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 […]
I spend a lot of time on the road talking to senior compliance experts at financial institutions worldwide. Over the last few months, one of the most common questions I’ve been asked is: ‘I think financial crime will rise this […]
As fraud typologies become more complex, it is harder for firms to ensure they have robust detection practices in place. Yet while some red flags cover many fraud types, precise detection requires a forensic approach. In a constantly evolving risk […]
The FraudClassifier Model is a collaborative system that accurately identifies fraud typologies. Its industry-validated process bases each classification on whether the payment initiator was authorized or unauthorized. From there, it guides participants through a streamlined pathway ending in a customized […]
The second Financial Action Task Force (FATF) plenary under the two-year Singapore Presidency of T. Raja Kumar took place at the FATF headquarters in Paris on February 22-24, 2023. In attendance were delegates from over 200 jurisdictions of the Global […]
Following the Financial Action Task Force’s (FATF’s) second plenary under its two-year Singapore Presidency, the global watchdog has published a new report on Money Laundering and Terrorist Financing in the Art and Antiquities Market. The report aims to increase awareness […]
Our 2023 global compliance survey asked 800 C-suite and senior compliance decision-makers across North America, Europe, and Asia Pacific if they regularly consider the risk of and/or choose to incur anti-money laundering (AML) fines and violations with respect to their […]
To deliver an effective, compliant fraud and anti-money laundering (AML) program, many firms decide to partner with a regulatory technology (RegTech) vendor. The vendor evaluation process often focuses on factors like the scope and quality of their data, ease of […]
The shifting typologies financial crime compliance professionals seek to identify, monitor, and report on reflect the volatility of the wider economic landscape. But in addition to commonly known and understood risks, such as money mules, a host of typologies are emerging that firms need to understand and assess for 2023.
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