End-of-Year Financial Check-Up: How Banks Can Help Customers Avoid Financial Crime in the New Year
The numbers don’t lie. In 2023 alone:
$3.1T in illicit funds flowed through the global financial system.
Money laundering accounted for trillions of dollars, including $346.7B in human trafficking and $782.9B in drug trafficking activity, as well as $11.5B in terrorist financing.
Fraud scams and bank fraud scams totaled $485.6B in projected losses globally.
That’s the scale of the challenge banks face, not just protecting their own systems, but safeguarding their customers from becoming part of these statistics.
The end of the year is almost here! While people are focusing on setting new goals, fraudsters are working overtime to come up with more sophisticated techniques. This is where your bank becomes more than just a service provider, it becomes a shield. Customers are counting on you to protect their money, data, and, most importantly, their trust.
By stepping up as an educator, banks can help customers stay ahead of fraudsters in 2025. Here’s how you can make a real difference in your customers’ lives.
6 Tips to Help Customers Avoid Financial Crimes
1. Make Financial Education a Priority
Financial awareness is one of the most powerful weapons against financial crimes. Many people fall into fraud traps simply because they don’t recognize the red flags.
Banks need to educate customers on how to spot warning signs, identify fake investment opportunities, understand the importance of multi-factor authentication, and more.
Consider launching an end-of-the-year webinar, newsletter, or social media campaign focused on the latest scam tactics. These proactive efforts can significantly reduce the likelihood of customers falling victim to fraud.
2. Offer an End-of-Year Fraud Check-Up
Why not help customers reflect on the year? Sending a personalized end-of-year fraud review can highlight unusual activity, share tailored security tips, and recommend steps to strengthen account protection.
This customized approach builds trust and ensures customers step into the new year feeling confident and secure.
3. Focus on Collaborative Fraud Reporting
Customers often hesitate to report suspicious activity due to fear of judgment or concerns about delayed responses. Banks can break this barrier by fostering an open, supportive reporting culture.
By simplifying the reporting process and maintaining clear communication channels, banks can act faster, resolve issues efficiently, and enhance the overall customer experience.
4. Real-Time Monitoring
Fraud detection isn’t about reacting, it’s about staying one step ahead. With AI-powered tools, banks can monitor transactions in real time and act immediately when something looks suspicious.
This includes flagging transactions that deviate from normal behavior, issuing alerts for high-risk locations, and preventing losses before they occur. Real-time monitoring ensures customer accounts remain actively protected around the clock.
5. Leverage Advanced FinCrime Tools
With the right technology, financial institutions can significantly reduce exposure to financial crimes. Modern fraud detection software for banks enables institutions to identify, detect, and prevent fraud more efficiently while staying ahead of increasingly sophisticated criminals.
Velocity’s ultimate fincrime platform uses AI and machine learning to analyze massive data sets, detect anomalies, automate investigations, and enable faster, more accurate responses making proactive risk mitigation simpler and more effective.
Today, having a robust fincrime solution isn’t just an advantage - it’s a necessity.
6. Be Transparent
Trust thrives on transparency. Banks should openly communicate the steps they take to protect customers, explain their fraud prevention processes, and clarify how customers can play an active role in staying safe.
When customers see your commitment to security, they’re more likely to view your bank as a trusted partner not just a service provider.
Educate Your Customers and Combat FinCrime with Velocity
With 2025 just around the corner, customers are setting resolutions saving more, spending smarter, and achieving financial freedom.
Your bank’s resolution? Help them reach those goals safely by making fincrime prevention a top priority.
By educating customers, leveraging advanced tools, and building lasting trust, banks can reduce risk while creating stronger, more loyal relationships.
Ready to lead the fight against financial crime? Velocity’s cutting-edge fincrime solutions are here to help protect your customers and your reputation. Let’s talk.
