Our team recently attended Financial Crime 360, the premier event for discussions around fraud, financial crime, and regulatory developments in the UK. Over the course of the conference, we spoke to several industry professionals and attended a variety of talks, gaining first hand insights into the challenges and opportunities facing financial crime prevention today. From these conversations and sessions, a number of interesting trends and observations emerged – key takeaways that we believe are critical for organisations looking to stay ahead of fraud in the UK and globally.
Key Takeaways:
- Criminals are evolving faster than regulated entities: To make a real impact on fraud in the UK, strong system leadership and a proactive approach are critical. There is a notable shift from small-value scams to high-value attacks. With most fraud originating overseas, adopting a global strategy is essential.
- Confidence in regulation is waning: Only 54% of respondents across the payments ecosystem believe UK fraud regulation is fit for purpose, down from 86% two years ago. Around half are positive about the industry’s ability to design out economic crime.
- APP reimbursement policy impacts: While designed to protect victims, the current policy has been costly for the industry and may contribute to declining confidence. Clearer guidance and leadership from the FCA are needed.
- Regulation is strong but fragmented: Aligning fraud strategies and fostering collaboration across institutions remains a priority.
- Fraud volumes remain high: Outcomes from regulatory sandboxes and incubators in the coming years will be crucial for driving innovation, prevention, and collaboration.
- Data sharing challenges persist: Internal and legal barriers prevent effective information sharing, which still occurs largely on an informal basis.
- Prevention requires a cultural shift: Better use of SARs, targeted risk assessments, and breaking down silos are essential. Frontline input must be valued, and preventing fraud should be a responsibility shared across all levels of an organisation.
Looking ahead
The insights from Financial Crime 360 underscore that tackling financial crime is an ongoing challenge requiring collaboration, innovation, and proactive leadership.
At Cosegic, we develop financial crime solutions tailored to your specific risk profile and designed to embed seamlessly into your operations. The outcome is compliance frameworks that stand up to scrutiny, deliver real-world results, and give regulators exactly what they want to see – evidence of control, ownership, and unwavering integrity.
Our financial crime experts are ready to help you navigate these complexities and develop strategies to prevent fraud effectively.
