Focus on Synthetic Data: You can’t kid a kidder, but can you fake a fraud..?
What makes a fake fraud transaction useful? As fraud remains a rare event in most datasets, organisations increasingly rely on fake or synthetic data to train AI detection models. This article examines the risks and opportunities of synthetic fraud generation, explaining why a fake transaction that looks real is not necessarily effective at improving fraud detection. Exploring new research and practical implications for model governance, it offers insights for fraud, financial crime, compliance, risk, and AI professionals.
Lab Report #7
Lab Report #7 This week in financial Crime Lab Report #7 This week in financial Crime Lab Report #7 – This week in financial Crime This week brought a study in the cost of looking the other way. OFAC reached a $275 million settlement with Adani Enterprises over 32 apparent violations of its Iran sanctions, […]
Financial Crime Has Always Been a National Security Issue. The Problem Is We Forgot.
Financial crime has been a national security issue for over a decade. Explore why institutional memory matters in fraud prevention, AML, and financial crime strategy.
Lab Report #6
Lab Report #6 This week in financial Crime Lab Report #6 This week in financial Crime Lab Report #6 – This week in financial Crime This week, the financial system was treated more openly than usual as a terrain of state contestation. FinCEN issued a major alert on the Islamic Revolutionary Guard Corps’ use of […]
Lab Report #5
Lab Report #5 This week in financial Crime Lab Report #5 This week in financial Crime Lab Report #5 – This week in financial Crime This week sharpened a tension that has been building all year. Enforcement is now operating at industrial cadence – the US Department of Justice’s Fraud Division has, for the second […]
April in Financial Crime: The Month Enforcement Started Dismantling the Architecture
April in Financial Crime: The Month Enforcement Started Dismantling the Architecture April in Financial Crime: The Month Enforcement Started Dismantling the Architecture April in Financial Crime: The Month Enforcement Started Dismantling the Architecture For most of the last decade, financial crime enforcement has functioned as a treadmill. Investigators arrest the operators, prosecutors charge the executors, […]
Lab Report #4
Lab Report #4 This week in financial Crime Lab Report #4 This week in financial Crime Lab Report #4 – This week in financial Crime This was the week the United States and China announced the first publicly reported, jointly executed enforcement operation against transnational fraud, with 276 arrests across nine scam centres in coordinated […]
Lab Report #2
Lab Report #2 This Week in Financial Crime Lab Report #2 This Week in Financial Crime Lab Report #2 – This Week in Financial Crime Last week I wrote that the US had restructured its fraud prosecution architecture. This week, the new National Fraud Enforcement Division put numbers on the page, $340 million in enforcement […]
Lab Report #1
Lab Report #1 This Week in Financial Crime Lab report #1 This week in financial crime Lab report #1 – This week in financial crime This has been one of the most structurally significant weeks in financial crime policy in recent memory. The United States has fundamentally reorganised how it prosecutes fraud, the UK has […]
74,000 Years Ago, humans were about to survive a catastrophic disaster… but financial crime is bigger.
74,000 Years Ago, humans were about to survive a catastrophic disaster… but financial crime is bigger. 74,000 Years Ago, humans were about to survive a catastrophic disaster… but financial crime is bigger. 74,000 Years Ago, humans were about to survive a catastrophic disaster… but financial crime is bigger. Around 74,000 years ago, a supervolcano called […]