The Dark Economy Survey
Insights into the invisible: Perspectives on evolving fraud and AML challenges
Financial crime inflicts a devastating toll on the global economy. Nasdaq estimates $3.1 trillion in illicit funds moved through the world’s financial system in 2023 alone, while scams and fraud amounted to $485.6 billion in projected losses.
And those estimates may prove conservative.
BioCatch surveyed 800 fraud management, anti-money laundering (AML), and risk and compliance leaders at banks in 17 countries on five continents on the financial crime challenges they’re seeing at their respective institutions in their respective countries. To view those global findings in an interactive, ungated format, you can read the complete survey here: Insights into the invisible, Perspectives on evolving fraud and AML challenges
A few of our global findings:
- Banks playing catchup: Nearly 80% of those surveyed say criminal enterprises today are more sophisticated at laundering money than financial institutions (FIs) are at detecting that laundering.
- Fraud linked to other crime: 83% of respondents agree there exists a link between fraud and other crimes like terrorism and the trafficking of drugs and people.
- Losses continue to mount: Nearly half of Dark Economy Survey respondents say their organization loses more than $10 million to fraud every year, while 8% (64 banking leaders) say their FI loses more than $50 million to fraud every year.
- Criminals embracing emerging tech: Respondents overwhelmingly say AI tools (78%), social media (76%), and dark web forums (73%) have increased the sophistication of financial crime.
- An AML disconnect: While 61% of those surveyed say one instance of money laundering often leads to other related cases, 41% say their organization typically limits its investigation to only the individual account in question.
For the complete picture, download now or scroll through the interactive results today.