Eric Le Lay
Chief Compliance Officer, Global Transaction Banking, Societe Generale
One of the most pressing issues for banks, system operators and regulators is how to increase speed without sacrificing security. In this new payment landscape, can technology contribute to fraud and financial crime prevention, rather than simply speeding up payments? And in a world of instant payments, how much risk is too much? Are regulators ready to adapt a risk-based approach across the board, or does a zero-tolerance approach for certain compliance activities still stand? As new payments bring about new methods of fraud, how are financial-crime compliance teams shifting their focus to prevention rather than detection?
When real-time and instant payments systems have been launched around the world, fraud attempts have immediately followed. Such payments are a new paradigm, delivering 24/7 payments transfers in a matter of seconds. Unfortunately, instant payments could open the door to instant fraud.