Money Laundering stories - Page 1

Moody's highlights a six-year high in romance scams, unveiling 1,193 new entities globally in 2024, with the US leading at 38% of cases.

Experts predict that 2025 will revolutionise AI in banking, enhancing fraud prevention, risk management, and customer experience, according to SAS.

Financial crime is set to cost global economies USD $485.6 billion in 2023, prompting calls for Corporate Digital Identity to enhance fraud prevention.

Experts warn that rising digitalisation fuels fraud, with AI aiding cybercriminals, prompting calls for robust security and real-time threat response.

Ripjar has secured a majority growth investment from Long Ridge Equity Partners, appointing Tom Obermaier as its new CEO to enhance global operations.

The persistent ability of criminals to exploit legitimate structures to launder money has banks and others on the hunt for new tools and techniques to counter the threat.

PAYSTRAX partners with Featurespace to enhance fraud detection in the UK and Europe, aiming to address significant global fraud losses projected at USD $343 billion by 2027.

BioCatch's latest report on APAC digital banking fraud trends reveals a 70% rise in mobile app fraud and a dramatic 108% surge in voice scams, alongside a notable decline in fraud losses in Australia.

Group-IB aided a tri-nation police operation that dismantled a cyber fraud syndicate, linking it to over 1,899 cases in Singapore and losses exceeding USD $25 million.

Finance professionals lead AI adoption, with 63% utilising it for fraud detection and risk management. Marketing and sales show lower usage at 27% and 19%.

NFT Workx and Unstoppable Domains launch .WRKX Web3 domain, enabling tokenised identities to combat counterfeiting.

First AML launches AI Assist, promising to reduce compliance tasks to 60 seconds, expediting KYC and AML processes by 90% through automated data extraction.

Report reveals increase in fraud cases amongst banks, with money laundering, account takeovers, and AI-generated threats posing significant risks.

Oracle unveils AI-powered Finance Services Compliance Agent to help banks combat a predicted $5.05tn in money laundering in 2024, through enhanced transaction monitoring and risk-control efficiency.

London's Ripjar launches Compliance CoPilot, an AI-risk management assistant, aiming to revolutionise threat monitoring.

SEON's 'Fraud Trends 2024' report warns of growing fraud challenges for businesses, citing AI advancements, Fraud-as-a-Service, and economic pressures as key factors.

AI is transforming the finance sector, improving customer service, battling fraud, and making repayments efficient.

First AML launches Source, a self-service platform to reinvent AML workflows, offering hope to businesses grappling with regulatory challenges.

New research predicts the convergence of advanced persistent threat methods with cybercrime, enabling a new wave of destructive attacks at scale.

Chainalysis is releasing its latest money laundering report analysing money laundering activity from the previous year.