The Future of Banking: Onboarding Customers You’ll Never Meet

Before the pandemic, banks were slowly embracing innovation and integrating new technologies. But that gradual, comfortable pace was upended by the pandemic. Banks were forced to shutter branches, while never-digital customers shifted to digital-first behaviors. This trend is here to stay. Many customers expect to access all banking services on their smartphone and don’t anticipate […]

The Fraud State of the Union for 2021 – Key Trends and What’s Next

For financial criminals of all stripes, the proverbial state of the union is strong in 2021. The digital acceleration triggered by the pandemic, massive fraud schemes targeting government relief programs, and the faster adoption of real-time payments have all created huge opportunities for savvy fraudsters, in the US and internationally. Yet there’s reasons to be […]

The New Synthetic Identity Landscape – More is More for Fraud Programs?

Amid the wider sea of fraudulent activity during the pandemic, synthetic identity fraud has hit financial institutions in a particularly violent wave. Though it’s hardly a new phenomenon, the use of synthetics has exacerbated many other fraud trends in the US, from unemployment fraud to pandemic relief scams and much more. In this CrimeCast, hear […]

Key Qualities of a Successful AML Program in the Next Wave of FinCrime Compliance

To deal with an increasingly complex and interconnected financial crime landscape, sometimes it helps to go back to basics. The pillars of an effective AML compliance program haven’t changed much in recent years, but how they are applied and areas of priority have shifted in response to emerging illicit threats, tech trends and regulatory priorities. […]

Lessons from the Leaders: Perspectives from the front lines of fincrime compliance

While most of us are ready to move forward from past 18 months, for those of us in the financial crime compliance world, this period has been one marked by unprecedented changes and disruptions to the industry. From soaring incidents of cybercrime and fraud to record-high fines for AML violations, the pandemic brought about a […]

What Covid-19 Taught Us About Fraud and Money Laundering

For most of the financial crime compliance world, the past 18 months have been a long, strange trip, one marked by disruption and confusion, but also innovation and adaptation. The same has been true for financial criminals – fraudsters and money launderers adapted quickly to the pandemic reality, and continue to profit from the shift […]

Crypto Crime: A Look at What Happened in 2020

As anyone who followed the price of Bitcoin over the past year can attest, 2020 has been a wild ride for cryptocurrencies. That extends to the illicit use of crypto as well, with new trends emerging in the past twelve months, alongside variations of tried and true criminal techniques. In this episode of the Financial […]

Privacy Wallets and Crypto Crime – A Top Trend in Illicit Use of Cryptocurrencies

Crypto skeptics and crypto enthusiasts rarely see eye to eye, but both camps can agree that the pace of change in the crypto world has been rapid and remarkable. Once viewed as largely anonymous and difficult to trace, crypto transactions have become increasingly transparent as blockchain analytic tools have grown in sophistication. Crypto users seeking […]

Synthetic ID Fraud – Frankenstein and the Future

On this episode of the Financial CrimeCast, we’re exploring how to fight Frankenstein – well, Frankenstein fraud anyway, another name for the rapidly growing scourge of synthetic ID fraud. It’s not a new issue, but synthetics continue to be an immense challenge for financial institutions, responsible for tens of billions of losses. Increasingly, synthetic IDs […]

PPP Fraud: A Look Back at the CARES Act

In April of 2020, amid shutdowns and with the first wave of the COVID-19 pandemic hitting the United States, Congress passed the CARES Act authorizing the first allotment of funding for the Paycheck Protection Program, or PPP. The PPP provided funding for financial institutions to make forgivable loans to businesses large and small, to pay […]

Hemp and Commercial Banking: Risks, Opportunities, Confusion

The global industrial hemp market is projected to grow from $4.7 billion in 2019 to $26.6 billion by 2025. This represents an opportunity, but also a potential compliance headache, for financial institutions interested in servicing this space. Why a headache? As you might know, hemp comes from the cannabis plant, the same source of a […]