AI can stem the tide of increasing fraud and money laundering

This is higher than the global average of 47%, and quite understandable when read alongside the UK government's own report showing that nearly half (46%) of all businesses have been the victim of cybercrime in 2020 alone. Money laundering and terrorist financing are similarly huge industries: the National Crime Agency (NCA) considers it a'reasonable possibility' that the scale of money laundering in the UK is in the hundreds of billions of pounds. Given how pervasive digital crime is, the overall trajectory of the payments industry might seem counter-intuitive. More transactions are taking place online than ever before, meaning that finding fraudulent transactions is like finding a needle in a haystack that keeps growing. With millions of transactions being processed each day comes the need for regulation, so everyone at every step of the payment processing journey needs to ensure that they are compliant with evolving legislation.