News & Blog

The Future of Financial Crime — Insights From Ethan Taub

Financial Crime
June 18, 2021

This article is part of Kyckr’s new Future of Financial Crime Series, which features interviews with leading industry professionals and thought leaders to learn more about the evolution of financial crime and the trends shaping the future.

The following is an interview we recently had with Ethan Taub, CEO and founder of Goalry

The Future of Financial Crime — Insights From Ethan Hub

What is the state of financial crime today? 

Because of the pandemic, many more people have been at home. This is an issue because many don't have the protection needed in order to secure their internet connection from malicious users. Not only have spam emails and fake texts increased but there is something we have all done that has put us at risk: shopping online. Of course it is unlikely to be an issue to many, but those without a protected connection or those who have a virus on their computer are at risk with each purchase. Viruses like keyloggers are able to log all keyboard inputs which include emails and passwords for banking sites. Ransomware has also become a major issue, even over the past few months when the fallout of the pandemic was settling. Big companies are being threatened to hand over money or other data of the business, employees and the public who use their services are at risk. This is worse for shopping and banking sites as a member of the public's account information could lead them to having all of their money and information stolen and used.

How has financial crime evolved over the past 5 years? 

With technology evolving, risks are higher. People are becoming more likely to use online services for banking, shopping and such because of convenience but also because of increased confidence in this technological evolution. However, the evolution of technology comes with more advanced ways for malicious users to extract information. As well as this, dating sites have become much more common. While they can be good for meeting new people, a lot of the users on there are acting as someone else in order to get money from lonely, vulnerable people. The ways in which money can be extorted from people has become much more sophisticated and common over the past 5 years. While I think technology is the main player for how this has happened, I also think a major issue is that it doesn't get spoken about enough. When this technology was new, many were skeptical and were much more cautious, even when what they were cautious of was completely safe. Now that we are showing everything off as a huge convenience to their life, people are taking that convenience over safety.

What's the future of financial crime?

I personally think that the future is looking brighter. With these vulnerabilities becoming exposed to the general public more through social media and TV shows, many are becoming aware of the tricks people play in order to get money. Many security measures are being implemented such as two-factor authentication methods for logging in to websites, but I still think more needs to be done to combat it as there are still workarounds. Time needs to be dedicated into investigating the multiple avenues that criminals try to take money from people. While technology is the biggest issue when regarding this as more issues have arisen as technology becomes more advanced, there are still other ways that people get money that is not legally theirs. I think that it is important that these issues are broadcasted more. While large faceless businesses are usually the targets of ransomware, people need to be made aware that this could affect them and tell them what they can do to protect themselves. We shouldn't scare people unnecessarily, but the more we talk about the issues, the more people know what to look out for.'

Financial Crime
June 18, 2021

This article is part of Kyckr’s new Future of Financial Crime Series, which features interviews with leading industry professionals and thought leaders to learn more about the evolution of financial crime and the trends shaping the future.

The following is an interview we recently had with Ethan Taub, CEO and founder of Goalry

The Future of Financial Crime — Insights From Ethan Hub

What is the state of financial crime today? 

Because of the pandemic, many more people have been at home. This is an issue because many don't have the protection needed in order to secure their internet connection from malicious users. Not only have spam emails and fake texts increased but there is something we have all done that has put us at risk: shopping online. Of course it is unlikely to be an issue to many, but those without a protected connection or those who have a virus on their computer are at risk with each purchase. Viruses like keyloggers are able to log all keyboard inputs which include emails and passwords for banking sites. Ransomware has also become a major issue, even over the past few months when the fallout of the pandemic was settling. Big companies are being threatened to hand over money or other data of the business, employees and the public who use their services are at risk. This is worse for shopping and banking sites as a member of the public's account information could lead them to having all of their money and information stolen and used.

How has financial crime evolved over the past 5 years? 

With technology evolving, risks are higher. People are becoming more likely to use online services for banking, shopping and such because of convenience but also because of increased confidence in this technological evolution. However, the evolution of technology comes with more advanced ways for malicious users to extract information. As well as this, dating sites have become much more common. While they can be good for meeting new people, a lot of the users on there are acting as someone else in order to get money from lonely, vulnerable people. The ways in which money can be extorted from people has become much more sophisticated and common over the past 5 years. While I think technology is the main player for how this has happened, I also think a major issue is that it doesn't get spoken about enough. When this technology was new, many were skeptical and were much more cautious, even when what they were cautious of was completely safe. Now that we are showing everything off as a huge convenience to their life, people are taking that convenience over safety.

