Cable wants to help banks cut financial crime through automated assurance

Variety
11-05-2023 | 08:51
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Cable wants to help banks cut financial crime through automated assurance
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Cable wants to help banks cut financial crime through automated assurance

People in the US reported $8.8 billion of financial fraud in 2022 to the Federal Trade Commission, and while the FTC received fewer reports, 2.4 million versus 2.9 million in 2021, the overall monetary figure is 30 percent higher than 2021. Bank transfer or payment fraud amounted to $1.6 billion in 2022.

When you expand this globally, Cable’s co-founder Natasha Vernier told TechCrunch that financial crime becomes a $4 trillion problem. And one Vernier, co-founder Katie Savitz and the Cable team have been working on it since 2021.

Vernier explained that banks and fintech's need to first have controls in place to mitigate risk, Controls can include Know Your Customer checks, sanctions, screenings, transactions and monitoring, all of the offerings that vendors like Unit21 and Alloy do.
 

Cable

Wants

Help

Banks

Cut

Financial

Crime

Through

Automated

Assurance

Fintech

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