Posted by Brian Kindle - 08/30/2023
From KYB to B2B Threats – Understanding the Rising Risks of Business-to-Business Fraud
Fraud risks for financial institutions are coming from all directions, from bad actors targeting customers, to malicious insiders, to the rising threat of fraud from other businesses – vendors, suppliers, and others.
Business-to-business fraud is not necessarily new, but the scale and scope of risk from this area of fraud is increasing. Business-to-business risks are also changing, as more companies prioritize areas like cybersecurity, reputational risks and supply chain issues.
How can institutions navigate this tricky new reality, and what are some best practices for compliance professionals when considering business-to-business risks? In This Financial CrimeCast, we speak with Dori Buckethal, VP of Product Marketing – Risk and Fraud with Thomson Reuters, to understand the rising importance of “know your business” or KYB to protect organizations from B2B threats.
We’ll explore emerging areas like synthetic ID fraud in the B2B context, the findings of a recent benchmarking report on business-to-business fraud, how the use of generative AI may increase risks in this space, and more.
See What Certified Financial Crime Specialists Are Saying
"The CFCS tests the skills necessary to fight financial crime. It's comprehensive. Passing it should be considered a mark of high achievement, distinguishing qualified experts in this growing specialty area."
KENNETH E. BARDEN
"It's a vigorous exam. Anyone passing it should have a great sense of achievement."
(CFCS, Official Superior
de Cumplimiento Cidel
Bank & Trust Inc. Nueva York)
"The exam tests one's ability to apply concepts in practical scenarios. Passing it can be a great asset for professionals in the converging disciplines of financial crime."
(CFCS, Royal Band of
"The Exam is far-reaching. I love that the questions are scenario based. I recommend it to anyone in the financial crime detection and prevention profession."
(CFCS, CAMS Lead Compliance
Trainer, FINRA, Member Regulation
Training, Washington, DC)
"This certification comes at a very ripe time. Professionals can no longer get away with having siloed knowledge. Compliance is all-encompassing and enterprise-driven."
CFCS, CAMS, CFE, CSAR
Director, Global Risk
& Investigation Practice
FTI Consulting, Los Angeles