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ChapterTitle
IndustryUpdate

Many companies still rely on spreadsheets or scanning Ninety percent of financial crime professionals surveyed
technology, while fewer than one-third have fully imple- reported rising AI-driven threats at their institutions.
mented e-invoicing platforms.
Frictionless payments rewire consumer spending
Nearly all respondents said greater investment in com-
pliance technology would reduce long-term costs. NMI's Psychology of Payments survey of 1,000 U.S.
consumers found frictionless checkout experiences are
Nasdaq Verafin finds financial crime surging reshaping spending behavior. Half of respondents said
they shop more frequently when payments are seamless,
According to Nasdaq Verafin's 2026 Global Financial while 50 percent abandon purchases when checkout is
Crime Report, illicit financial activity has surged by $1.3 complicated. Fast, one-click payment options also influ-
trillion since 2023, reaching $4.4 trillion worldwide. The ence spending, with 48 percent saying they spend more
report, based on proprietary data modeling and a survey when checkout is quick and convenient. Incentives such
of more than 500 financial crime professionals, found as loyalty rewards, cash back and buy now, pay later
major growth across multiple crime categories. Drug programs encourage additional purchases, researchers
trafficking generated an estimated $1.1 trillion in illicit found, particularly among younger consumers.
flows, while human trafficking reached $528.5 billion
and terrorist financing totaled $16.2 billion. Digital wallet adoption is growing fastest among Gen
Z. However, the study also found concerns about over-
Fraud and bank scams produced $579.4 billion in losses spending, with many of those surveyed saying friction-
globally, with scam losses growing particularly rapidly less payments can make money feel less tangible and
as criminal networks increasingly use artificial intelli- reduce awareness of spending.
gence to scale attacks.

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