A Blog By Iftach Drori: The Detection Series
Front Running: using technology to stay one step ahead
Fraud $ Financial Crime In 2018, the World Economic Forum released data that highlighted fraud and financial crime as a trillion-dollar industry. Two years later, analysts are citing $3.5 Trillion as the current cost of financial crimes. Technology is a double-edged sword: bad actors are using technology to circumnavigate the advanced frauddetection technology that’s been developed to thwart such efforts.
What This Blog Covers? With great cleverness and cunning, these fraudsters continue to find ways to camouflage their market abuse, often using technology to aid and enable their crimes. We are discussing the problem and solution. Read about: Smartphones are a problem Technology is only part of the solution Recent cases of front running
Conclusion It becomes a matter of how current the technology is regarding the likelihood of detecting, reporting and successfully prosecuting the front runners. Three critical questions stand out: How can financial institutions and law firms be expected to monitor communications? How can financial institutions be held responsible for not doing so? And, how good is your technology at detecting front running?
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