The #FacingChange series explores the impact of the global pandemic on government, industry and others, sharing experiences, opinions and supporting the wider conversation during these uncertain times. Throughout the series of video-chats with special guests, we will be examining what might come from this unique situation and asking, once it's all over, what will the new normal look like?
“The big thing we need to worry about is cybercrime, particularly in the financial sector. Not only because cybercrime has the ability to devastate countries economically, if the banking system is disrupted, but because cyber criminals can target key services, like health services and power supplies.”
Lord King, former Governor of the Bank of England, on how difficult the recovery from this crisis might be and the enhanced threat of economic crime during a recession.
“We need to move quickly, as the fraudsters do, but I believe soon there could be a whole new set of tools available using OB principles and APIs to help combat fraud.”
Imran Gulamhuseinwala, Implementation Trustee for Open Banking Ltd. As Implementation Trustee he is responsible for leading the Open Banking Implementation Entity.
“The problem with most controls is they look for patterns and once you understand that it’s easy to get around. You just give them that pattern they look for, then create something else around that, that they don’t spot.”
Tony Sales is Director of We Fight Fraud, a former fraudster who was once dubbed Britain’s most prolific fraudster. Tony now advises organisations across the globe on anti-fraud systems and processes.
“Overall the approach out to consumers has been really appropriate, we’ve suggested members should maintain contact with customers in debt.”
Peter Wallwork, CEO at Credit Services Association (CSA), discusses the impact the current environment is having on the UK consumer and business debt collection industries.
“There's certainly self-imposed pressure because we were all aware as we were going into this, that there was likely to be increased incidents of fraud out there.”
Paul Croucher, MD of Reliance Bank, highlights how the sector is working together to successfully navigate through these challenging times.
“In the debt management space, I think how we exit this current period will define us as much as how we responded at the beginning.”
Steven Coppard, Deputy Director of Government Debt Management Function at the Cabinet Office, shares insights on the impact of COVID-19 on the debt sector across the UK.
“It’s important that any future pandemic insurance fund solution avoids offloading responsibility totally onto the state. A public/private partnership should be sought to find the optimum way to share the risk of future pandemics.”
Julian Enoizi, CEO of Pool re., a public/private partnership created in 1993 to provide terrorism cover for UK insurers, discusses COVID-19 and the unprecedented challenge for the insurance industry.
“When countries look at the scope of COVID-19, obviously they are looking at their internal finances and they are looking at maybe diverting funds away from humanitarian aid and assisting the economy. So financial crime compliance resources are being diverted.”
Michiel Van Dyk, Head of Global Programme for AML and CTF at the UNODC helps to shed light on understanding more about the impact COVID-19 has had on financial crime.
“Mervyn King is right, this is brutal. Last time...the financial market impact was worse than the economic impact. This time...it could be the other way around. We have more robust financial markets now, but the economic impact could be worse than 2008/9”
Robert Buckland, Chief Global Equity Strategist at Citi, discusses how the city of London can regain its reputation and how this is a balance between saving lives and saving livelihoods.
“The way to deal with this virus and to have a safe society will be to share data”
Former MP and Home Secretary, Amber Rudd, who is now a senior adviser for global CEO advisory firm, Teneo shares her views on the role of government in this unprecedented global crisis.
“We’re not all in the same boat – we’re in it together, but people are experiencing this crisis very differently”
Global risk expert Richard Fenning – former CEO of Control Risks, discusses the challenges and opportunities of the current global COVID-19 pandemic in the first of our new video series.