Virtual Expert Panel

Battling Financial Crime 4.0 in the New Age of Finance

As financial services evolve rapidly so too does the nature of financial crime.
It is difficult enough as it is to tackle traditional threats of financial crime without new business models. New business models allow threat actors to deploy new vectors of attack.
In Asia Pacific alone, US$ 171 billion is lost to cybercrimes each year and penalties for compliance failures are skyrocketing.
Against this backdrop, how should the financial services industry prioritise their tech investments and strategise against this rising threat?

Key insights from the experts

Tick icon

FIs must ramp up capabilities as challenges such as faster payment systems and digital channels reshape financial crime.

Tick icon

According to the survey, education helps create awareness for end-users, especially the younger age group, as they are the most vulnerable to banking fraud.

Tick icon

Regulations have evolved, and execution of its policies usually takes time. It relies on the ecosystem of the FIs to transform and implement to adapt to the new age of finance.

Tick icon

Data sharing between FIs to prevent financial crime is critical to reducing more complex fraud typologies, especially as interactions increasingly shift to new financial services.

Tick icon

Criminals are getting more creative. FIs are required to ramp up capabilities as interactions increasingly shift to digital channels.

Tick icon

Many resources are required for gap analysis and focusing on fraud control as FIs move into the new age of finance.

Expert panellists

Moderated by Dev Dhiman, Managing Director, Asia-Pacific, GBG

Victor Apps

Director, Financial Crime Risk, Specialist, Asia | Standard Chartered Bank

Raj Viswanathan

Chief Information Security Officer | Nium

Dev Dhiman

Managing Director APAC | GBG

Vincent Fong

Chef Editor | Fintechnews (moderator)

Expert Panel Highlights

Innovation icon

Using ML and AI to augment fraud rules to provide better actionable intelligence to the human element.

Increased collaboration and data sharing between stakeholders can lead to better policing of financial crime and early detection of fraud.

How FIs should adapt to the evolved fraud to sustain its system over time.

Icon for fraud detection accuracy

Utilize data and customize approaches at the individual level to effectively fight fraud and minimise customer impact.

Watch now

Victor Apps, Director, Financial Crime Risk, Specialist, Asia, Standard Chartered Bank, Raj Viswanathan , Chief Information Security Officer, Nium and Dev Dhiman, Managing Director APAC, GBG discussed the new age of financial crime and how the professionals in the financial crime space need to start operating under an innovation imperative.