Whitepaper - Impact of Covid-19 on Fraud and Financial Crime

Assessing an integrated approach to AML compliance and fraud in the wake of the pandemic

Competitive Intelligence
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White Paper

To understand how COVID-19 has impacted both AML compliance and fraud strategies, FICO commission analyst firm Omdia to conduct examining how institutions are responding to challenges in tackling both areas of financial crime in the wake of the pandemic. Over 100 senior executives were surveyed and provided feedback.

  • The pandemic has not just driven volume impact, but challenged control effectiveness and driven dramatic behavior changes, impeding the effectiveness of existing models. 
  • Some 69% of institutions now have strategic plans to integrate functions or share resources between AML compliance and fraud; 50% have plans to do so within three years. 
  • Artificial intelligence and machine learning technologies drive fuller and more complete detection, but also offer rapid adaption to new threats and false positive reduction. 
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