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Rescooped by Jon Stotts from Big Data Security Analytics
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Six tips for using Big Data to wipe out cyberthreats

Six tips for using Big Data to wipe out cyberthreats | eXpertViews | Scoop.it
You need to be smart about harnessing big data to defend against today's security threats, data breaches, and attacks

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New mobile banking service developed by Monitise - Interactive Investor

New mobile banking service developed by Monitise - Interactive Investor | eXpertViews | Scoop.it
New mobile banking service developed by Monitise Interactive Investor Eurasian Bank today announced the launch of its new mobile banking service, designed and developed by Monitise Create, a division of leading global Mobile Money provider Monitise...
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Rescooped by Jon Stotts from BI-DW & Predictive Analytics
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12 predictive analytics screw-ups

12 predictive analytics screw-ups | eXpertViews | Scoop.it
Data mining experts share stories of failure from the trenches and lessons learned. (Interesting lessons; 12 predictive analytics screw ups.

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Rescooped by Jon Stotts from Big Data Technology, Semantics and Analytics
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HSBC to Pay $1.92 Billion to Settle Charges of Money Laundering

HSBC to Pay $1.92 Billion to Settle Charges of Money Laundering | eXpertViews | Scoop.it
The announcement of a settlement on Tuesday came after state and federal authorities decided against indicting the British bank in a money-laundering case.

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Tony Agresta's curator insight, December 11, 2012 11:05 AM

If you read this, notice one of the last paragraphs - 

 

"HSBC has since moved to bolster its safeguards. The bank doubled its spending on compliance functions and revamped its oversight, according to a spokesman. In January, HSBC hired Stuart A. Levey as chief legal officer to come up with stricter internal standards to thwart the illegal flow of cash. Mr. Levey was formerly an under secretary at the Treasury Department who focused on terrorism and financial intelligence."

 

Big Data Analytics is one way to do this.   But HSBC may have fallen into the trap where they focus on one form of analysis to detect money laundering.  Predictive models used to identify transactions that may be fraud or money laundering can be a useful way to detect this type of activity.   But all models contain some amount of error.  When network analysis, geospatial analysis and temporal analysis are also applied, money laundering schemes can be revealed using data visualization that show unusual patterns of behavior, linkages between people and events, fund transfers that take place at odd times and more.   Most of these institutions need to combine descriptive reporting, alerts which are triggered when outlier transactions are ready for approval, predictive models and interactive data visualization including link analysis to explore hidden relationships in data.   Without this comprehensive approach, this problem will continue to occur.  The data is all there.  Now it needs to be integrated (including unstructured data in the form of notes) and analyzed using all of the major techniques.

WebMarketingStore's comment, May 2, 2014 1:59 AM
Staggering: $1.9b is the 'settlement' amount? How much might the damage have been, full-tilt?
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Lawyer of alleged Silk Road founder: No currency = no money ...

Lawyer of alleged Silk Road founder: No currency = no money ... | eXpertViews | Scoop.it
The attorney for alleged Silk Road founder is asking that the money laundering charge against Ross Ulbricht be dismissed, arguing the black-market website operated in bitcoin, ruled a 'non-currency' in a recent decision by a ...
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Money laundering investigations create legal jobs in Hong Kong ...

Money laundering investigations create legal jobs in Hong Kong ... | eXpertViews | Scoop.it
The decision to tighten up money laundering regulations has had a positive impact on the number of legal jobs in Hong Kong as investigators are needed to track down the perpetrators. There had been concern that a lack of talent may arise ...
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Coal scam: ED to register money laundering, Forex violation case

Coal scam: ED to register money laundering, Forex violation case | eXpertViews | Scoop.it
RT @the_hindu: #Coalscam: ED to register money laundering, Forex violation case http://t.co/HW4x6A63wD
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FinCEN Could Fine Former MoneyGram Compliance Officer $5 Million for AML ... - Compliance Week

FinCEN Could Fine Former MoneyGram Compliance Officer $5 Million for AML ... - Compliance Week | eXpertViews | Scoop.it
FinCEN Could Fine Former MoneyGram Compliance Officer $5 Million for AML ...
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–^% Aml payday loans. Instant Cash Here! Results. Secrets. - The Grandstand Gazette (blog)

–^% Aml payday loans. Instant Cash Here! Results. Secrets. - The Grandstand Gazette (blog) | eXpertViews | Scoop.it
–^% Aml payday loans. Instant Cash Here! Results. Secrets.
The Grandstand Gazette (blog)
You will definitely need a plan.
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Geezeo's mobile finance tools find banks' sweet spot - Hartford Business

Geezeo's mobile finance tools find banks' sweet spot - Hartford Business | eXpertViews | Scoop.it
Geezeo's mobile finance tools find banks' sweet spot
Hartford Business
"There has been a steady shift from branch-based banking to online and mobile banking," Glyman said.
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Rescooped by Jon Stotts from Big Data Technology, Semantics and Analytics
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HSBC to Pay $1.92 Billion to Settle Charges of Money Laundering

HSBC to Pay $1.92 Billion to Settle Charges of Money Laundering | eXpertViews | Scoop.it
The announcement of a settlement on Tuesday came after state and federal authorities decided against indicting the British bank in a money-laundering case.