What's the future of financial crime?

I personally think that the future is looking brighter. With these vulnerabilities becoming exposed to the general public more through social media and TV shows, many are becoming aware of the tricks people play in order to get money. Many security measures are being implemented such as two-factor authentication methods for logging in to websites, but I still think more needs to be done to combat it as there are still workarounds. Time needs to be dedicated into investigating the multiple avenues that criminals try to take money from people. While technology is the biggest issue when regarding this as more issues have arisen as technology becomes more advanced, there are still other ways that people get money that is not legally theirs. I think that it is important that these issues are broadcasted more. While large faceless businesses are usually the targets of ransomware, people need to be made aware that this could affect them and tell them what they can do to protect themselves. We shouldn't scare people unnecessarily, but the more we talk about the issues, the more people know what to look out for.'

Build your Customer Due Diligence and KYC processes on a robust foundation with Kyckr.

Make data work smarter, not harder.

Request a Demo
Newsletter Sign Up
Book a Demo
Talk to us
LinkedIninfo@kyckr.com
Close
24Q1_ALL_WEB_27.09_UBOVerify_SIGNUP_FORM
24Q1_ALL_WEB_27.07_UBOMaze_ReplayRequest_FORM
24Q1_GatedCON_GuideToUBOVerification_RequestWP_FORM
24Q1_ALL_WEB_27.07_UBOMaze_Signup_FORM
23Q4_ALL_WEB_22.06_Alloy_KYC_ReplayRequest_Form
23Q4_ALL_WEB_22.06_Alloy_KYC
23Q4_ALL_WEB_DigitalTransformation_WebinarReplay_Request
23Q4_ALL_CONF_06.06_Money2020_EU_MeetingForm
23Q4_ALL_WEB_18.05_AML_Digital_Transformation
23Q4_GatedCON_AMLFines2022_RoundupReport_FORM
23Q3_ALL_WEB_20.04_AMLSolutions_WebinarReplay
23Q3_ALL_WEB_20.04_AMLSolutions_Signup_FORM
23Q3_ALL_CONF_21.03_AML_ABC_Forum
23Q3_ALL_WEB_23.02_Signup_FORM
23Q2_ALL_WEB_14.12_KYC_VS_KYB_Webinar_Replay_FORM
23Q2_ALL_CONF_07.12_AFCSummit_BookAMeeting
23Q2_ALL_WEB_14.12_KYC_VS_KYB_SIGNUP_FORM
Webinar: Spotlight on KYC vs KYB - Why The Difference Is Increasingly Important For Verification
23Q2_ALL_WEB_17.11_Corporate_KYC_Landscape_ReplayRequest
23Q2_ALL_WEB_27.10_Corporate_KYC_Landscape_FINAL_FORM
Whitepaper: AML Bank Fines 2022 Mid-Year Report
Research Paper: The State of Customer Onboarding in Corporate Banking in Australia 2022
Registry Portal Pro
Registry Portal Basic
Registry Portal Essentials
Request API Key
Newsletter Signup
Whitepaper: AML Fines Report 2021
Ebook: The Future Of Financial Crime
Research Paper: Voice of the KYC Compliance Professional
Whitepaper: Corporate Onboarding: will it become a competitive differentiator for banks in a real-time world?
Research Paper: The State of Customer Onboarding in Corporate Banking
Whitepaper: Overcoming the Limitations of Company Registries to Enhance KYC Efficiency
Whitepaper: AML Bank Fines 2020 Report
Whitepaper: Impact of the European Union’s 5th AML Directive
Leverage cutting edge technology to automate customer onboarding
Moving from Periodic to Perpetual KYC
Unleash the power of primary source data & automate customer onboarding
Primary source data, the true foundation of regulatory compliance for Legal Firms
Primary-source data, the backbone of streamlined, “zero-touch” onboarding for Payment Providers
Spotlight on company registries in the wake of the FinCen Papers
Spotlight on US Company Registries
Spotlight on Ultimate Beneficial Ownership
Spotlight on APAC Company Registries
Spotlight on Company Registries in Offshore Jurisdictions
How can automation enhance your KYC and Onboarding Process?
Perpetual KYC – a myth or a must?
Spotlight on 2021 AML Fines
How to Future-Proof your AML/KYC processes with the help of RegTechs?
Webinar Replay: How to overcome the challenges associated with UBOs?
Spotlight On Entry Verification
Registry Portal Enterprise
AMLFines_ReplayRequest_FORM
Replay
Webinar Replay
Book A Demo