Fraud perpetrators are continually evolving their tactics to evade detection and one that’s causing serious problems is called synthetic identity theft where real and fictitious ID data are melded. In the US alone, this form of fraud for unsecured credit products is expected to reach US$2.4 billion in 2023, according to Aite Group research.
Money laundering is another financial crime that can be extremely difficult to detect. The International Consortium of Investigative Journalism’s FinCEN Files uncovered more than US$2 trillion in suspected dirty money had moved through the global financial system between 2000 and 2017. More than $200 million in transactions flowed through Australian banks.