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Weekly Analysis & Opinion Highlights – 8 February 2021

Much more news from fintech industry experts this week. We look at the key trends for financial security in 2020, the new risks imposed by Covid-19 in terms of economic crime, AML, RegTech, AI solutions for fraud detection and InsurTechs, how California is fighting against cyber threats, and Google’s latest plan of action for the advertising industry. Enjoy the reading! Have a good start of the week!

Retrospective: Financial security…

What was financial security in 2020 all about? (ValueWalk)

2020 was marked in the US by financial insecurity caused by the massive rates of unemployment, reduced hours or salaries. Discover Personal Loans conducted an analysis to observe how Americans are currently preparing to become more financially secure by understanding how they define money security, how they’re preparing to become more savvy with their income, and to uncover any tips that are helping them feel safe during these unprecedented times. Read more

On financial crime…

How financial crime has adapted to COVID (ICAEW)

In a recent analysis by PwC, the Global Economic Crime Survey found that economic crime has hit a new record in the last 2 years, with 56% of UK businesses surveyed stating that they were impacted by fraud, corruption or other economic crime. Presenting at the Virtual Fraud Conference 2021, PwC’s research outlined that times of political uncertainty often open up new opportunities for fraudsters to pinpoint or exploit gaps in controls. Read more

How To Fight Financial Crime While Avoiding Costly AML Compliance Mistakes (Forbes)

According to Dean Nicolls, Vice President Global Marketing at Jumio, many financial businesses are still struggling to meet regulatory obligations, and follow on the path of past mistakes. The enduring problems reflect a lack of resourcing and the reliance on legacy systems that can’t keep up with the changing trends in financial crimes. The main bottleneck for fintechs, banks, broker-dealers, crypto providers, lenders is coming from the obligation to  unite different point solutions, sometimes 10 to 20 of them, to combat financial crime and meet compliance mandates. Read more

On AI solutions…

HSBC – using AI to join the financial crime ‘dots’ (Diginomica)

Gary Flood, writer at Diginomica, analyzes the aftermath of HSBC’s deployment of a Global Social Network Analytics (GSNA) platform to better inform financial crime investigations. The next steps for data-driven anti-money laundering work at HSBC will involve more exploration of the potential of AI and machine learning to better uncover hidden risk as well as aid in the fight against financial crime, credit risk, and fraud throughout the customer lifecycle. Read more

Next Insurance doubles gross written premium with AI-powered coverage (Insider)

Next Insurance, an online insurance provider for small businesses, announced that it has reached a $200 million gross written premium run rate by the end of 2020, from $100 million last February due to implementation of AI solutions. Through a combination of AI and well-rounded coverage options, Next Insurance and other insurtechs can meet all of a small business’s insurance needs, without requiring them to take out additional policies with other insurers. Read more

California faces new cyber threats…

A Crime Epidemic Has Cost Americans Billions. Why Aren’t More People Paying Attention? (Time)

Ankush Khardori, an attorney and former federal prosecutor, highlights cyber threats that the state of California has been confronting with at the end of last year. The state lost more than $11 billion as a result of unemployment benefits fraud, and another $20 billion is under investigation. Moreover, the FBI reported in 2020 that internet crime had reached its highest level in two decades, resulting in more than $3.5 billion in losses to individuals and businesses. Read more

Google takes a stand in the ads space…

Google’s next big Chrome update will rewrite the rules of the web (WIRED)

Matt Burgess, deputy digital editor at WIRED, is analyzing the effectiveness of Google’s most recent announcement about dropping third-party cookies from its offering. Critics and regulators argue that the decision may greatly affect advertising firms and websites which rely on ads to create profit. Google plans to use browser-based machine learning to log your browsing history and lump people into groups alongside others with similar interests. “They’re going to get rid of the infrastructure that allows individualised tracking and profiling on the web,” says Bennett Cyphers, a technologist at civil liberties group the Electronic Frontier Foundation. “They’re going to replace it with something that still allows targeted advertising – just doing it a different way.” Read more

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