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.
Featured
Fraud cost $500B, illicit money topped $3T in 2023: Report
By Chana Schoenberger
Payments fraud is the most expensive kind, at $450B; anti-financial-crime execs are the most worried about real-time payments, a survey from Nasdaq and Oliver Wyman found.
From Fintech Nexus
> Acorns’ success no surprise to Sarkar
By Tony Zerucha
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.
> Fintech: $125MM for Vestwell’s workplace savings and retirement tech
Vestwell generated 1000% revenue growth over the last several years
Podcast
Steve Allocca, Managing Director, US & President of Funding Circle on small business lending
The head of Funding Circle USA, Steve Allocca, talks small business lending, the SBA license, underwriting, loan demand,…
Webinar
High Performance Payouts: Why real-time Pay to Card is revolutionizing access to cash
Jan 17, 12pm EST
Real-time payouts have never mattered more than they do in today’s digital economy. Across platform economies – serving creator…
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- Source: https://www.fintechnexus.com/fintech-nexus-newsletter-january-16-2024-new-nasdaq-report-shows-3-1t-in-illicit-money-flows-in-2022/
