Quick and effective training
Roll up! Roll up! Get your free awareness videos!
There's lots of free training out there. I've been doing some research and came across the following videos, which I thought I'd share with my fintech friends in a blog post. These will help, if you're looking for a quick way to keep your financial-crime awareness momentum going.
- NCA Money laundering video
- NCA Suspicious Activity Reporting (SAR) video
- Google company anti-phishing training
- Trading Standards SCAMS (the consequences)
Remember to visit these third-party websites and check their sharing permissions. Most are public and meant to be shared!
In other news...
The onslaught of Covid has brought with it a huge rise in scams. Phishing, hacking, romance fraud, advanced-fee fraud, clairvoyance and the sale of fake vaccines and/or appointments are some of the items right at the top of the cyber-criminal's agenda.
Many of these scams are facilitated by bank transfers and person-to-person payments. Fintechs can find themselves caught in the middle, as they might process the scam payments and aid a money laundering operation.
Action fraud tweeted yesterday that "Over £68 million was lost in 2020 to criminals committing romance fraud."
That figure was rising steadily, even before lockdown. Reports to Action Fraud (UK) during 2019 revealed that £50,766,602 was lost to romance fraud (a 27% increase since the previous year). 
Now's the time to ramp up some awareness updates on these points, especially as Valentine's Day approaches. Scam awareness must be a key part of financial-crime awareness training for fintechs. Visit the actionfraud.police.uk
Keep reviewing payment receipts, too. If a payment is flagged as a scam, categorise it (romance, pyramid selling...), check the free text sent by customers in their receipts (membership, gift, psychic...) and program your systems to flag other payments including these keywords. Couple this with a review of the recipient's digital footprint (IP address, GUID...) and where the money flows go 'from' and 'to', then fine-tune risk scoring & flagging rules.
Please contact us if you would like more information on training around this topic. Email: firstname.lastname@example.org
 – Surrey Police. Romance Fraud (Campaigns)