Numerous opportunists remain lingering worldwide way back then up until today onwards. That these deceitful individuals are also synchronizing with the modernization that is continuously being achieved by the global economy.
Back in 2018, the Federal Trade Commission managed with over 1.4 million fraud cases tallying of $1.48 billion in losses. The global average cost per data infringement rose to $3.18 million. Half of this rate was caused by the so-called financial institutions that are taking advantage of investors who only want a securement with their money.
The statistics for scammed cases this 2020 were reported to be 147, 295 amounting to $116, 575, 264. The quantity of the amount lost and the number of reports increased during the pandemic because people are already trying to find an outlet to increase their income. Seeing that a plentiful sum of enterprises was shut down due to the mass lockdown established by the local government of countries that are affected by the Corona Virus Disease 2019.
This is the very reason behind the European Union’s implementation of the legislative framework that is continuously monitoring the transaction being made between the financial institution and the depositor. These telephone conversations and electronic communications (TECC) recordkeeping consists of MiFID voice recording, SMS and MMS archiving, and produced messaging application solutions. This is what limited the outraging number of scammers around the globe to keep taking advantage of innocent people.
This jurisdictive agenda is called the Markets in Financial Instruments Directive II that regulates firms that provide services to clients to financial instruments. As well as the sites where the instruments utilized are traded. The legislation was introduced and went into effect on January 3, 2018. Ever since then, the depository banking establishments of countries included in the European Union were well-trusted by the consumers.
Sad to say, the reality is that not all financial firms are not complying with the mandated regulatory requirements. They have plenty of reasons why obedience is not being met – whether they lack equipment, hectic schedule, and the pandemic that caused the delays of their amenability to the protocol of the EU.
Worry no more, because TeleMessage has created and designed an infographic regarding the key challenges that remain for complying with the MiFID II recordkeeping prerequisites: