Digital Identity

How Data Analytics Helps Fight Financial Crime

Aite-Novarica Group’s Charles Subrt on Digitization, KYC and AML Compliance Issues
Charles Subrt, director of the fraud and AML practice at Aite-Novarica Group

Digital newbies who began using online services during the COVID-19 pandemic are not very aware of organized crimes such as scams, and this increases the number of fraud incidents, says Charles Subrt, director of the fraud and AML practice at Aite-Novarica Group.

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He says financial institutions need to create a full digital profile of their customers in order to identify crime and provide risk-based defense because, "Quality data leads to quality decisions."

Subrt says, "Identity is becoming much more than your name," and financial institutions need to consider device, geolocation, email address and other elements to create a holistic picture of the customer. "Consumers want their financial institutions to protect them," he says.

In a video interview with Information Security Media Group, Subrt discusses:

  • How digital acceleration has changed the landscape for fraudsters and defenders;
  • How data analytics can help in fighting financial crime threats;
  • Key recommendations on how best to leverage data intelligence to combat financial crime.

Subrt is the director of Aite-Novarica Group’s fraud and AML practice. He has more than 20 years of legal and compliance experience and deep expertise in advising business leaders, driving change and establishing strong, self-sustaining AML and financial crime compliance and risk management programs at a global financial services company. Prior to joining Aite-Novarica Group, Subrt led multiple compliance functions for Sun Life Financial, where he delivered strategic and thought leadership and instilled vibrant risk management practices.

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.

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