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Fighting Financial Crime: Improving Effectiveness & Outcomes

Undoubtedly, technological advancements have increased the urge to receive digitized services within the blink of an eye. There is a growing consensus that the current global finance ecosystem is enmeshed with the financial crime and cyber-attacks. Because of the continuous change in the usage of the tools and methodologies of such attacks, it has become difficult for banks and corporates to stay afloat. 

This drives a need to plan an overall strategy to protect and uphold their services for being the trusted custodians of the funds, consumer & business data, and securities. Ignore can actually put them out of business and lead to negative consequences for the payment industry.  

Though these types of attacks are carried out for typically two primary reasons- to transfer the funds to a bogus account and to get the current account holder; as it is said, prevention is better than cure. It is required to stay aware of these kinds of frauds. 

Fighting Financial Crime Improving Effectiveness & Outcomes

Everyone vs financial crime

Let’s take a recently published report highlighting the most extensive password collection of all time leaked on a popular hacker forum. This report showed how the largest database of the stolen passwords had been dubbed ‘RockYou2021.’ To be precise, when unanimously gather all the uniquely mentioned 8.4 billion passwords (including email address and username), fraudsters can attempt the password, RockYou2021 collection to mount password dictionary and password spraying attacks against untold numbers of online accounts.  

This depicts the tremendous increase of the solutions to protect the users and organizations worldwide from this serious threat. As a matter of fact, stolen credentials or personal details can be used to open a new fraudulent account or perhaps even update the account’s status without user consent.  


A significant number of crimes and losses are increasingly announced, causing the firm’s and banks’ reputations to be at stake. Henceforth, it becomes crucial for all the fintech industry players to collaboratively and proactively respond and deliver solutions for financial stability and financial inclusion. This blog post explores the areas where proactive steps can be taken to prevent the attacks globally and how ECS Fin’s award-winning solution equipped with the latest technology and security measures can ease your life!

Improving cross-border and domestic information sharing to Fight Financial Crime

The cross-border payments dealt with outdated models, high transfer and conversion costs, eventually leading to unreliable and expensive experiences. In addition to this, a seemingly endless number of cyberattacks in cross-border transactions can be witnessed today. Data is stolen and sold into the black market for committing a wide range of other financial crimes. What’s more? Malicious cyber actors have heavily targeted the domestic financial systems causing tension among the payment players.  

Therefore, it is imperative to improve the standard of sharing financial data, both domestically and internationally. AML/CFT and other financial crime prevention policies play an important role in addressing geopolitical priorities. The management of Suspicious Activity Report (SAR), bank secrecy, data protection, and security protection can act as the barriers to inhibit the information-sharing functionality.  

In fact, FATF/ Swift gpi new strategies can drive new strategies to improve the effectiveness of its member states’ information-sharing regimes. That’s what Swift prepared a next-generation digital platform that maintains SWIFT’s hallmark focus on resiliency and security.

Improvising the Usage and Quality of Data

The security of data and money has become a hot topic among finance players. The database works as a foundation for fraudsters to commit crimes and make the financial ecosystem unstable. It is advisable to have a standardized and contextual database to support the consistent process performed by financial institutions to meet key Know Your Customer (KYC) and Customer Due Diligence (CDD) requirements, alongside other proactive investigative approaches. Presently, the KYC database is fragmenting.  

As it has been said that different financial institutions may hold a separate base to store the customer information, the chances are that the repository is inconsistent and insecure, navigating the criminals to exploit the financial system. So, the continuous development of KYC utilities could reduce these chances and simultaneously improve the efficiency and effectiveness of the KYC and CDD process. 

Increasing and improving the performance of technology for bolstering financial institutions operations

Technology performance plays a vital role in improving the payment cycle and combats illicit finance. Nowadays, new technologies are bolstering financial institutions’ compliance efforts and holding the pulse for effective deployment with financial norms. The global fight against financial crime, fraud is of paramount importance. Therefore, the best solutions should be deployed at the international, regional, and national levels to identify and help stem the flow of illicit finance.  

And what ECS Fin does is helping financial institutions and corporates with one-stop solutions 

Our simplified and streamlined solution efficiently captures, stores, and distributes data after securely addressing the entire range of data exchange between internal applications, external entities, and all interested parties. Without any disturbance, it gathers data from multiple systems and engages routing rules and content/context-based routing to deliver data to all interested parties for better results! 

And regarding compliance, the high-speed processing of compliance checks across multiple sanctions lists and ensure every transaction is done legally. Our solution also addresses the OFAC list to fight against money laundering and other fraudulent activities. In fact, there is a provision where companies can maintain the proprietary list for the customers or groups they want to block with fraudulent activities.  

Furthermore, it monitors payment patterns over any period of time to identify suspicious activities, violations of usage rules, unusual movement of money, balance inquiries, deposit, and withdrawals, etc. Track payer and payee behaviours for profiling and monitoring.  


Though money laundering and other fraudulent activities are increasing, we can sail through it quickly if we adopt the right technology partner and solution to help us face this cybercrime wave. Our IMS suits of product is indeed an end-to-end data processing and security station that takes care of all the day-to-day mandatory and customized services needed to move securities and money in a highly secured environment.