Financial Crime and Fraud Report 2021

Report, published: April 2021

Financial Crime and Fraud Report 2021 follows the development of the best practices and tools used by financial institutions to prevent fraud from happening, to boost the digital onboarding process for their customers while fighting financial crime

Structured in three comprehensive chapters, Financial Crime and Fraud Report 2021 shares how digitalisation and the current COVID-19 pandemic have caused an increase in fraudulent activities (e.g. synthetic identities, social engineering, stimulus fraud, etc.), and the significant role identity verification technologies play in decreasing fraud rates around the world. Moreover, having a digital identity standard enables financial institutions and regulated entities to onboard customers quicker, while reducing costs and paperwork.

Still, getting customers on board fast and efficient is the first step in the lifecycle of the engagement. Developments in fintech and regtech allow financial organisations to bring together datasets, build ecosystems, and leverage APIs to determine customer behaviour or to create accurate reporting that support transaction monitoring, KYC, and AML processes.

2020 has brought some regulatory changes such as the EU’s AMLD6 and the US’ Anti-Money Laundering Act (AMLA) that provide much-needed alignment across countries and regions, closing the loopholes for money laundering networks to process funds via digital transaction channels. All in all, risk and compliance issues can become prominent during stressed socioeconomic times. However, by embedding analytics, AI, and other technologies into their operations, products, and services, regulated industries manage to prevent fraud, while mitigating risks.

To enable banks and financial institutions to better understand their customers, their financial dealings, the risk associated with them, and their needs in the digital space, the Financial Crime and Fraud Report 2021’s contributors offer their opinions regarding the following aspects:

  • Technological solutions and best practices used to deal with fraud detection and prevention;

Experts from Callsign, Euro Banking Association, NICE Actimize, Nordea, and Veriff explain what role identity verification solutions play when it comes to decreasing fraud rates around the world, how a Pan-European collaboration may help to combat payment fraud, and what are some ways to tackle criminal activity in the new banking landscape.

  • The growing need for a digital identity layer/standard to boost KYC practices and the impact of COVID-19 on the digital onboarding process;

Report participants such as Accenture, CleverAdvice, Citi Innovation Lab, Consult Hyperion, DueDil, HID Global, Juniper Research, KuppingerCole, One World Identity, Open Banking Implementation Entity (OBIE), and Signicat delve into what is currently happening in the digital onboarding process (for end consumers and corporations), highlighting the best practices and the biggest challenges of the moment, with advice on what technologies to adopt to help banks/FIs improve their digital onboarding and KYC processes.

  • The importance of teams’ collaboration (fraud prevention, cybersecurity, compliance) and a blend of people, technology, data, reporting to build successful AML compliance programs;

Many institutions are now considering, experimenting with, and implementing artificial intelligence and machine learning-based solutions. Experts from Aite Group highlight the positives of using next-gen technologies by financial institutions and other regulated firms to meet their anti-money laundering (AML) commitments. Moreover, companies like Bottomline, Encompass, Fintrail, iSTOX, and Jumio share pieces of information about the evolution of compliance (including the EU’s AMLD6 and the US’ Anti-Money Laundering Act (AMLA), the regtech solutions, and identity proofing technologies, while Bank of Lithuania, Deloitte Reg Tech Lab, EY Americas Financial Crime, and Kapronasia give us a regional perspective of these subjects.

  • Who is who in fraud and financial crime prevention – the Financial Crime and Fraud Report 2021 Infographic.

COVID-19 and the latest revelations from the FinCEN files have fuelled an increased interest in the efficiency that regtech companies bring to financial institutions. As such, we have created an explanatory infographic that includes solution providers that are part of the digital onboarding (KYC) and fighting financial crime (AML/CTF) and fraud (payments/accounts fraud) ecosystem.

Besides the editorials, the report displays a second part that includes a comprehensive section of company profiles with details regarding the key player’s core solutions, their business partners, technology, and many others. 

We would like to express our appreciation to Consult Hyperion, KuppingerCole, and One World Identity – our endorsement partners who have greatly supported us, and to our thought leaders, participating organisations, and top industry players that contributed to this edition, enriching it with valuable insights and joining us in our constant endeavour to depict an insightful picture of the industry.

We greatly appreciate your feedback!

Once you have had a chance to download and start reading our Report, we would be more than happy to receive your opinions and suggestions. Please feel free to drop us a line at any time at


Research Type Overview
Published 27 Apr 2021
Pages 160
File Type PDF
Size 14859kb
Geographic Scope    World
Editions Digital Identity, Security & Online Fraud