Today, a new global report was released from Nasdaq and Oliver Wyman on illicit money flows and the numbers are sobering.
The Global Financial Crime Report quantifies the total amount of illicit financial activity and the number is an eye-popping $3.1 trillion. Included in this number is bank fraud covering payments, checks and credit card fraud which is estimated at around $450 billion.
Payments fraud is by far the largest sector within financial fraud at $102.6 billion, check fraud is growing the fastest, doubling in 2022 to $21 billion.
There is a strong demand for new technology solutions as the rise in fraud creates an “increasingly challenging environment for financial institutions”.
For those companies offering AI and machine learning solutions, the news is good with 70% of respondents expecting to increase their investment in these tools.
There is a new arms race between the fraudsters and financial services and it is a race that we cannot afford to lose.
Note: Later this week we have a webinar on the top fraud risks to watch out for in 2024.
The new Mighty Oak Visa debit card from Acorns has a solid foundation for success says a representative from long-time partner Helix by Q2. GM Ahon Sarkar said he’s not surprised by Acorns’ prosperity since the two companies first partnered seven years ago, which is an eternity in fintech.
USA: ETFs Make Bitcoin’s Problems Even Worse Bitcoin ETFs are likely to make its bad performance in crises even worse, by bringing in even more speculators to what’s already mostly a speculative asset.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.