Academic Journal
It is time to build robust cross-industry anti-fraud and scam capabilities.
| Τίτλος: | It is time to build robust cross-industry anti-fraud and scam capabilities. |
|---|---|
| Συγγραφείς: | Musciotto, Federico1 (AUTHOR), Neri, Matteo2 (AUTHOR), Soramäki, Kimmo1 (AUTHOR) |
| Πηγή: | Journal of Payments Strategy & Systems. Winter2025, Vol. 19 Issue 4, p383-392. 10p. |
| Θεματικοί όροι: | *Payment systems, *Information sharing, *Organizational resilience, Fraud investigation, Transnational crime |
| Περίληψη: | Recent years have seen a significant acceleration in the adoption of instant payment systems around the world, with about one-fifth of the global share of payments being processed instantly. These systems bring unprecedented speed and efficiency to the payments market, offering greater convenience for consumers. At the same time, however, they also enable fraudsters to operate more effectively. As a result, both the speed and volume of fraud have increased. In 2024 alone, global fraud losses were estimated to exceed US$1tn; almost 1 per cent of global GDP. The perpetrators are increasingly transnational criminal organisations using complex, multi-bank transaction schemes to conceal the destination of illicit funds. As a result, no single bank can gain full visibility of these networks through its own data alone. Standard rule-based and statistical approaches to fraud detection, relying on siloed bank-level data, are limited in effectiveness because they fail to capture network dimensions. This paper argues that the issue can only be addressed effectively through a holistic view of payment data at national and cross-border levels. This can be achieved by consolidating a shared data hub that enables: (1) real-time tracing and tracking of fund movements, allowing faster recovery for victims, quicker identification of mule accounts, and lower costs; and (2) more accurate fraud detection and risk scoring using graph-based data features. Moreover, when cross-industry and transnational utilities are built on such a hub, they enable mitigation and prevention strategies to operate synergistically, with each strengthening the other in a self-reinforcing cycle of resilience. This article is also included in the Business & Management Collection which can be accessed at http://hstalks/business. [ABSTRACT FROM AUTHOR] |
| Copyright of Journal of Payments Strategy & Systems is the property of Henry Stewart Publications LLP and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) | |
| Βάση Δεδομένων: | Business Source Index |
| FullText | Text: Availability: 0 |
|---|---|
| Header | DbId: bsx DbLabel: Business Source Index An: 190402877 RelevancyScore: 1470 AccessLevel: 6 PubType: Academic Journal PubTypeId: academicJournal PreciseRelevancyScore: 1470.35424804688 |
| IllustrationInfo | |
| Items | – Name: Title Label: Title Group: Ti Data: It is time to build robust cross-industry anti-fraud and scam capabilities. – Name: Author Label: Authors Group: Au Data: <searchLink fieldCode="AR" term="%22Musciotto%2C+Federico%22">Musciotto, Federico</searchLink><relatesTo>1</relatesTo> (AUTHOR)<br /><searchLink fieldCode="AR" term="%22Neri%2C+Matteo%22">Neri, Matteo</searchLink><relatesTo>2</relatesTo> (AUTHOR)<br /><searchLink fieldCode="AR" term="%22Soramäki%2C+Kimmo%22">Soramäki, Kimmo</searchLink><relatesTo>1</relatesTo> (AUTHOR) – Name: TitleSource Label: Source Group: Src Data: <searchLink fieldCode="JN" term="%22Journal+of+Payments+Strategy+%26+Systems%22">Journal of Payments Strategy & Systems</searchLink>. Winter2025, Vol. 19 Issue 4, p383-392. 10p. – Name: Subject Label: Subject Terms Group: Su Data: *<searchLink fieldCode="DE" term="%22Payment+systems%22">Payment systems</searchLink><br />*<searchLink fieldCode="DE" term="%22Information+sharing%22">Information sharing</searchLink><br />*<searchLink fieldCode="DE" term="%22Organizational+resilience%22">Organizational resilience</searchLink><br /><searchLink fieldCode="DE" term="%22Fraud+investigation%22">Fraud investigation</searchLink><br /><searchLink fieldCode="DE" term="%22Transnational+crime%22">Transnational crime</searchLink> – Name: Abstract Label: Abstract Group: Ab Data: Recent years have seen a significant acceleration in the adoption of instant payment systems around the world, with about one-fifth of the global share of payments being processed instantly. These systems bring unprecedented speed and efficiency to the payments market, offering greater convenience for consumers. At the same time, however, they also enable fraudsters to operate more effectively. As a result, both the speed and volume of fraud have increased. In 2024 alone, global fraud losses were estimated to exceed US$1tn; almost 1 per cent of global GDP. The perpetrators are increasingly transnational criminal organisations using complex, multi-bank transaction schemes to conceal the destination of illicit funds. As a result, no single bank can gain full visibility of these networks through its own data alone. Standard rule-based and statistical approaches to fraud detection, relying on siloed bank-level data, are limited in effectiveness because they fail to capture network dimensions. This paper argues that the issue can only be addressed effectively through a holistic view of payment data at national and cross-border levels. This can be achieved by consolidating a shared data hub that enables: (1) real-time tracing and tracking of fund movements, allowing faster recovery for victims, quicker identification of mule accounts, and lower costs; and (2) more accurate fraud detection and risk scoring using graph-based data features. Moreover, when cross-industry and transnational utilities are built on such a hub, they enable mitigation and prevention strategies to operate synergistically, with each strengthening the other in a self-reinforcing cycle of resilience. This article is also included in the Business & Management Collection which can be accessed at http://hstalks/business. [ABSTRACT FROM AUTHOR] – Name: AbstractSuppliedCopyright Label: Group: Ab Data: <i>Copyright of Journal of Payments Strategy & Systems is the property of Henry Stewart Publications LLP and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.) |
| PLink | https://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=bsx&AN=190402877 |
| RecordInfo | BibRecord: BibEntity: Identifiers: – Type: doi Value: 10.69554/detd4288 Languages: – Code: eng Text: English PhysicalDescription: Pagination: PageCount: 10 StartPage: 383 Subjects: – SubjectFull: Payment systems Type: general – SubjectFull: Information sharing Type: general – SubjectFull: Organizational resilience Type: general – SubjectFull: Fraud investigation Type: general – SubjectFull: Transnational crime Type: general Titles: – TitleFull: It is time to build robust cross-industry anti-fraud and scam capabilities. Type: main BibRelationships: HasContributorRelationships: – PersonEntity: Name: NameFull: Musciotto, Federico – PersonEntity: Name: NameFull: Neri, Matteo – PersonEntity: Name: NameFull: Soramäki, Kimmo IsPartOfRelationships: – BibEntity: Dates: – D: 01 M: 12 Text: Winter2025 Type: published Y: 2025 Identifiers: – Type: issn-print Value: 17501806 Numbering: – Type: volume Value: 19 – Type: issue Value: 4 Titles: – TitleFull: Journal of Payments Strategy & Systems Type: main |
| ResultId | 1 |