FinCrime Dynamics

The Basel Institute on Governance AML Index will include indicators of #fraud in its 2024 methodology update The changes reflect the growing significance of fraud as a predicate offence to #moneylaundering and as a risk that regulated entities need to consider. 🔦 Highlights from the report: 💡Fraud is among the top offences reported in suspicious activity reports submitted by banks and other regulated entities 💡"[f]raud remains the largest and most significant proceed-generating crime for which funds are laundered in or through the United States." 🔦 Challenges around definitions and data 💡 the broad and disputed definition and scope of “fraud”; 💡 the complex, cross-border nature of many forms of fraud and the difficulty in assigning risks to a particular jurisdiction; 💡 poor data availability, exacerbated by significant underreporting and no global standard; 💡 lack of reliable data and analysis in particular is a major obstacle to countering fraud risks 📚APP Fraud Taxonomy: FinCrime Dynamics has built the world’s first repository of #APPfraud behaviours. Meticulously curated by a research team made up of world leading experts in #financialcrime intelligence along with decades of experience in #machinelearning and #datascience. For the full Basel Institute article: https://lnkd.in/ezHxbJsC

FinCrime Dynamics Roundtable Session 1 is a wrap 🎬! 💡Last night we had the opportunity to sit down with SMEs and practitioners from across the industry to talk about #APPfraud, 3 weeks in and how we can stay one step ahead #scammers We were absolutely honoured to have this first roundtable led by the incomparable 💃 Joanne Dewar A very special thank you 🙏 to everyone who participated: Brindley White, VP #Innovation at Barclays James Dodsworth, #FinancialCrime Senior Manager at Thistle Initiatives, Sara Cass, Chief #Compliance Officer at IFX Payments, Ronya Naim, #MLRO & Head of Financial Crime Compliance at ClearBank, Simon Fell, #Fraud & Financial Crime advisor and former UK Government Anti-Fraud Champion, Stuart McFadden co-Founder at Refundee Ltd, Émanuel Grenier-Benoit, Head of Operations at nsave Lucy Hawley, Head of CB Product Fraud Prevention & Detection at Barclays Jessica Patel, #FinCrime (AML/Fraud) Product Advisor & Fincrime Prevention, CSPO 🤓 We're already looking forward to session no. 2 on 5 December! If you want to participate - drop us a message! FinCrime Dynamics specialise in APP fraud. We conduct #independent APP fraud control testing using forward looking #simulations. We've built #data intelligence out of fraud behavioural techniques via our simulation Library which is constantly updated so our clients keep ahead of new #threats and fully understand their exposure to existing ones.

This week in FinCrime Dynamics news 👀 🥳 Join us at Rise, created by Barclays for the Rise Growth Academy #Demo Day on Wednesday 23 October! This event will showcase companies from the 2024 #RiseGrowthAcademy cohort 🧑🎓, sharing our tech solutions and plans for the future. Demo line-up: 🦸 FinCrime Dynamics, 🧃Juice, 📜 Scribe, 🧑💻 Singlify, 💰Spendbase Register link in comments ⬇️ 💥💥💥 Aaaaand: This Thursday 24 October marks our first FinCrime Dynamics #roundtable💥💥💥 We're incredibly excited to have 💃 Joanne Dewar as our Chair and are really looking forward to welcoming our guests: 🦹 SMEs and practitioners in #fraud and #financialcrime prevention 👀 We'll be talking all about #APPfraud reimbursements 3 weeks in ➡️ what's working, what's not 🕵️ 🤔 If you're interested in participating in the next one ✨5 December✨ let us know!

Are you interested in the latest tech solutions in data, AI, banking and fraud? Join us at Rise London and New York for our Rise Growth Academy Demo Day on 23 October. This event will showcase companies from our 2024 Rise Growth Academy cohort, sharing their tech solutions and plans for the future. See our demo line-up below. Rise London, 23 October | 1:30 PM GMT Demos: FinCrime Dynamics, Juice, Scribe, Singlify, Spendbase 👉 Register for London: http://ms.spr.ly/6044mxomI Rise New York, 23 October | 8:30 AM ET Demos: Anonybit, Data Safeguard Inc., Fennel, Heka Global, Mall IQ, Inc.(LocatIQ), Louisa AI, Odynn, Pockyt 👉 Register for New York: http://ms.spr.ly/6045mxomL #FintechEvent #FintechSolutions

