Banks Need Fintech Trust to Combat US$3tn in Fraud

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.