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Leveraging fraud and risk data to enhance customer experience
Hamish Monk

Hamish Monk Senior Reporter at Finextra

Leveraging fraud and risk data to enhance customer experience

In the wake of the widespread shift to digital banking and commerce caused by national lockdowns due to the Covid-19 pandemic, fraud teams have seen a sharp increase in cybercrime. This has been an upward trend for some time. Since 2011, financial crime has more than tripled, to $32 billion in 2020. By 2027, it is expected to exceed $40 billion by...

/crime

Tech and Crime Series: Has the FCA bitten off more than it can chew with its NatWest Prosecution?
Thomas Cattee

Thomas Cattee Solicitor at Gherson

Tech and Crime Series: Has the FCA bitten off more than it can chew with its NatWest Prosecution?

News broke on Tuesday 16 March 2021 that the Financial Conduct Authority (the “FCA”) has started criminal proceedings against NatWest Bank (“NatWest”) for alleged offences relating to the adequacy of procedures in place to prevent money laundering. These proceedings are in respect of offences under the Money Laundering Regulations 2007 (the “200...

/crime

Tech and Crime Series: Cryptoassets and financial crime
Thomas Cattee

Thomas Cattee Solicitor at Gherson

Tech and Crime Series: Cryptoassets and financial crime

News broke on 6 March 2021 that John McAfee (“McAfee”) has been charged in the US with conspiracy to commit fraud and money-laundering. This is in relation to his alleged involvement in a cryptocurrency scheme. The indictment states that “McAfee’s so called-cryptocurrency team (the “McAfee Team”), perpetrated two fraudulent schemes relating to th...

/crime

Capital One: What its 390 million USD fine tells us about AML regulation
Paige McNamee

Paige McNamee

Capital One: What its 390 million USD fine tells us about AML regulation

The Financial Crimes Enforcement Network, or FinCEN, announced in January 2021 that Capital One would be required to pay a hefty $390 million penalty for AML violations under the Bank Secrecy Act (BSA). The bank admitted to wilfully failing to implement and maintain effective AML procedures to guard against money laundering, also failing to file t...

/crime

Are search engines the 'shop window' for online investment fraud?
Paige McNamee

Paige McNamee

Are search engines the 'shop window' for online investment fraud?

Online investment fraud has seen a rapid acceleration since the onset of the coronavirus pandemic, and much of society’s most vulnerable people are bearing the brunt. Despite industry players campaigning for the UK government to include online fraud within the scope of its response to the Online Harms White Paper, in December 2020 the government r...

/crime

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