With people having multiple sources of financial data, from multiple credit cards and bank accounts to loans of varying sizes, lawyers and financial services professionals are struggling to adapt – and criminals are taking advantage of Pandora’s Box to commit fraud and money laundering. Luckily, open banking can solve most of these issues.
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By utilising the power of technology, financial institutions and crime-catchers stand a much better chance of fighting financial fraud.
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The crypto and traditional finance worlds are beginning to merge, as crypto’s fresh, upstart attitude falls more in line with the more stable but slower traditional finance. Crypto has struggled with a reputation of aiding and abetting money laundering, providing anonymity for fraudsters and criminals alike. As the two worlds meet, a matchmaker is needed to bridge the gap between them.
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