KYC protocols traditionally focus on account-level verification, but examining KYC at the product level can help banks assess risk more accurately. Asking targeted questions based on product risk enables institutions to detect potential financial crimes, said Gabriella Bussien, CEO of Trapets.
In this episode of Information Security Media Group's new monthly series, "Insights APAC," ISMG editors discuss the top cybersecurity developments in the region, including a mega breach of healthcare records in India and how experts are tacking fraud and money laundering in the Asia-Pacific.
Countries throughout APAC are rapidly expanding digital payment ecosystems and embracing digital change for greater convenience and financial inclusion. But the region has become a hotbed for fraudsters who are exploiting these same technologies. SIM swap fraud and QR code scams are up 15%.
Your secret weapon to combat cyber threats might be just under your nose! Cybercriminals continue to exploit vulnerabilities while upping their game with new and more sinister attack methods. The human firewall is your cybersecurity ace in the hole.
But how resilient are your users when it comes to fending off...
Payment screening is a regulatory requirement but doing it with speed and efficiency proves challenging for many firms.
Financial institutions (FIs) need to decide if payments should be blocked or processed in real time. And they must also stay current with new regulatory requirements and constantly updated...
A growing number of legitimate banking customers in India are allowing their accounts to be used for money laundering. The governor of the Reserve Bank of India recently urged bankers to intensify their efforts to detect and shut down money mule accounts.
What are the top forms of fraud and financial crimes against institutions? What role does AI increasingly play in defending against these crimes? Ian Holmes of SAS and George Tai of Intel explore these questions in their analysis of the latest fraud and financial crimes survey.
The digital payment landscape is undergoing transformative growth, with cybersecurity at its core. Dharshan Shanthamurthy, CEO at SISA, discussed the urgency of addressing cybersecurity in an industry that is not only lucrative for businesses but also for motivated criminal gangs.
Don't click phishy links. Everyone knows that. But are your end users prepared to quickly identify today's tricky tactics being used by bad actors? Probably not. Cybercriminals have moved beyond simple bait and switch domains. They're now employing a variety of advanced social engineering techniques to entice your...
The U.S. Department of Justice announced Friday that it has wrapped up its investigation of the xDedic dark web marketplace and successfully dismantled the multinational criminal organizations, leading to charges against 19 individuals, including administrators, developers and customer service reps.
In late Q4 2023, ISMG conducted a survey that attracted over 100 responses from professionals and provided a unique platform for Fraud, AML, Financial Crime, and Compliance leaders to contribute their insights and to offer a deeper understanding of how AI is shaping the daily battle against fraud.
This week in the cryptocurrency industry, Thunder Terminal successfully prevented a hack, Changpeng Zhao ranking 34th on a list of billionaires, Coinbase refuted a senator's allegations of subverting crypto regulations, and scammers stole $3 million in 24 hours using fake ads.
The continuing battle against fraud and financial crime demands constant adaptation and innovation. Generative AI - Artificial Intelligence - and broader AI technologies have brought both excitement and apprehension to our field, as they hold the promise of revolutionising our approach to fraud prevention while...
In this episode, Chris Foye, Senior Director of Platforms at LexisNexis® Risk Solutions, defines the increasing role of ‘orchestration’ when it comes to improving the speed, agility and efficiency of customer onboarding and ongoing lifecycle management processes.
Banking institutions have more data and analytics than ever before. They are embracing embedded finance, digital and contextual customer journeys and near real-time customer decisions.
But how are they using them to drive better risk and fraud decisions? If they do not have agility to respond to these new types...
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