Financial crime stories

Europe's new AML rules mandate AI integration as legacy systems fail to detect complex financial crimes, urging banks to upgrade compliance technology now.

Australia's real-time network has blocked over AUD $60m in fraud attempts, protecting 85% of bank customers with advanced behavioural payment analysis.

Qilin ransomware group has targeted 25 South Korean finance firms using managed service providers, exposing 2TB of data in a politically charged cyberattack surge.

Willem Wellinghoff, Ecommpay's Chief Compliance Officer, has joined The Payments Association Advisory Board to enhance compliance and support industry growth in the UK.

Despite billions invested in AI, financial firms see slow adoption as solutions must prioritise trust, transparency, and augment human judgement over automation.

US banks boost AI spending to combat rising check fraud, linked to USD $12.5 billion loss, ahead of the holiday season peak in fraudulent activities.

SEON launches enhanced AML platform tools to help businesses manage complex cross-border compliance with flexible screening and investigative analytics.

AI-driven identity fraud costs UK economy GBP £1.8 billion yearly, with synthetic identities causing 42% of cases amid rising festive season threats.

BioCatch launches Connect 2.0, a platform using behavioural and device data to fight rising digital banking fraud and AI-driven financial crimes globally.

ThetaRay’s AI modules for AML and sanctions screening have gained key validation from Kaufman Rossin, aiding compliance with evolving US and EU regulations.

Most anti-fraud experts report a surge in AI-driven fraud, yet under 10% feel prepared to combat rising deepfake and synthetic identity threats.

Tokenovate has bolstered its senior engineering team with four key hires to enhance digital settlement and meet rising client demand ahead of T+1 settlement in 2027.

AI-driven identity fraud in the UK has surged over 2,100% since 2021, with synthetic identities risking a £4.2 billion cost by 2027 without stricter screening.

Graph databases are revolutionising finance, helping firms detect fraud, enhance compliance, and harness AI by mapping complex data relationships in real time.

New UK rules require company directors to verify identity, but with under 15% compliance, experts warn fraud risks and operational strains on banks loom large.

eflow Global launches PATH AI, enhancing trade surveillance with transparent, auditable alerts amid USD $1.8bn market abuse fines globally this year.

Companies House’s 12-month rollout of director ID checks risks burdening banks with costly double-checks amid potential gaps in company verification.

AI-driven deepfakes are fuelling a global surge in fraud, with 77% of anti-fraud experts reporting increased incidents and 83% expecting further rises soon.

Nottingham's Altia marks 20 years of its Financial Investigation Toolkit, now used by all UK police forces and 290+ organisations worldwide.

APP fraud, rising to 42% of UK losses in 2025, causes £2,300 lost per minute, urging banks and tech firms to boost joint防efforts.