Fiserv Financial Crime Survey 2020 Report

Every year, it’s estimated that 2-5 percent of our global GDP is laundered through worldwide financial networks. Yet only 1 percent is intercepted and COVID-19 has presented even more opportunities for fraudsters to take advantage.

In 2020 Fiserv conducted a financial crime survey and asked anti-money laundering experts across the EMEA region for their views on the state of financial crime and prevention particularly in the light of the COVID-19 pandemic.

The survey results were analysed in conjunction with Themis, a financial crime specialist, and four clear areas emerged:

  1. Emerging threats - When it comes to new methods of fraud, the landscape quickly adapts to changing circumstances and respondents felt there was a need for greater collaboration between regulators and financial institutions.
  2. Education and culture - Respondents felt that education is key for everyone along the payment journey – experts, management and the public – and the responsibility here falls to government, regulators and banks.
  3. Technology - The positive impact of digitisation on migration and effectiveness of crime detection was noted by respondents who were also keen to see the introduction of more technologies, such as AI and robotics.
  4. Operational resilience - The pandemic has tested the ability of companies to absorb the impact of disruptive events and has highlighted or accelerated the need to adapt whilst also proving the strength of digital models.

Download the full survey results now to understand how the financial crime and prevention landscape has been impacted by COVID-19 and learn what you can do to fight back.