MANAGING FINANCIAL CRIME RISK AND AML PROCESSES WITH TECHNOLOGY

R&C: To what extent are financial crimes growing in frequency and complexity? How would you summarise recent trends in this area?

Parfitt: The development of technologies has been the biggest driver for change in financial crime; fraud has now become the most commonly experienced offence. According to the Crime Survey for England and Wales, an estimated 3.6 million cases of fraud were recorded in 2016 alone. Financial fraud losses across payment cards, remote banking and cheques totalled £768.8m in 2016. In particular, we are seeing increased levels of crime-as-a-service, use of ransomware, criminal use of data – not only for direct financial gain, but also ransom, extortion and complex fraud, payment fraud and virtual currencies, such as cryptocurrencies or Bitcoin becoming the standard for extortion and payment for illegal products and services.

Jan-Mar 2018 Issue

C6 Intelligence

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