Paypers Financial Crime and Fraud Report 2023

The Paypers Financial Crime and Fraud Report 2023 provides a broad view of the evolving fraud, AML, digital identity, and regtech landscape. It highlights how recessionary pressures, instant payments, scams, money mule activity, crypto risks, and fragmented KYC requirements are increasing financial crime exposure for banks, fintechs, PSPs, and crypto firms.

The report also stresses the growing role of technology, especially AI, machine learning, digital identity, behavioural analytics, passwordless authentication, and transaction monitoring innovation, while cautioning that these tools must remain explainable, transparent, and responsibly implemented.

A major theme across the report is the need to move beyond siloed compliance and adopt more collaborative, data-driven, and community-led approaches to financial crime prevention. It features expert perspectives from industry leaders, including Tookitaki, on building stronger AML programmes, improving detection, reducing false positives, and responding faster to emerging typologies.

Overall, the report positions financial crime prevention as a shared industry responsibility, requiring better technology, stronger regulatory alignment, skilled professionals, and greater cooperation across institutions.