Banking / Finance

Navigating the Big Data Nuances of Financial Crimes

27th Sep `13, 08:14 PM in Banking / Finance

“Catch me if you can.” That seems to be the mantra of the modern day cyber thief, fraudster…

BDMS
Guest Contributor
 

“Catch me if you can.” That seems to be the mantra of the modern day cyber thief, fraudster or money launderer. Cloaked behind anonymizers, spoofing and botnets, criminals employ extensive means to go undetected. While advances in technology can provide organizations with the proactive tools needed to best tackle these crimes, the problem is still pervasive.
According to estimates from the International Monetary Fund and the World Bank, between $2-3 trillion is laundered around the world each year. To illustrate the challenge of combating laundering, a 2013 report from the Council of Foreign Relations found that government regulations and law enforcement agencies are only able to detect and stop $170 million in money laundering activities annually.

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