Q3 2021 Financial Crime Report on Cashless Transactions

This document is a financial crime report for Q3 2021, focusing on the transition to a cashless society accelerated by the COVID-19 pandemic. It outlines significant changes in consumer behavior regarding cash transactions, noting a 48% decrease in cash usage compared to the previous year. The report presents data indicating a substantial increase in digital payment methods, including an 89% rise in peer-to-peer payments and a 26% increase in online business banking transactions. Additionally, it highlights the impact of the pandemic on various sectors, such as travel and retail, with notable increases in spending on airline tickets and clothing. The report also addresses the rise in financial crimes during this shift, detailing types of fraud that have emerged, including purchase scams and account takeover fraud. Recommendations for consumers and banks to mitigate these risks are provided, emphasizing the importance of education and data analysis in combating fraud.