Kathy Gormley:

Recession will lead to an increase in fraud

As recession looms, fraud will continue to increase. People get desperate and fraudsters get even more creative, resulting in massive increases in both first party fraud and third-party fraud. Likely we will see more money muling something we head a lot about in the pandemic
Machine learning will become the chief way to catch financial criminals
While effectiveness has been high on the agenda there will be an increased focus on efficiency with a refocus on modernisation efforts as a way to increase efficiency. This I expect to drive a more widespread adoption of machine learning.

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Keep an eye on EU regulations…
Continued developments in the regulatory landscape with movements in the EU’s AML package and Economic Crime and Corporate Transparency Bill – expect the movement will be slow though.

Roger Walton

The term fintech will become outdated

The explosion in Embedded Finance means that financial transactions and services are now built-in to many offerings from ‘non finance’ companies. Of course, an increase in such super-apps and embedded financial transactions needs to lead to an increase in ’embedded AML’, otherwise there will be a spike in nefarious activity.

DeFi and Blockchain will accelerate the need for ‘ongoing trusted identity’

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Decentralised finance and blockchain will become ever more prominent, however this will naturally lead to an increase in fraud and money-laundering using these platforms. As a result, an “ongoing trusted identity” becomes critical.

Behavioural monitoring takes precedence over ‘whac-a-mole’… 

For years, large organisations have responded to threats on a case-by-case basis — essentially whacking each pest as it rears its head above the parapet. Behavioural monitoring, powered by AI and machine learning, will take precedence.