Expect sharper focus on TBML in financial cybercrime says expert

The head of a cyber security and big data analytics company that specialises in artificial intelligence driven machine learning solutions says he expects trade-based money laundering (TBML) to be a key focus area in 2020 for high-tech developers.

In a survey of anticipated trends in 2020, chief executive officer of ThetaRay, Mark Gazit, told the Electronic Payments International web site that TBML has been off the radar recently, but it is now time the industry addressed its challenges.

TBML focus

“We are now experiencing a resurgence of TBML. It is an avenue that people have not focused on recently because they have been concentrating on financial cybercrime,” according to Gazit.

He says that because trade is increasingly moving online, TBML will likely become an even larger part of financial cybercrime this year.

Emerging threats

Gazit also expects to see the first signs of internet-of-things financial criminality emerging during 2020.

Tools for detecting and preventing abuses of new payment systems introduced by Google, Apple and Facebook may also need to be developed.

The survey published by Electronic Payments International, 2020 payments security: Ensuring customer confidence can be found here.

Categories: Trade Based Financial crimes News

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