Counter-fraud

Technology which recognises people’s voices has stopped nearly £249 million of customers’ money from going to telephone fraudsters over the past year, a bank has announced.

https://uk.finance.yahoo.com/news/voice-id-technology-prevented-249m-124818951.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr&guccounter=1&guce_referrer=aHR0cHM6Ly90LmNvLw&guce_referrer_sig=AQAAAEeakPy27U1KFa8YGb4vG1NfJXXZl1Z5yvC06QV5UA6_DltFN4rtXcZR0kIGTsrJe2IiGIqnM83PVToZIaYZJEbFNfiCfkBQp_P-COwUOCM1Vddff4ZnCWqLZcUMLFJn7e3sYViddsdu7vKX9VQ917Icgyomv9bcFiq2zgdDIcZk

The fraud tool landscape is changing. Fraud managers are looking for more and more ways to optimize their operations as rising digital payments increase the strain on many fraud detection systems. The use of machine learning (ML) and artificial intelligence (A.I.) has become common in many fraud detection strategies. Many organizations have seen how effective ML can be and are rapidly expanding its use, further developing business value. However, while this way of working makes sense for the first few model implementations, the more machine learning projects that are undertaken, the more manual effort is required to maintain the bots to ensure they remain optimized and up to date.

https://www.finextra.com/blogposting/20284/managing-the-bots-why-automating-the-process-of-managing-ml-models-is-the-future-of-fighting-fraud

Rightmove has announced that it will be starting a gradual roll-out of two-factor authentication within Rightmove Plus to help further protect agents against attempts by fraudsters to steal their leads and upload fake properties under their brand name.

https://propertyindustryeye.com/rightmove-ramps-up-security-to-prevent-fraud/

Amazon prevented more than ten billion fraudulent product listings from appearing in its online stores in 2020 and seized more than two million counterfeit products, according to a new report.

https://www.centralfifetimes.com/news/national-news/19290491.amazon-blocked-ten-billion-fraudulent-listings-2020---report/?ref=twtrec

Boris Johnson’s multimillion pound plan to introduce mandatory voter ID at elections has been criticised as an “illiberal solution in pursuit of a non-existent problem” by a former Tory cabinet minister.

https://www.msn.com/en-gb/news/uknews/boris-johnsons-voter-id-plans-illiberal-solution-for-non-existent-problem-says-senior-tory/ar-BB1gxRdw?ocid=st

The campaign, 'In confidence, with confidence', encourages individuals working in financial services to report potential wrongdoing to the FCA, and reminds them of the confidentiality processes in place.

FCA launches campaign to encourage individuals to report wrongdoing | FCA

Conservative MP Ruth Edwards has called on the government to urgently tackle the issue of online scams, raising concerns that online platforms currently have no legal obligations to protect users against fake or fraudulent content.

MP joins calls to force internet giants to tackle scams - FTAdviser.com

Banks and insurers around the globe are witnessing a remarkable rise in financial crime. Stepping up to help, Microsoft and its partners are delivering a range of solutions that combine the power of the cloud with artificial intelligence to actively monitor, detect and prevent fraudulent activity

Accelerating the fight against financial crime (technologyrecord.com)

The European umbrella body for accountancy institutes has stressed the need for a more holistic approach to tackling fraud, following concerns that a disproportionate focus on the role of auditors will do little to reduce the ever-growing risks.

Accountancy Europe: toughen financial reporting against fraud | ICAEW

As cases of fraud and money laundering rose during the pandemic last year, banks in the UK faced unforeseen challenges. In a new study by global analytics software provider FICO and independent research firm OMDIA, 79 percent of respondents from UK banks said that working from home had a high or major impact on the effectiveness of their financial crime prevention.

FICO Survey: UK Banks Struggled with COVID-19 Fraud and Money Laundering Surge (mortgagefinancegazette.com)