Dissertation/Thesis Abstract

Mobile and Internet Payment Systems: A Global Threat in Operational Risk and Financial Crimes Compliance
by Smith, Stephen B., M.S., Utica College, 2019, 48; 13864732
Abstract (Summary)

The topic that will be discussed in this dissertation is the role of social media in financial crimes, what risks the role of social media presents and how financial crimes investigations are leverage using this data.  Not since the unveiling of the internet have we as a global society witnessed a technological leap until the invention of the Smartphone, whose applications have revolutionized the way in which we communicate and conduct business. The reason for considering this topic is to uncover the role social media plays in financial crimes with a focus on new financial crime trends that leverage these platforms. Influencer fraud, Crowdfunding, and transactional laundering are a few of the financial crime trends that are exploited using various social media and internet payment processing applications.  This paper will also examine the risks of using social media as a correspondent intermediary for non-cash monetary transactions, where insufficient monitoring and risk control can enhance the opportunity for financial crimes to be indoctrinated. Furthermore, exploring innovated advances, such as machine learning and real time monitoring, can potentially become the counterweight to balance the act of social commerce and financial crimes.  Keywords: Bank Secrecy Act, Privacy, FRAML, Social Commerce, Machine Learning, Artificial Intelligence, Best Practices.

Indexing (document details)
Advisor: Rebovich, Donald
Commitee: Baez, Olga
School: Utica College
Department: Economic Crime Management
School Location: United States -- New York
Source: MAI 58/05M(E), Masters Abstracts International
Subjects: Criminology
Publication Number: 13864732
ISBN: 978-1-392-13737-6
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