What is the next trend in financial crime?

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“The use of artificial intelligence is one of the next big opportunities and challenges within the financial services community. Unfortunately, fraudsters tend to be more agile in adopting new technology for their criminal activities, often leaving companies behind. This is an increasing risk area in concert with the proliferation of social media use, as companies often can’t fully control employee social media activity. AI can serve as an effective prevention tool, enabling compliance and legal departments to become more efficient and to get ahead of the fraudsters.”Aisling Twomey, Money Laundering Researcher, IALS“Not so much a new trend, but anticipate a renewed focus on APP fraud and mulling following the recently released PSR rankings. These issues aren’t new, but preventing APP is challenging, and spotting mules can be harder still. Organizations need to consider their own customer book to work out how mules might be hiding among genuine customers. Organizations should avoid relying on high-level and vague red flags written in industry reports. Instead, we should think like a criminal - sketch out how they might mule and consult internal data to find and shut them down.”Gareth Dothie Detective Inspector, Fraud Operations Team City of London Police“AI is rapidly changing the landscape of fraud and cybercrime attacks. Currently, cyber-attacks like phishing emails rely on volume and are often low quality, with bad spelling or grammar, and are quickly identified as fraud. The introduction of AI poses a significant threat. AI that can write similarly to humans and collect personal data through social media can be weaponized by fraudsters, making the identification process harder with more tailored attacks. Organizations need to be aware and take necessary measures to protect themselves. One element that can help is using AI to catch AI and recognize communication that might be suspicious or the hallmarks of AI. Using AI to spot signs and assist in defenses to prote