TRENDING
DATA IN MOTION CAN ASSIST FRAUD DETECTION , AML
We must move from a transaction-centric , data-at-rest processing model to a data-streaming architecture that can support real-time events says Fred Crehan at Confluent .
Fraud is , regrettably , on the rise . UAE authorities seized $ 691 million in assets and confiscated assets worth $ 596 million in the 12 months to the end of July 2022 as part of a renewed push in anti-money-laundering , AML and countering the financing of terrorism , CFT . This is a phenomenal leap forward from the five-year period from 2013 to 2018 , when reported recoveries stood at an annual average of $ 25 million .
But we must also recognise that much of the surge in recovery was due to a spike in criminal activity during the pandemic , when fraudsters saw their opening and took it at scale . According to one report , two in every five UAE consumers experienced attempts to defraud them online during this period .
Territorial habits among departments conspire to create a situation where the organisation may be in possession of the pieces of the puzzle but cannot assemble them into a picture .
rise of crypto , and a smorgasbord of other factors have meant that the mega-dirham investments in protections are simply not enough to stop all fraud . It is only now that we are starting to treat the modern financial criminal as anything more than a lone opportunist .
Things have not improved . The emergence of the hybrid office , new ways of banking , shared devices , the
Only now have we begun to realise that fraud is an industry . It has different organisations with different
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