Scams have increased dramatically during COVID. Not falling under
traditional fraud or AML there is a lack of concrete understanding
among financial institutions as to where their responsibility lies.
This session will explore the impact of the recent global crisis on this
growing area of financial crime and will unpack the challenges and
approaches which will protect the customer and your institution.
• The impact of Covid-19 on the growth of scams
• The limitations of detection and customer information gathering
• Industry and global level challenges – guarantors, responsibility
• AFCA recommendations and education to support the customer
• Systems and technology to enable better prevention and
One of the most common and biggest challenges cited by financial crime experts continues to be the ability to maintain pace with fraudsters in the digital sphere, as cybercrime is continuously evolving and becoming more complex, posing an ever greater threat to businesses. This session brings together the leading experts in the cybercrime space to discuss recent trends and challenges and to share strategies of detection.
• Cybercrime and evolving fraud: the dark web hidden in plain site
• Currency exchange and funds transfer: a new space for AML
• Developing watertight and agile KYC and AML programs
• Getting ahead of the future of cybercrime
This year has seen some remarkable and systemic conduct engaged
in by banks and casinos. AML risk has been clashing with internal
cost drives and the desire to make money for shareholder return.
Directors and executives have been publicly questioned on what they
know, what they did or did not know and why action was not taken to
address identified risks.
Ethics and culture can be easy to talk about but harder to implement.
This session explores some of the ethical and cultural issues that
companies need to consider and implement throughout the
business supply chain.
• Banking culture and the problem of complaint resolution
• The fine line between conduct and culture and impact on the customer
• Changing the narrative of commercial behavior: who and how?
• Looking at long-term financial growth versus profit now
While fraud is always evolving where and how it hits, crisis leaves even greater opportunity for novel forms of fraud to emerge. Following the advent of the Covid-19 pandemic AUSTRAC - as well as providing guidance for reporting entities on compliance with AML/CTF laws - identified new areas of potential criminal exploitation, including the targeting of government assistance programs through fraudulent applications for example. We have seen fraudsters move away from targeting solely financial services and into such industries as gaming
gaming and superannuation.
This discussion will look into how fraud is evolving and the new associated challenges with keeping pace, as well as strategies to combat new threats.