The Peel with Turner Novak
The $4 Trillion Business of Financial Crime with Natasha Vernier, Co-founder and CEO of Cable
Sep 26, 2023
Natasha Vernier, Co-founder and CEO of Cable, discusses the $4 trillion market of financial crime, highlighting the prevalence of crime for financial gains and the difficulty in stopping it. She explores the increase in financial crime on crypto rails and the growing synthetic ID fraud. Natasha also shares her experience joining Monzo, building Cable to help regulatory and financial crime teams, and raising funds for the startup.
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Quick takeaways
- Financial crime accounts for 4% of global GDP, totaling trillions of dollars each year, and only 0.2% of financial crime is caught and addressed.
- Improving efforts to combat financial crime and making it harder for criminals to utilize illicit funds can reduce the overall occurrence of crime.
Deep dives
The scale and impact of global financial crime
Financial crime accounts for approximately 4% of global GDP, totaling trillions of dollars each year. This includes a wide range of criminal activities, from small scams on social media to large-scale organized crime. The issue is compounded by the fact that only 0.2% of financial crime is caught and addressed.
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