Challenges to APP Fraud Fighting in 2024

🫢 Challenge 1: Data Sharing

In the last decade, the question of data sharing has gone from “should we?” to “how do we?”. But it still seems to be a highly debated question in our industry in 2024.

Whether it is fraud or money laundering, financial crime techniques display transactional and demographic network characteristics which leave unique fingerprint patterns that can be modelled using synthetic data and simulations. Fortunately, simulations and synthetic data are becoming widely adopted by financial institutions as there are very few data confidentiality issues and numerous benefits for AI applications.

Information sharing is a key limiting factor in the fight against financial crime and fraudsters are taking full advantage. Simulations and synthetic data allow firms to share knowledge about patterns of suspicious activity and effective counter methods without disclosing personal information or exposing themselves to regulatory breaches. Synthetically generated financial crime simulations give financial institutions the chance to build up their defences against criminal techniques.

🫣 Challenge 2: Scam Detection

Scams are ever changing and fast detection is crucial! Our technology solution Synthetizor® contains the world’s most comprehensive repository of financial crime behavioural simulations and a specifically designed synthetic data generation engine designed for anti-financial crime applications. 

The FinCrime Simulation Library has been created in a joint effort by our in-house research team and wider community made up of world leading experts in financial crime intelligence, machine learning and data science. Data sharing and financial crime knowledge are coming together to fight fraud.

🤯 Challenge 3: Emerging Threats

Understanding, and staying ahead of, the Unknown-unknowns. There’s your world, the galaxy outside of yours that you are aware of, and then there’s the rest of the universe.

FinCrime Dynamics is increasing the breadth of protection from emerging scam threats by closing the knowledge gap - the unknown unknowns - and creating forward looking simulations for control testing.

Our clients benefit from an all access pass to the full breadth of intelligence of APP fraud behavioural techniques via the Synthetizor® FinCrime Simulation Library. The Library is constantly updated so our clients keep abreast of new threats and fully understand their exposure to existing ones.