At the moment, a brand new international report was launched from Nasdaq and Oliver Wyman on illicit cash flows and the numbers are sobering.
The World Monetary Crime Report quantifies the full quantity of illicit monetary exercise and the quantity is an eye-popping $3.1 trillion. Included on this quantity is financial institution fraud overlaying funds, checks and bank card fraud which is estimated at round $450 billion.
Funds fraud is by far the biggest sector inside monetary fraud at $102.6 billion, examine fraud is rising the quickest, doubling in 2022 to $21 billion.
There’s a robust demand for brand spanking new expertise options because the rise in fraud creates an “more and more difficult surroundings for monetary establishments”.
For these firms providing AI and machine studying options, the information is nice with 70% of respondents anticipating to extend their funding in these instruments.
There’s a new arms race between the fraudsters and monetary providers and it’s a race that we can’t afford to lose.
Word: Later this week now we have a webinar on the highest fraud dangers to be careful for in 2024.
Featured
Fraud value $500B, illicit cash topped $3T in 2023: Report
By Chana Schoenberger
Funds fraud is the costliest type, at $450B; anti-financial-crime execs are essentially the most anxious about real-time funds, a survey from Nasdaq and Oliver Wyman discovered.
From Fintech Nexus
> Acorns’ success no shock to Sarkar
By Tony Zerucha
The brand new Mighty Oak Visa debit card from Acorns has a strong basis for achievement says a consultant from long-time companion Helix by Q2. GM Ahon Sarkar stated he’s not stunned by Acorns’ prosperity for the reason that two firms first partnered seven years in the past, which is an eternity in fintech.
> Fintech: $125MM for Vestwell’s office financial savings and retirement tech
Vestwell generated 1000% income development during the last a number of years
Podcast
Steve Allocca, Managing Director, US & President of Funding Circle on small enterprise lending
The top of Funding Circle USA, Steve Allocca, talks small enterprise lending, the SBA license, underwriting, mortgage demand,…
Webinar
Excessive Efficiency Payouts: Why real-time Pay to Card is revolutionizing entry to money
Jan 17, 12pm EST
Actual-time payouts have by no means mattered greater than they do in at present’s digital financial system. Throughout platform economies – serving creator…
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