2022 was a fraud-filled year with plenty of high-profile incidents and unforeseen trends in both fraud and AML. Unfortunately, as fraud schemes become simpler to execute, more bad actors have come out of the woodwork, drastically increasing the overall volume of fraud.
However, the future doesn’t have to be all doom and gloom. There are compliance heroes and fraud fighters who are stopping bad actors every day via Unit21’s risk and compliance infrastructure.
We were curious to understand how customers were doing this, so we found 6 key metrics that represented the impact these risk and compliance professionals had in stopping bad actors in 2022!
Let’s jump in.
2022 Customer Highlights: 6 Essential Fraud and AML Metrics
Total Value of Transactions: $693 Billion
This metric measures how much money in transactions was monitored in the Unit21 platform by our customers in 2022.
Total Number of Events Monitored: 4.851 Billion
An event is defined as either a transaction or an action. What constitutes an action within the Unit21 platform is determined by each of our customers on an individual level.
Therefore, an action can be anything from a PC log-in to ordering an Uber! Allowing each of our customers to monitor monetary and non-monetary events - whatever they need to catch instances of fraud based on their unique situation.
Takeaway:
This represents a +1650% increase vs. 2021 in the total value of transactions that were monitored through Unit21.
Total SARs Filed: 16,030
The total number of SARs filed represents the number of suspicious activity reports successfully sent to FinCEN through the Unit21 platform. In 2021, customers successfully filed 5,420 SARs, which means we saw almost a 200% increase in 2022.
Total Amount of Laundered Money Reported: $8.9 billion
Unit21 customers reported a total of almost $9B in laundered money to regulatory bodies in 2022. In 2021 customer filed $1.7 Billion worth of SARs
Total Amount of Fraud Prevented: $764 Million
Unit21 customers identified and prevented a total amount of $764M in fraud in 2022. This is up from $224M in 2021, meaning that Unit21 customers caught 241% more fraud this year.
Alerts + Agent Efficiency
Customers utilize Unit21 infrastructure via the rules engine to trigger alerts based on specific events that might indicate suspicious activity.
We wanted to highlight how efficient our customers were in tackling large volumes of transactions, alerts, and dispositions to stop bad actors in the past year. We have used three key metrics that showcase customer’s risk and compliance efficiency
- The average number of alerts disposition per dispositioning agent per year (someone responsible for investigating alerts)
- The average number of total transactions associated per agent and
- The average number of alerts dispositioned per agent per day
In 2022:
- The average alerts an agent dispositioned for the entire year was 3,300 alerts (up 38% from 2021)
- The average alerts dispositioned by agents per day was 12.2 (up from 9.3 in 2021)
- The total transactions associated per agent was 62,479 (up from 24.6%)
This showcases how much more efficient risk and compliance teams using Unit21 were in 2022 in combatting fraud and money laundering activities at a massive scale!
2023 and Impact on Risk & Compliance Teams
Increases in metrics like “SARs filed” and “Total Fraud Prevented” mean that more instances of fraud and money laundering are occurring. Things that most fraud and compliance teams know and are trying to combat daily, but what this really means is that 2023 is going to require more from these teams.
Organizations will need to invest in a risk and compliance infrastructure that allows teams to move fast and identify new fraud schemes quickly. This is the best defense in combatting fraud and money laundering because financial crime will not go away, as we’ve seen year after year.
Thank you to all our customers for making 2022 such an impactful year.
Here’s to a fantastic 2023!
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