]

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 […]

Following February’s plenary, the Financial Action Task Force (FATF) issued two new reports related to countering ransomware financing. One report analyzes the methods cybercriminals use to carry out attacks and the techniques they use to launder ransom payments, while the […]

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. As fraud and scams continue to evolve, it is critical for compliance teams to […]

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 […]