Watch the On Demand version of this discussion

 

Fraud is a billion-dollar business. Digital banking, remote working and Covid-19 have all acted like rocket-fuel to propel recent strong growth in fraud worldwide.

The big message is that there is hope, the overriding reality is that vigilance must be incessant.

Rapid advances are being made all the time by the fraudsters and that a portion of the vast sums of money stolen through cyber-crime are being recycled to even more ingenious technology- based crime weaponry.

There are no precise numbers available but estimates for global financial sector fraud in all its manifestations might, many believe, run into the trillions of dollars when factoring in internal fraud, external fraud and cyber-crime.

The ongoing digitisation of the customer interface with their financial service providers offers those customers greatly improved services but brings far greater risks to the providers and also to the customers. The continual surge in numbers of mobile phones around the globe - soon approaching two billion - presents a vast challenge to the financial industry.

The shocking prevalence of criminals - whether serial or opportunistic - operating within financial institutions is another frightening reality. The danger is so great because some highly trusted IT and other staff will always require 'super-user profiles' to perform their everyday duties or carry out essential maintenance on the core banking systems.

But there is hope. Advanced AI-based antifraud technologies can fight back against all these avenues of exploitation. FinTech anti-fraud solutions are improving all the time as their ability to identify and block suspicious activity in real time is becoming the trusted defence against the biggest fraud risk in banking. Big Data advances are moving so fast that there are ever more, and faster, tools to help financial institutions fight back.

Moreover, banks cannot tackle this problem alone; they must work with industry peers in a coordinated manner. They must bring in the best global expertise, those at the cutting edge of technology prevention and those who best understand the multitude of ways in which cyber criminals can penetrate organisations. The eradication - through technology and human solutions - of vast numbers of false positives every day at every financial institution is a vital step in mining out the real criminal activity.

 

Apr 14

Fraud trends and best practices to watch in APAC

3.00pm - 4.00pm HKT/SGT

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Senior figures in Asian Wealth Management are speaking at this event

Brent Sellors

PwC

Dennis Cheah

UOB Bank

Peter Marini

NetGuardians

Navinesh Chand

Synpulse

You Jung Kee

INTERPOL

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Event Agenda
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  • 15.00pm

    Top fraud trends and best practices to watch in 2021

    The expert speakers will share their insights on the latest bank fraud cases and trends for the year ahead.

    What’s the effect of Covid-19? Does remote working arrangements create multiple new risks for financial institutions? Risks that might vary from operations and information security and technology issues – through to fraud and staff misconduct.

    The panel will discuss the implications of the recent paper jointly issued by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) which specifically focussed on managing the risks arising from remote working arrangements adopted by financial institutions amid the Covid-19 pandemic.

    In addition to these topics -

    • What’s been the effect of Covid-19?
    • Does remote working arrangements create multiple new risks for financial institutions?
    • What’s the implications of the recent paper jointly issued by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) which specifically focussed on managing the risks arising from remote working arrangements adopted by financial institutions amid the Covid-19 pandemic.
    • Nearly four out of five banks saw an increase in fraud last year. Is the situation likely to deteriorate further?
    • What are the current fraud trends we see globally and in APAC?
    • What type of fraud cases are predicted in 2021 and beyond?
    • What are the top key challenges for banks? And how do they overcome them?
    • What are the best practices are for an effective fraud prevention?

    Moderator

    Michael Stanhope

    Founder & Chief Executive Officer

    Hubbis

    Speakers

    You Jung Kee

    Criminal Intelligence Officer

    INTERPOL

    Peter Marini

    Managing Director Asia Pacific

    NetGuardians

    Brent Sellors

    Associate Director, Forensic Services

    PwC

    Navinesh Chand

    Managing Director

    Synpulse

    Dennis Cheah

    Executive Director, Head of Fraud Risk Management

    UOB Bank

  • 16.00pm

    Webinar Ends

Apr 14

Fraud trends and best practices to watch in APAC

3.00pm - 4.00pm HKT/SGT

Speakers

Brent Sellors

PwC

Dennis Cheah

UOB Bank

Peter Marini

NetGuardians

Navinesh Chand

Synpulse

You Jung Kee

INTERPOL

Apr 14

Fraud trends and best practices to watch in APAC

3.00pm - 4.00pm HKT/SGT

Partners

platinum

Apr 14

Fraud trends and best practices to watch in APAC

3.00pm - 4.00pm HKT/SGT