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AI is paramount to combat money laundering
Syndicated By Iain Fraser Cybersecurity Journalist - Gibraltar
Over the last decade, the number, quality and breadth of cyber attacks has increased at an alarming rate. Criminals have professionalized their approach and created commercial operations. Whether it is a ransomware attack or a data hack, these operations are carried out quickly and efficiently. They have created lucrative models to monetize their crimes and finance their organizations.
Cyber attacks do not respect international borders and the criminals prey on organizations that hold sensitive data, have easy access to funds and are sufficiently high profile to cause public embarrassment in the event of an attack. Such has been the regularity of these incidents that ordinary citizens fear for the safety of their personal information. And financial institutions and entities with extensive payment data are their top targets.
P20 believes that the only way to combat these attacks and reduce their effectiveness is to collaborate as an industry to develop best practice and strengthen resiliency, working alongside agencies representing multiple governments. By tackling these challenges side by side, we can develop a common approach to threat assessments and cyber protocols – and critically, build relationships and communication channels which we believe will prove vital in a systemic attack.
About Payments20 (P20)
Conceived in 2016 by a joint US/UK group, P20 was established to focus on payments globally with the aim of collaborating across borders on the major issues facing the industry.
P20 convenes industry, government and regulators to accelerate progress on our 4 Pillars:
Combating Fraud & Criminal Transactions, Cyber Security, Financial Inclusion and Environmental, Social & Governance (ESG).
P20 is a collaborative sandbox for thought leadership, best practice and ideas for harmonizing global standards on these key non- competitive issues. P20 hosts forums for these conversations to flourish and regularly publishes thought leadership and best practice reports.
Our vision is to create a more accessible, secure and inclusive payments ecosystem in which commercial competition can thrive in a safer environment for the benefit of all. Learn More/...
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