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Financial Conduct Authority's Hiring Campaign To Fight Digital Fraudsters

Tom Burroughes

27 June 2022

 As part of its battle against fraud, the , a Moody’s analytics company, said of the FCA hiring drive: “The announcement by the FCA that they are seeking more tech experts in the fight against fraud is a positive sign that financial regulators are fully embracing the use of technology in the constant battle to combat fraud.”

“We’re not talking about small numbers of transactions that need to be monitored. Institutions can be tasked with thousands of activities to analyse in the fight against fraud on any given day. The use of automated technology and perpetual KYC policies to prevent online financial misconduct is absolutely crucial to enable effective monitoring such as monitoring sanctions lists,” Richter said. 

“Artificial intelligence, data analytics and data science are three areas of technology that have huge potential benefits in beating financial crime but are yet to secure mainstream use. In the coming years, these technologies will revolutionise the financial regulation and compliance industry, which significantly improve the odds of combating ever-growing and increasingly more complex online fraud,” Richter added.