Fiserv outlines growing role of technology in managing financial crime risk

In a recent presentation alongside the national convention of the Bankers Institute of the Philippines (BAIPHIL), executives from financial services technology provider Fiserv, Inc. shared insights on financial crime trends and how companies can manage risk. 

Andrew Davies, vice president of global market strategy for Financial Crime Risk Management at Fiserv, explained that in the digital era of today’s banking landscape, concerns over financial crime are rising along with the adoption of new technologies.

“While it’s important for financial institutions to continue moving forward with digital transformation, they must take into account the associated risks and familiarize themselves with the necessary measures to aid in meeting their regulatory compliance and infrastructure security requirements,” said Davies.

Citing data from a study conducted by the United Nations, Davies revealed that the amount of money laundered through the global financial system annually is up to $3.6 trillion. He also noted that experts estimate cybercrime damage costs will hit $6…