FCA discuss benefits of data analysis for predicting financial risk

This week the Head of Financial Crime at the FCA delivered a speech highlighting the value of data analysis and Artificial Intelligence in predicting risk and fraud in firms. The Head of Department, Rob Gruppetta, discussed how machine learning utilising extensive data can help the industry combat ever more sophisticated criminals. While crimes such as money laundering do not, “lend itself easily to statistical analysis”, AI-powered data algorithms can support existing methods to help identify risk factors and form predictions. Gruppetta also said the implementation of a financial crime data return, which highlights valuable data, such as companies who have wealthy, political clients, has been beneficial in allowing the FCA track those firms at high-risk of crime.

ICO finds the Met’s database for gang suspect breaches data protection laws

The ICO issued an Enforcement Notice to the Metropolitan police regarding its list of gang suspects, the Gangs Matrix, for concerns around its management and retention of individuals’ data. The notice states that the Met’s processing of personal data in the Gangs Matrix is, “unjustifiably excessive and lacking in differentiation”, including failing to erase personal data (keeping some records on local “informal lists”) and holding information on subjects who did not meet the risk requirements to be considered a suspect in the database. The Met is also accused of including victims’ data on the database and sharing the lists with third-parties. Ultimately the ICO says the database is poorly managed however with stricter accordance to data protection regulations, it can be a great asset in reducing gang crime.

Instagram cull on fake followers and likes

The photo-sharing platform is incorporating AI moderation tools to help it combat fake followers, likes and comments, according it its latest policy change. While the app has long been committed to closing fake accounts this recent update will target specifically those accounts which use third-party apps for fake likes to increase engagement and popularity. These accounts will be receiving notifications from Instagram to change their passwords to stop using such apps. This update is the latest in the ongoing crackdown from social media giants on bots, spam and fake news. Earlier this month Twitter introduced a new reporting feature for users to file detailed reports on types of spam and suspicious accounts. In October Facebook also removed 559 Pages and 251 accounts ahead of the US midterm elections which had breached inauthentic behaviour rules.

Brand becomes top priority for CMOs in 2019

Brand is returning to centre stage for Chief Marketing Officers in the new year according to Forrester’s 2019 Predictions. Customer experience has been a key objective for businesses in 2018 and will continue to be next year, yet with customer experience stagnating CMOs are realising that brand is inextricable from customer engagement and building emotional connections with customers. As such brand will see more attention and budget, however, the report does note that the approach may be criticised as CMOs returning to their “comfort zone” and avoiding strategic transformation. The analyst house also says that, “20% of brands will refine and revitalise purpose” next year to get to the crux of what customers look for in their brands. Overall the report predicts that enterprises will return to traditional strategies to drive growth and operational change.


Author
Jamie Acutt Head of Marketing at Equiniti Data
Telephone0333 577 6077