Posts tagged "scam"

Developing technology and the commitment to fight against money laundering and fraud

February 18th, 2020 Posted by News 0 thoughts on “Developing technology and the commitment to fight against money laundering and fraud”

In the heavily regulated world of finance, the fight against money laundering and fraud continues to be a crucial element of the compliance process. We are in a new era, one in which the convergence of technology and data makes it possible for compliance and ethic procedures to pursue radically different ways of operating.

Marco Lavanna mission to fight financial fraud

Efforts to combat financial crime are pulled in different directions by the competing narratives of rapid socio-economic changes and global economic inequality. The rapid advance of technology, is forcing the financial institutions to adapt, innovate and to respond in a coherent way.

Multiple technologies are playing an important role in innovation.
Machine learning, a form of artificial intelligence that relies on mutable algorithms to identify previously unidentified patterns in bulk data, is proving to be one of the most fertile and the development of the field has improved the anti money laundering procedures. The algorithms have been applied to these new, integrated datasets for insight, massively improving the speed of pattern recognition, providing opportunities to better identify anomalous behaviors.

The introduction of new technologies is proving simpler for smaller and younger financial institutions, like Paytah is. We find it very effective and results oriented to work on the configuration of the new technology, partially because we adopt a more agile outlook. These technologies are having a significant positive impact on Customer Due Diligence, KYC and transaction monitoring. We are aware of the competitive implications of this level of development, however the human touch is still the major pillar in taking solid decisions when it comes to identifying fraudulent activities.

Finally, Paytah is designed to ensure payment safety, product quality and data integrity throughout the entire lifecycle of a regulated product. Additionally, in this exciting arena of regulatory compliance, Paytah has positioned itself as a catalyst for change.

Phoenix Payments Ltd | licensed by the MFSA as a Payment Institution | Company No. C77764 | Vision Exchange Building, Territorials Street, Zone1, Level 1, Central Business District, Birkirkara, CBD10170 | Malta

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