Keeros Participated in the Financial Fraud Forum 2024 – A Day Filled with Insights and Learnings

On September 28, 2024, the Financial Fraud Forum gathered a record number of participants from the financial industry to address the challenges posed by fraud and financial crime. As a company dedicated to enhancing the security and efficiency of credit assessment, Keeros was naturally present. The forum, organized by CREDMA, featured a range of speakers who shared their experiences and insights on how we can collectively combat these threats. Here are some key takeaways from the day.

  • Petra Lundh, National Police Commissioner

Petra Lundh highlighted the significant economic and personal costs of fraud, as well as the link between fraud, money laundering, and violent crime. She explained how criminal networks, fueled by illicit gains, contribute to violent conflicts. The police have identified a strong connection between fraud and violent incidents, and Lundh stressed the need for new methods and preventive measures. She concluded by emphasizing the importance of upcoming legislation related to the confiscation of criminal assets.

  • Per Eleblad and Hans Brun, Payment Authority

The Payment Authority reflected on their first nine months of operation. Hans Brun discussed how criminal networks are drawn to municipalities and regions, which manage billions annually. Per Eleblad emphasized that the biggest challenge is the lack of coordinated information and complex confidentiality regulations. The authority is focused on analyzing vast amounts of data to detect and prevent incorrect payments. Eleblad mentioned that the first alerts will be sent out this fall, and a comprehensive transaction reform is planned for January 2027, with the goal of involving municipalities in their work.

  • Jens Nylander, Tech Entrepreneur

Jens Nylander introduced his AI software, Ormeo, which quickly identifies irregularities in municipalities, regions, and government agencies. He explained how AI can detect patterns and anomalies that would otherwise be difficult to uncover. By analyzing large datasets, AI can improve risk assessments and reduce incorrect payments.

  • Peter Helsing, Swedish Economic Crime Authority

Peter Helsing presented the “Omaha” case, where twelve individuals were convicted of VAT fraud after pretending to sell mobile phones. The scheme involved manipulating VAT filings across multiple countries. The investigation, which began in 2020, included international cooperation and led to the arrest of the main perpetrator in Romania. Helsing highlighted the importance of cross-border collaboration in fighting financial crime.

  • Gareth Williams, BioCatch

Gareth Williams shared insights on how behavioral analysis can be used to detect fraud in the digital world. In a digital environment, we can no longer interpret body language, but by analyzing “digital body language,” such as keyboard and mouse movements, his team can identify fraud patterns. Williams emphasized that fraudsters often exploit emotions like fear to manipulate users.

  • Marie Wallin, Rätt Nu

Legal expert Marie Wallin stressed the importance of correctly defining fraud and demystifying it. She explained the difference between traditional fraud and computer fraud, which occurs daily, such as through self-checkout systems in stores. Wallin also highlighted the legal aspects of fraud and the importance of understanding the legal criteria for these crimes.

  • Panel Discussion: Open Search Services and False Income Information

A panel featuring Pia Bergman, Lasse Wierup, Anders Björkenheim, and Magnus Källhager discussed the challenges surrounding open search services and false income information at the Swedish Tax Agency. Pia Bergman emphasized the importance of businesses having easy access to public information, while Anders Björkenheim argued that openness is a strength, despite the Swedish Bankers’ Association’s proposals for restrictions. Lasse Wierup pointed out that search services can be exploited by criminals. The panel agreed that balancing access to information is key—businesses should have the tools to vet partners without making it easier for criminals to gather information. On the topic of false income information, Wierup and Källhager discussed the growing problem and called for greater use of bank transaction data and AI to address the issue.

  • Anna Stålsby, Vesper Group

Anna Stålsby outlined the complex and systemic threat posed by organized crime. She explained how criminals often recruit insiders to access information and funds. Stålsby presented various types of insiders and their roles in facilitating criminal activities, such as manipulating data or providing favorable decisions. She also offered insights into how companies can detect and prevent insider threats.

  • Diamant Salihu

Journalist Diamant Salihu concluded the forum by discussing his investigative work for Uppdrag Granskning and his books Tills alla dör and När ingen lyssnar. He detailed how his research on criminal gangs and fraudsters was conducted and the public reactions to the programs. Salihu highlighted how exclusion and a culture of silence have contributed to the problems we face today, but he expressed hope for change through new legislation and successful initiatives, such as in Järva, where no shootings occurred in 2023. He also warned of the risk of infiltration within the prison system and emphasized the importance of reintegrating criminals into society.

At Keeros, we are proud to have participated in this important discussion and to continue our work in strengthening the security of credit assessments and financial services. Thank you to everyone who contributed to an inspiring and insightful day at the Financial Fraud Forum 2024!