In financial services, technological advances open new doors and new avenues for fraud.
Financial crime is a Hydra-headed monster, constantly finding new ways to breach defenses. From sophisticated phishing attacks to the manipulation of digital transactions, fraudsters are on the lookout for the next loophole to exploit.
The staggering amount lost to fraud and scams globally, which surpasses other forms of financial crimes, underscores the severity of the issue.
“It’s three times the rest of financial crime combined,” Robin Lee, general manager of APAC at Hawk AI, told PYMNTS.
What is increasingly prolific, Lee added, is the rise of “scam centers” where hundreds of individuals are coerced into conducting scams against neighboring countries.