Financial crime is booming due to the culmination of 6 concurrent trends. (i) Financial services are becoming more automated and digital, allowing for greater efficiency and user convenience, but also making any misuse inherently more scalable. (ii) As a result, traditional individual financial crime is now complemented by high-volume operations run by professional criminal organizations. (iii) These professional actors outsource parts of their operations to specialized groups. This model, inspired by cybercrime ecosystems, leverages black-market infrastructure built on massive hacks and data breaches to monetize stolen card and personal data. (iv) Criminal service providers, e.g. template farms, account providers, or money mules, sell high-quality forged documents and onboarded accounts in financial institutions to other criminals including through direct-to-consumer-criminal channel. (v) This makes fraud easy. Secondary “advisors” coach otherwise ordinary individuals on how to exploit financial services. Many perpetrators do not perceive actions such as obtaining a fraudulent loan or mortgage, committing insurance fraud, or opening accounts under false pretenses as serious crimes. (vi) Individual and professional criminals now also increasingly rely on AI use to diversify and scale-up their attacks.

Our presentation will leverage the global data Resistant AI has obtained while fighting all the above types of criminals to illustrate the risks posed by financial crime.

Martin is the CEO and Co-Founder of Resistant AI, a leading provider of AI-powered document fraud detection and transaction monitoring solutions. A serial entrepreneur, he previously founded and led Cognitive Security, a pioneer in behavioral network analytics. The company was acquired by Cisco in 2013 and became the foundation of Cisco’s advanced network threat detection technology, protecting more than 25 million users worldwide. Martin holds an engineering degree from École Centrale Paris and a Ph.D. in Artificial Intelligence from the Czech Technical University in Prague.