The scale and complexity of the threat continue to grow. The Office for National Statistics estimated around 4.2 million fraud incidents in the year ending March 2025, a 31% increase on the previous year.
Momenta’s CEO, Joe Norburn, has been featured in the Fraud Prevention Summit article, highlighting how fragmented financial crime oversight is creating new risks for firms.
As financial crime becomes more complex and interconnected spanning fraud, money laundering, scams and cyber-enabled activity, siloed approaches are increasingly exposing weaknesses not just within individual firms but across the financial system as a whole.
Many organisations continue to manage financial crime through fragmented operating models, with responsibilities spread across teams, systems and functions. This can lead to gaps in communication, inconsistent controls and reduced visibility of risk, particularly where processes intersect.
The article further reflects growing regulatory focus on coordination, with the FCA emphasising that financial crime cannot be tackled by firms in isolation and requires a more joined-up industry-wide approach.
That’s why firms are being challenged to move beyond siloed compliance activity and adopt more integrated ways of managing financial crime risk.
“Financial crime is no longer just a function to manage, but a system-wide discipline that shapes resilience, trust and long-term competitiveness.”– Joe Norburn CEO TCC Group
