This study explores financial crime and fraud detection trends around the world. E-commerce is growing rapidly worldwide, with fraudsters lurking in the shadows. Unfortunately, a lot of financial crime remains undetected. As digital payment gradually replaces cash, criminals are exploring the weakest links in Card-Not-Present (CNP) and other alternative payment methods. Incidents of fraud are on the rise and costing financial institutions (FI) millions of dollars at a double-digit YoY growth rate. In the past year alone, global e-commerce businesses have lost an estimated $20 billion.
Risk and compliance departments are under increasing pressure to develop long-term fraud detection and money-laundering mitigation strategies to prevent financial crime and reputation loss. Banks are plagued by money-laundering scandals that have made headlines for decades. PSD2 and Open Banking have created an interesting market for emerging Fintechs, which has disrupted traditional banking. This forces financial institutions to innovate and adapt to the demands of millennials, boomers and digital-savvy zoomers.
In a saturated market, competition is fierce, and the stakes are high. Governance, Risk and Compliance (GRC) solution providers all claim to offer the best value proposition. Let us have a look at the actual fraud landscape and at regional financial crime and fraud detection trends.
This in-depth study explores financial crime and fraud detection trends in the APAC region, in Latin America, the UK and in the EU.
Click here to read this in-depth study that I have written on behalf of Fraudio.