Fintech and Financial Crime Risks in Switzerland: Experts Warn of Increasing Threats
As fintech continues to revolutionize the way we conduct financial transactions, experts are sounding the alarm on increasing risks of financial crime in Switzerland. With the rise of distributed ledger technologies (DLTs) and blockchain applications, the country’s financial system is becoming increasingly vulnerable to cyber threats.
Analyzing Transactions on Public Blockchains: A Key to Understanding Fintech Risks
PwC’s Blockchain Facts platform is a universal public blockchain analytics tool that maintains copies of each supported blockchain. By analyzing transactions on these blockchains, experts can identify patterns and anomalies that may indicate financial crime.
How PwC’s Blockchain Experts Use Analytics to Identify Financial Crime
- We help companies gain trust in DLTs and provide insights enabling all participants to make educated decisions.
- Our team of blockchain experts brings together the deep technical understanding of various blockchain networks as well as the know-how to interpret transaction patterns and flows.
Increasing Regulatory Pressure: A Double-Edged Sword
As regulatory pressure increases, the demand for blockchain forensics and analytics is also growing. This has led PwC to develop its in-house analytics platform Blockchain Facts, which integrates open-source intelligence with proprietary data feeds and public blockchain data.
How PwC’s Analytics Platform Addresses Client Needs
- From prospect onboarding and source of wealth corroboration to fraud and financial crime investigations, our experienced team uses proprietary analytics technology to find the facts our clients are looking for.
- This platform allows us to address the most pressing needs of our clients.
Flow of Fund Analysis: A Complex Task
Understanding where crypto funds came from or went to can be a tedious task, especially when dealing with complex transaction graphs involving thousands of connected addresses. PwC’s experts use behavioral analysis and clustering algorithms to extract important facts from background noise.
How PwC’s Experts Analyze Transactional Behaviors
- Analyzing transactional behaviors to identify suspicious activities is crucial in today’s fintech landscape.
- We help clients understand where crypto funds came from or went to, making it easier for them to assess risks and make informed decisions.
Stablecoin Monitoring: A Growing Concern
As stablecoins become increasingly popular, issuers are faced with new challenges in monitoring transactions on the secondary market. PwC’s experts provide comfort on the transaction history of a set of issued coins, ensuring clearly documented audit trails and decision paths.
How PwC Helps Issuers Monitor Transactions
- With our expertise in blockchain analytics, we help issuers monitor transactions in the secondary market and ensure compliance with regulatory requirements.
Expert Insights: A Call to Action
As fintech continues to evolve, experts warn that financial crime risks will only increase. It is essential for companies to invest in blockchain analytics and forensics to stay ahead of these threats.
Why Companies Should Take a Proactive Approach
- From prospect onboarding and source of wealth corroboration to fraud and financial crime investigations, our experienced team uses proprietary analytics technology to find the facts our clients are looking for.
- We urge companies to take a proactive approach to fintech risk management and seek expert advice to mitigate potential threats.