Lassonde launches new course to address financial crimes

Female IT programer working on desktop computer in data centre system control room

The Lassonde School of Engineering at York University has introduced a new Financial Crimes and Countermeasures course through Lassonde Professional Development, meant to help scale up Canada’s financial crimes and countermeasures workforce.

The new course is meant to address how financial crimes have become a significant threat to the global economy, disrupting market stability, compromising security systems, causing monetary losses and undermining organizational trust and credibility. A recent study by TransUnion estimates that fraudulent activity toward financial organizations increased by 150 per cent between 2020 and 2021. Exacerbated by the COVID-19 pandemic, increased financial crimes generated more demand for highly skilled professionals who can identify and mitigate the associated risks.

This increased demand means that across every sector and size, Canadian businesses are unable to recruit and retain financial crimes and countermeasure specialists who can help them keep pace with new and emerging information technology solutions. They’re all competing for the same small pool of information communication technology (ICT) specialists, ranging from analysts and financial investigators to compliance managers and forensic accountants.

According to the Global Tech Council, related employment within the sector increased by 350 per cent from 2014 to 2021 and continues to grow. For example, cybersecurity analyst jobs are expected to increase by more than 10 per cent between 2021 and 2025, according to Ontario Labour Market Information data.

Starting Oct. 2, this 11-week course aims to boost the potential work force in this field by providing an opportunity for interested participants to grow their careers or enter an in-demand field with a thorough understanding of financial crimes, their implications and countermeasures. Learners will be able to identify different types of financial crimes and their emerging patterns, key challenges when implementing risk management, technologies to combat financial crimes, and risks stemming from blockchain and virtual currencies.

Participants will also delve into the study of how global financial crimes are identified, conducted and monitored, while gaining a deep understanding of emerging technologies crucial in fighting financial fraud. Through interactive lectures and practical case studies, the course will explore various topics such as the history and types of financial crimes, regulatory frameworks, the role of financial intelligence units and challenges in law enforcement. Additionally, participants will examine the application of technology in detecting and preventing financial crimes, with a focus on machine learning, artificial intelligence, analytics, encryption and information sharing.

For more information, visit the Lassonde Professional Development website.