Covid-19 has undeniably disrupted global economic activities and provided many new opportunities for fraudsters to exploit loopholes in the financial system. As more Filipinos shift to digital banking, there has also been a significant rise in scams and fraud cases. From 2019 to 2021, Bangko Sentral ng Pilipinas (BSP) reported 2 billion pesos lost by consumers to fraudulent financial transactions. As this worrying trend keeps up, authorities are ramping up the fight against fraud.
With new guidelines implemented to Designated Non-Financial Business and Professions (DNFBPs), and the introduction of the Financial Consumer Protection Act, it is now high time for businesses and financial institutions to re-imagine your financial crime management to better protect yourself and your customers.
Latest trends surrounding Identity Crime typologies such as Mules and Pass Through
How should Banks and Financial Institutions re-imagine their KYC, CDD and AML Monitoring?
How can Banks and Financial Institutions gear up their financial crime management with latest technology and data innovation?
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