Fintech Nexus Publication (January 16, 2024): New Nasdaq report reveals $3.1T in illicit cash flows in 2022

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At the moment, a brand new world report was launched from Nasdaq and Oliver Wyman on illicit cash flows and the numbers are sobering.

The International Monetary Crime Report quantifies the full quantity of illicit monetary exercise and the quantity is an eye-popping $3.1 trillion. Included on this quantity is financial institution fraud protecting funds, checks and bank card fraud which is estimated at round $450 billion.

Funds fraud is by far the biggest sector inside monetary fraud at $102.6 billion, examine fraud is rising the quickest, doubling in 2022 to $21 billion.

There’s a robust demand for brand spanking new know-how options because the rise in fraud creates an “more and more difficult surroundings for monetary establishments”.

For these corporations providing AI and machine studying options, the information is sweet with 70% of respondents anticipating to extend their funding in these instruments.

There’s a new arms race between the fraudsters and monetary providers and it’s a race that we can not afford to lose.

Be aware: Later this week we have now a webinar on the highest fraud dangers to be careful for in 2024.


Fraud value $500B, illicit cash topped $3T in 2023: Report

By Chana Schoenberger

Funds fraud is the costliest form, at $450B; anti-financial-crime execs are essentially the most fearful about real-time funds, a survey from Nasdaq and Oliver Wyman discovered.


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From Fintech Nexus

> Acorns’ success no shock to Sarkar

By Tony Zerucha

The brand new Mighty Oak Visa debit card from Acorns has a strong basis for achievement says a consultant from long-time accomplice Helix by Q2. GM Ahon Sarkar stated he’s not stunned by Acorns’ prosperity because the two corporations first partnered seven years in the past, which is an eternity in fintech.

> Fintech: $125MM for Vestwell’s office financial savings and retirement tech

lex.substack.com

Vestwell generated 1000% income development during the last a number of years


Podcast

Steve Allocca, Managing Director, US & President of Funding Circle on small enterprise lending

The top of Funding Circle USA, Steve Allocca, talks small enterprise lending, the SBA license, underwriting, mortgage demand,…

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Webinar

Excessive Efficiency Payouts: Why real-time Pay to Card is revolutionizing entry to money

Jan 17, 12pm EST

Actual-time payouts have by no means mattered greater than they do in right this moment’s digital financial system. Throughout platform economies – serving creator…

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  • International: Worldline companions with Google
    Fee service supplier Worldline has introduced its partnership with Google with the intention to drive world funds optimisation by cloud-based applied sciences.

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  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media firm targeted on fintech. Peter has been writing about fintech since 2010 and he’s the creator and creator of the Fintech One-on-One Podcast, the primary and longest-running fintech interview collection.



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