Take me to...
Well, that’s no surprise as in our increasingly digital world, sophisticated criminal activity is taking advantage of individual vulnerabilities, and exploiting weaknesses in our global financial infrastructure generating huge personal and institutional losses.
In the first half of 2021 more than £750 million was stolen through fraud in the UK.
Perhaps that’s why the UK has been branded the ‘bank scam capital of the world’.
The US and elsewhere are not far behind; Americans lost around US$30 million to phone scams alone over the last year, and online fraud attempts are up 25%.
As the world leader in fraud and money laundering prevention technology, we thought it essential to join forces with the ACFE and the many other fraud fighting heros around the world to raise awareness of fraud and help reduce its impact.
Throughout International Fraud Awareness Week, we’re bringing you fraud insights and expert commentary from the smartest industry specialists, data scientists and machine learning technologists to help unite us in the fight against fraud, and outsmart the criminal.
Only the adaptive survive.
In this week’s featured video, Featurespace Fraud Expert, Roger Lester, will be discussing the rise of Scams around the globe.
Then, on Friday, Dr. Karthik Tadinada’s blog will demonstrate how fraud acts like an illness. It evolves, it mutates, it spreads. To protect financial organizations and their customers, fraud prevention needs an antidote which learns from past attacks so it can fortify itself against future threats.
On Wednesday our team will be at the MoneyLIVE Big Meet-up in London, where Sean Neary will be joining the panel for ‘The power of analytics and AI in the fight against fraud’. Let us know if you’ll be there!
This week’s infographic shines a light on the steps businesses can take to protect their customers from fraud and financial crime. As a consequence, having a robust fraud and financial crime prevention strategy adds value to financial institutions offerings and increases operational and cost efficiencies.
As our world becomes increasingly digital-first, criminals continue to exploit individual vulnerabilities for their illicit gains. According to UK Finance, in the UK alone, £350 million has been lost due to authorized push payment (APP) scams during the first half of 2021.
This week, we focus on the steps we, as individuals can take to protect ourselves from scams.
Stay one step ahead of the criminals.
The team headed into London for our first in-person UK conference of 2021 - a packed agenda with great insights from FIs and Industry experts. The rise of APP scams featured heavily, while our own Sean Neary joined Matt Tataryn, Tide, on stage to discuss 'the power of analytics and AI in the fight against fraud'. The recording will be available soon - watch this space!
Contis is renowned for transforming payments, issuing and processing by helping corporates, banks, fintechs and insurers to unleash their true potential using their proven BaaS capabilities. ARIC™ Risk Hub further establishes Contis at the forefront of innovation, performance and security by detecting and preventing transactional fraud in real time to all its clients.