This post was originally published on Finextra (Security)
What is the current state of trade based financial crime globally? How confident and mature are financial institutions in detecting and mitigating trade based financial crime? How best can one summarise the risks associated with trade based financial crime? What are the current techniques being used to detect criminals? Why is manually sifting through extensive transaction data no longer tenable? Is there need for a new solution to address these risks? What is that solution? How can technologies such as machine learning, artificial intelligence and generative AI remedy issues with traditional trade based financial crime detection and prevention methods? What are the benefits of bringing trade based financial crime workflows onto a single platform?
With the release of the Finextra Research and Eastnets survey on ‘The State of Global Trade Based Financial Crime’, it is evident that this form of financial crime continues to be growing in scale, global in nature, and yet, heavily underrepresented. The Finextra and Eastnets survey will reveal the current state of trade based financial crime, as well as provide never before seen quantitative and qualitative insights into how financial institutions currently detect and mitigate fraud and unveil their future implementation plans.
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