/financial crime

News and resources on financial crime, including fraud, scams, Anti Money Laundering and Know Your Customer.

Dominique Dierks

AML Basics: How to prevent money laundering

Dominique Dierks - Content Manager - Finextra
Discussion
Lloyds warns against fraudsters on Booking.com and Airbnb
Ketharaman Swaminathan

Ketharaman Swaminathan

  Actually, the more open bank accounts become, the LESS innovative fraudsters will be - who needs more than room temperature IQ to compromise an "open" bank account, right?!!! QR code is of course a low hanging fruit. But banks and other genuine parties are not making life any easy for customers to escape phishing attacks e.g. My bank, whose website is abcbank.com, sent an SMS to warn customers not to click any links from fraudsters masquerading as it and directed customers to click abcbank.io for more information! More in the post titled Variants Are Making Phishing Attacks More Lethal Than Ever on my company blog (hyperlink to post removed to comply with Finextra Community Rules but this post should appear on top of Google Search results when searched by its title + "GTM360").
Lloyds warns against fraudsters on Booking.com and Airbnb
A Finextra Member

A Finextra member

  Yes indeed, next majore issue to  for a news-break in the fraud area is the QR code fraud that will evolve into phishing and smishing fraud markets. The more "open" bank accounts are made, the more innovative fraudsters seeking entry we will see. How does a user know that a QR code for instant payments in open banking is a reliable one? 
Future of Payment Review – six-months on – APP Fraud
Ketharaman Swaminathan

Ketharaman Swaminathan

  Last I checked, which was in Aug. 2023, UK FPS had an annual run rate of $4.74T and it was #1 in the world in A2A RTP TPV. IMO that metric is way more relevant than #9 rank on Per Capita basis, which anyway can't be lower than Brazil or India, which are ranked #2 and #3 on TPV and have way higher populations than UK. 
Lloyds warns against fraudsters on Booking.com and Airbnb
Ketharaman Swaminathan

Ketharaman Swaminathan

  Kudos to Lloyds Bank. If rogue regulators apply drunk under lamp post regulation and force banks to compensate victims of APP scam for no fault of banks, it's only natural that banks warn consumers that they risk getting scammed at various marketplaces / aggregators and, in the extreme case, even stop payments to such merchants. Anybody who thinks banks are spreading FUD, instead of creating awareness, should take over the liability of making refunds for APP scam from banks.