Read the original article from Fintech Magazine here.
Here is a brief summary of the article:
- NASDAQ released its Global Financial Crime Report for 2024.
- US$3.1tn in illicit funds flowed through the global economy in the past year.
- Money laundering was chief among fraudulent fund transfers, with US$485.6bn in projected losses from fraud scams and bank fraud schemes.
- Real-time payments fraud accounts for 52% of financial crime concerns among anti-financial crime professionals.
- Banks are looking to AI, data and analytics to improve their financial crime efforts.
- NASDAQ expects 70% of banks to increase spending on AI and machine learning in the next two years.