By Kimmo Soramäki

 

FNA recently attended the Central Bank Payments Conference and the Global Payments Summit in Kuala Lumpur. 

 

At the event, FNA Founder and CEO joined Paynet’s Ken Yon, Oliver Hanmer (UK Payments Systems Regulator, Aman Cheema (Featurespace) and Leo Lipis (Lipis Advisors) for a panel discussion, ‘Regulatory Perspectives: Financial Stability, Fraud, Technology and Compliance’. 

The session aimed to explore new regulatory perspectives on key topics, including Financial Market Infrastructure Regulation, Compliance Monitoring within an Economic Regulator, and Fraud Prevention. 

 

Kimmo focused on the concept of a National Fraud Potal and the importance of real-time cross-bank and cross-rail tracking of fraudulently acquired funds, and sums up his contributions to the discussion in three points. 

 

1

 Freezing and recovering funds: Criminals use money mule networks to disguise the origin of the funds before they are taken out in cash or crypto from the banking system. During this time, banks can freeze the money, so it’s available to victims after legal processes – and unavailable to criminals. 

2

 Shared Mule Database: The onward-mulling of the money following an incident reveals many mule accounts that can be added to a shared database. Banks can use this information to decide how and if payments to these mule accounts are made. 

3

 Labelled data and features for AI models: The mule and incident database provide important labels for training AI models to predict fraudulent transactions or identify mules unrelated to incidents. A central view of the data also allows for the calculation of graph features that significantly improve the accuracy of models. 

 

By integrating post-settlement solutions for fund tracking and advanced technology for mule investigations, we enhance the accuracy and impact of pre-settlement solutions like transaction scoring. 

 

Collaborative efforts in the financial sector are crucial in effectively mitigating fraud risks.

 

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