The Financial Conduct Authority has issued "Dear CEO" letters to banks, building societies, payment institutions and e-money institutions setting out their expectations for firms following the introduction of APP fraud reimbursements on 7 October 2024. The FCA highlights that: "PSPs should be working to reduce APP fraud by improving their anti-fraud systems and controls." and... "PSPs should: • have effective governance arrangements, controls and data to detect, manage and prevent fraud; • regularly review their fraud prevention systems and controls to ensure that these are effective; and • maintain appropriate customer due diligence controls at onboarding stage and on an ongoing basis to identify and prevent accounts being used to receive proceeds of fraud or financial crime." FinCrime Dynamics has launched #ScamHunter to help firms independently test their APP fraud controls. Scam Hunter: 🔎 Spot the gaps Identify the vulnerabilities in controls against different APP fraud behaviours ⚠️ Test controls against new threats Continuously test controls against emerging APP fraud techniques 🛡️ Improve performance Tune controls to improve performance 💸 Quantify losses Measure and report potential APP fraud losses 📊 Benchmark performance Compare control performance against industry peers contact sales@fincrimedynamics.com to find out more.

The team at FinCrime Dynamics are ready for #appfraud. Introducing 💥Scam Hunter💥 an independent APP #fraud control testing solution: 🧐 Why? 1️⃣ Fraud is relentless threat 2️⃣ The challenge is in the "unknown-unknowns" 3️⃣ Controls need to stay ahead of evolving threats Reach out today to learn more ⬇️

With less than a week until UK APP fraud reimbursements are introduced on 7th October Stephen Quick CFA (FinCrime Dynamics CEO & Co-Founder) caught up with Mike Chambers from PAYMENTS:UNPACKED to discuss using data and intelligence sharing to help improve defences against financial crime. Topics covered: ⭐ The shifting UK fraud landscape ⭐ Creating an industry-wide APP fraud taxonomy ⭐ Intelligence sharing using synthetic data and simulations ⭐ Staying ahead of APP threats with proactive fraud defences ⭐ What does "good" look like for fraud defences ⭐ Independent fraud control testing, tuning and training Check out their discussion below ⬇ Northey Point Limited #APPfraud #AuthorisedPushPayments #SyntheticData #Simualtion #FraudPrevention #FraudDetection #Reimburesments

With less than one (1) week to go, here is the ⏰ when, 🧐 why, 🤷 who and 💸 how much around #APPfraud reimbursements. Is your firm ready? FinCrime Dynamics Scam Hunter can help Find out more ⬇️ and get in touch! #scams #datasharing #syntheticdata #fraud #financialcrime #psp #banks

The FinCrime Dynamics September Newsletter is here! 🔦 Highlights include: 💡 Our take on the Payment Systems Regulator's decision to lower the #appfraud reimbursement cap to £85,000 💡 The 3 main challenges in fighting #fraud 💡 The team in the news and making waves 🌊!!! ✨"The hard work of the team at FinCrime Dynamics is recognised as a fundamental step in the fight against #financialcrime and the ongoing innovation in the space."✨ - Payment Systems Regulator

🚨 Breaking News 🗞️🗞️🗞️ The Payment Systems Regulator has just announced that the reimbursement limit for #APPfraud claims has been reduced to £85,000 🥳 The date is still set for October 7th 🤔 What does this mean for the industry? 99.72% of #scams committed fall under ⬇️ the £85k cap anyway so, while there ✨were✨ a reported 18 instances in 2023 of people being scammed for more than £415,000, and 411 instances of more than £85,000, 📣 the vast [99%] majority of scams will still be covered under the proposed cap 📣 The Financial Ombudsman Service reported on 4 September that #fraud and #scam complaints hit highest 💥ever levels: 🤯 There were more than 8,700 fraud and scam cases in ✨just a three-month period✨(1 April – 30 June 2024) 💸 Over half of those cases related to online bank transfers 🏦 ⃗⃗⃗⃗. Crimes are becoming more complex and convincing – with some frauds involving multiple banks 🤓 It is worth noting that these changes to the PSR reimbursement cap will not affect the Financial Ombudsman Service compensation limit of £430k