Within a remarkably short period of time, COVID-19 has dramatically altered the way in which the global population works, transacts, and interacts. Social distancing, a term that was not in most people’s vocabulary just a few short months ago, is the new norm. Fraud and AML operations functions at financial services firms have not typically consisted of a remote-enabled workforce, nor are most operations centers known for ample space between workers, so the shift to remote workers and the requirements of social distancing have necessitated a rapid adjustment for firms around the globe.
Some organizations were better prepared than others to deal with the implications of the pandemic, but there is a broad recognition that commerce and banking have changed for good, and the pandemic will change the way that organizations work in the future. This Impact Report examines the best practices and lessons learned as financial services firms adjust to the need for a largely remote operations workforce. It also explores the evolving risk vectors as bad actors adjust their tactics to capitalize on the COVID-19 reality.
In this research, sponsored by BioCatch, Aite Group interviewed 13 fraud and AML executives at North American banks, fintech lenders, and issuing processors from March 31, 2020, to April 8, 2020, to understand how they have adjusted to the new social distancing requirements dictated by COVID-19.