The complex interplay between cyber crime and fincrime is becoming more visible
In this report, Taylor Humphreys from the BAE Systems Fincrime Testing Service team, looks at how cyber criminals are cashing out on their crimes
Report extract:
The traditional distinctions between cyber crime and fincrime are blurring. If a cyber criminal has a financial motivation, there will be an overlap between cyber crime and fincrime, because the illicit proceeds will need to enter and move through the financial system for criminals to benefit monetarily from the cyber intrusion element of the crime.
Infographic:
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Download 'When does cyber crime become fincrime? And what are the consequences?'
Read this report to learn:
• When does cyber crime become financial crime?
• What do the regulations say?
• What money laundering methods are associated with cyber crime?
• What can we do about it?
Download 'When does cyber crime become fincrime? And what are the consequences?'
What is the FinCrime Testing Service?
The FinCrime Testing Service simulates criminal and victim behaviours to test and quantify the performance of anti money laundering detection systems. Currently, it is difficult for regulated financial institutions to independently test how effective their anti money laundering detection systems are at catching real-world criminal behaviours.
$12 billion
is spent globally by banks each year on financial crime compliance
1 - 2%
of suspicious activity identified is likely to be of immediate value to Law Enforcement Agencies
75%
of financial crime compliance professionals don’t currently have an efficient way to test the effectiveness of their detection systems
“If anyone is thinking about using data testing services for financial crime purposes, this is the way to go. I don't think anyone else is trying to tackle the problem of poor detection in this way. Really innovative and a great idea… and I stand by every single word!!”
Francisco Mainez, Head of Business Financial Crime Risk Data and Analytics, Retail Banking at HSBC
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