Combating Fraud & Criminal Transactions

P20 supports a consistent regulatory environment that promotes fair and appropriate business practices and delivers systemic confidence in the financial system.  An essential element in promoting sustained economic growth is the reduction and elimination of fraud and criminal transactions.  P20 believes that developing best practice to combat these illegal activities is non-competitive.  With the support of regulators, the global payments industry has a responsibility to collaborate and combat the stark, frightening and unacceptable facts of how criminals use the formal financial system to launder and legitimize the vast majority of the $1.6 trillion estimated by the United Nations to be generated through criminal activity every year.

P20 is uniquely positioned to propose and implement – through the collaboration of its members – adoption of specific best practice to reduce the impact of criminal activity.

Identity Fraud losses totaled $56 billion in 2021

In one week:

  • 15,000 men, women and children are trafficked into slavery

  • More than $70 million is raised to finance terrorism

  • More than $6 billion is generated through the sale of illicit drugs

  • More than $30 billion is laundered, of which only 1% is intercepted and seized

(Source: FCA and Javelin Strategy & Research) 

 

 

“Criminal behavior has become innovative, complex, sophisticated and global.  Efforts taken separately are not sufficient.  Further collaboration and, in particular, information exchange is required.”

Christopher Woolard CBE
Former Interim Chief Executive
UK Financial Conduct Authority

 

 “It’s about people, for people and it’s people who use the solutions.  And it’s people who commit the crime.  But they use technologies in order to be able to outwit those people.  So I think that it’s only by a combination of really senior people who totally understand the issues and the cost to society and to the industry of those issues that we can then work together to dream up the best possible solutions.”

Martina King
CEO, Featurespace