Financial crime is a pervasive threat to banks, credit unions, FinTechs and other financial institutions (FIs) the world over. A recent study from PwC found that 47 percent of companies had experienced fraud at least once in the past two years, with a grand total of $42 billion in funds stolen over this period of time.
One of the most common threats to FIs is identity fraud, with fraudsters posing as consumers to gain access to their accounts or apply for loans they have no intention of paying back. Other fraudsters leverage more sophisticated techniques like synthetic identity fraud, in which they cobble together wholly fictitious identities with which to conduct their schemes.
The September Preventing Financial Crimes Playbook explores the latest financial crime developments, including the growing threat of identity fraud, the onboarding and artificial intelligence (AI) systems used to curb it and how the COVID-19 pandemic is effecting fraud techniques as well as financial crime prevention efforts.