AI

FinTech explosion and faster payments drive faster financial crime in 2020 – how can banks respond?

Financial crime isn’t going away, rather it is growing Investment in financial crime prevention solutions for AML, fraud and insurance investigations has been mandated by regulators for decades. But despite the billions already spent, regulatory penalties continue to rise and fraudsters find new ways to steal. In attempts to keep up, financial crimes and fraud […]

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Are your compliance levels at floor or ceiling?

Study shows that RegTech delivers relief from burdensome manual processes – 90% of respondents use or are expanding use of RegTech. According to Forrester Research, RegTech – regulatory technology – is the fastest growing category they track. At $4.6 billion in funding, the year-over-year growth rate for the first three quarters of 2019 was 103%. […]

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Seven reasons why challenger banks choose IBM Safer Payments

Challenger banks, also referred to as digital banks or “neobanks,”are recently created retail banks competing directly with the longer-established banks. Challenger banks distinguish themselves with modern financial technology practices such as online-only operations that avoid the costs and complexities of traditional banking. This trend first emerged in Europe and has progressively gained traction in all […]

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Why shell companies are so risky (and hard to spot)

Shell companies and the hidden threat of entity risk While not inherently illegal, shell companies have been getting a lot attention recently for the role they play in illegal activity. This makes sense, as two of the legitimate uses of shell companies are the ability to shield owners from litigation and as a vehicle for […]

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Why QIIB trusts IBM Safer Payments for cross-channel fraud prevention

Fraud prevention is about who you can trust. For financial institutions, it’s about understanding the relative risk of a customer, a merchant and/or a transaction, as well as hundreds of different factors including location, amount, device, etc. But for customers, both actual fraud attacks as well as incorrectly blocked legitimate transactions represent a breach of […]

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Is “openness” the next big word in financial crime?

About a month ago, I attended the IBM RegTech Summit in London, which brought together a mix of financial services professionals, regulatory experts and technologists. But the terminology was markedly different than most financial crime and compliance events I’ve attended. With terms like “AI,” “machine learning,” “cloud” and “innovation,” you could make a successful run […]

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The Thomson Reuters and IBM Exclusive Breakfast Briefing, Oct. 2, 2019 in Toronto

How do compliance professionals manage more than 57,000 regulatory alerts in one year? IBM OpenPages with Watson recently had the opportunity to join host Thomson Reuters for a morning of regulatory compliance thought leadership to explore this very topic. The day began on the 29th floor of Thomson Reuters client center bringing together more than […]

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Ask the expert: 20 questions fraud fighters want to know

In our webinar yesterday, the first in the series AI Fraud Detection — Beyond the Textbooks, we ran out of time and weren’t able to address some great questions we had from the audience. Instead of waiting until the next episode, I hope these brief answers will be of help and interest to both those […]

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Turning the hard realities of payments modernization into opportunities

Payments modernization initiatives around the globe have long been a topic of huge interest and are at different stages of implementation in different countries. Time and again, it has proven to be a catalyst for transformation that has fueled innovation. Canada is now completely into this modernization party, driven by the modernization agenda and timeline […]

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Stop waiting to apply AI for financial crime

Challenges from financial crime incidents and penalties grow Criminal enterprises are becoming increasingly sophisticated at the same time as new payment methods are emerging (peer to peer and faster/immediate payments) and transaction volumes are exploding. And financial institutions across the globe are feeling the pain of high-profile financial crime incidents in the form of significant […]

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What customer complaints can tell you about your experience (and your compliance)

Until recently, the words “customer experience” and “compliance” didn’t really come up in the same conversation – let alone exist in the same universe. The former was the domain of customer care professionals, contact center managers, marketing leaders and digital strategy teams with the goal of helping streamline and simplify products and services, as well […]

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