Via Tony Agresta
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Tony Agresta's curator insight, December 11, 2012 11:05 AM

If you read this, notice one of the last paragraphs - 

 

"HSBC has since moved to bolster its safeguards. The bank doubled its spending on compliance functions and revamped its oversight, according to a spokesman. In January, HSBC hired Stuart A. Levey as chief legal officer to come up with stricter internal standards to thwart the illegal flow of cash. Mr. Levey was formerly an under secretary at the Treasury Department who focused on terrorism and financial intelligence."

 

Big Data Analytics is one way to do this.   But HSBC may have fallen into the trap where they focus on one form of analysis to detect money laundering.  Predictive models used to identify transactions that may be fraud or money laundering can be a useful way to detect this type of activity.   But all models contain some amount of error.  When network analysis, geospatial analysis and temporal analysis are also applied, money laundering schemes can be revealed using data visualization that show unusual patterns of behavior, linkages between people and events, fund transfers that take place at odd times and more.   Most of these institutions need to combine descriptive reporting, alerts which are triggered when outlier transactions are ready for approval, predictive models and interactive data visualization including link analysis to explore hidden relationships in data.   Without this comprehensive approach, this problem will continue to occur.  The data is all there.  Now it needs to be integrated (including unstructured data in the form of notes) and analyzed using all of the major techniques.

WebMarketingStore's comment, May 2, 2014 1:59 AM
Staggering: $1.9b is the 'settlement' amount? How much might the damage have been, full-tilt?
Rescooped by Jon Stotts from Emergent Digital Practices
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Looking for the Needle in a Stack of Needles: Tracking Shadow Economic Activities in the Age of Big Data | MIT Technology Review

Looking for the Needle in a Stack of Needles: Tracking Shadow Economic Activities in the Age of Big Data | MIT Technology Review | eXpertViews | Scoop.it

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Big Data With a Personal Touch: The Convergence of Predictive Analytics and ... - Huffington Post (blog)

Big Data With a Personal Touch: The Convergence of Predictive Analytics and ... - Huffington Post (blog) | eXpertViews | Scoop.it
Big Data With a Personal Touch: The Convergence of Predictive Analytics and ...
Huffington Post (blog)
A tool called predictive analytics has created opportunities for customized prediction and relative risk scores to achieve this very goal.

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How cybercriminals profit from money laundering...

How cybercriminals profit from money laundering... | eXpertViews | Scoop.it
A new report by McAfee sheds light on the underground world of online gambling. It identifies the proliferation of online casinos, an indust...
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Charlie Shrem Indicted on Federal Charges for Money Laundering ...

Charlie Shrem Indicted on Federal Charges for Money Laundering ... | eXpertViews | Scoop.it
Former Bitcoin Foundation vice chairman Charlie Shrem has been indicted on charges stemming from alleged money laundering on the Silk Road, once of the largest illegal marketplaces online. The indictment involving ...
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Bank mobile apps are being overwhelmed - ComputerWeekly.com

Bank mobile apps are being overwhelmed - ComputerWeekly.com | eXpertViews | Scoop.it
Bank mobile apps are being overwhelmed ComputerWeekly.com The use of mobile banking apps has exceeded what banks anticipated and organisations risk service outages unless they better align IT resources to support the customer channel, according to...
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Verizon's data breach report: Point-of-sale, Web app attacks take center stage - ZDNet

Verizon's data breach report: Point-of-sale, Web app attacks take center stage - ZDNet | eXpertViews | Scoop.it
MSPmentor Verizon's data breach report: Point-of-sale, Web app attacks take center stage ZDNet Those were the primary takeaways from Verizon's 2014 Data Breach Investigations Report (DBIR), which had 50 global companies contributing, 1,367...
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Rescooped by Jon Stotts from Headline News US - World News
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FOUR MAJOR SOUTH AFRICAN BANKS FINED FOR AML/CFT DEFICIENCIES

FOUR MAJOR SOUTH AFRICAN BANKS FINED FOR AML/CFT DEFICIENCIES | eXpertViews | Scoop.it

The Reserve Bank of South Africa,  the country’s central bank, has levied major multi-million Rand fines upon four major financial institutions, for deficiencies, in Anti-money Laundering and Counter-terrorist financing. The banks are: (1) First Rand Ltd. (FSR). (2) Nedbank Group... http://onews.us/four-major-south-african-banks-fined-for-amlcft-deficiencies.html


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