Workplace Distancing: Adapting Fraud and AML Operations to COVID-19

Bad actors thrive on chaos and confusion, and COVID-19 is no exception.

Boston, April 21, 2020 –Fraud and AML operations have historically not included a remote workforce in the financial services industry, and many firms have had to scramble to facilitate this in the wake of the global pandemic. Meanwhile, data shows that some consumers are accessing their accounts remotely for the first time because of social distancing, and fraud activity is expected to escalate in the weeks and months to come. These shifts have necessitated a rapid adjustment for firms around the globe.

This Impact Report examines the best practices and lessons learned as financial services firms adjust to the need for a largely remote operations workforce. It also explores the evolving risk vectors as bad actors adjust their tactics to capitalize on the COVID-19 reality. To form the basis of this report, sponsored by BioCatch, Aite Group interviewed 13 fraud and AML executives at North American banks, fintech lenders, and issuing processors from March 31, 2020, to April 8, 2020.

This 20-page Impact Report contains three figures and five tables. Clients of Aite Group’s Fraud & AML service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Arkose Labs, BioCatch, Cisco, Early Warning Systems, Kount, Microsoft, and Slack.

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