CFPB Monitor

OCTOBER 9, 2018

Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”)—released on October 3, 2018 an Interagency Statement on Sharing Bank Secrecy Act Resources (“Statement”). Such resource sharing contemplates reducing costs and increasing efficiencies in the ways banks manage their BSA and AML obligations. Patriot Act.)

Resources 68

Resources Compliance Community Bank Community 68

William Mills

JANUARY 25, 2018

William Mills Agency, the largest independent public relations and content marketing firm specializing in the financial industry, released its 15th annual financial services industry report, Bankers As Buyers 2018 today. The report includes industry research about what technology, solutions and services U.S. Fraud Prevention.

Report 40

Report Technology Innovation Atlanta 40

PYMNTS

MARCH 25, 2020

Digital fraud continues to flourish, with recent surveys finding that security breaches have increased 67 percent since 2014 and 11 percent since 2018. Organizations and security developers are investing billions of dollars in fighting these fraud attempts. Developments From Around the World of Digital Fraud.

Fraud 148

Fraud Security Resources Survey 148

PYMNTS

MAY 4, 2020

Advances in technology are making consumer transactions seemingly more secure, but cybercriminals are still finding sophisticated ways to beat systems and commit financial fraud. A 2018 study on payment fraud mitigation reported that 75 percent of financial institutions (FIs) experienced fraud losses.

Analytics 141

Analytics Data Security San Diego 141

Abrigo

JUNE 10, 2020

Adequately staffed and risk-focused AML resources with good documentation are critical. Adequate, risk-focused AML resources are critical. Get adequate resources. You must find a way to get the resources, and I think that message is coming around loud and clear these days.” Focus BSA/AML resources on risk.

Resources 195

Resources Regulation Compliance Policies 195

PYMNTS

MAY 6, 2020

Financial fraud costs businesses an estimated $1.45 trillion, and it resulted in almost half of global organizations noting they were victims of fraud in 2018. This includes exploring emerging anti-fraud solutions and the challenges arising in this space as fraud grows more complex. One recent breach at U.S.

Data 181

Data Fraud Tools Technology 181

Abrigo

MARCH 7, 2022

The world of FinCrime is more dynamic than ever, with fraud escalating thanks to an increase in mobile payments precipitated by the pandemic and security concerns rising over the Russian conflict in Ukraine. The great resignation has also affected technology talent, which has a significant crossover effect for BSA.

cryptocurrency 195

cryptocurrency Regulation Fraud Policies 195

FICO

APRIL 29, 2022

With any change, fraud comes hand-in-hand. All these evolutions mean a changing landscape for retail fraud and scam trends. The article also talks about how, unlike credit card and debit card fraud losses, fraudulent activity and losses through Zelle leave customers and often the banks themselves unable to recoup funds.

Fraud 52

Fraud Retail Payments cryptocurrency 52

PYMNTS

APRIL 1, 2020

Customers today expect to be able to access financial services instantly, which can put pressure on CUs that need to stretch restricted technology budgets into innovative new features. percent that said the same in 2018, indicating that digital innovation should remain a critical concern for CUs over the next several years.

United States 181

United States Innovation Online Tools 181

PYMNTS

JANUARY 29, 2020

A significant number of firms — notably small- to medium-sized businesses (SMBs) — still use such systems, as 25 percent of smaller firms stated in 2018 that their payroll involved pen-and-paper methods. A 2018 report found that 21 percent of the fraud SMBs see is expense reimbursement fraud from their own employees.

Taxes 141

Taxes Fraud Tools System 141

PYMNTS

FEBRUARY 26, 2020

These merchants have always been vulnerable to in-person fraud, including coupon or promotion scams, but digital channels create new avenues that bad actors can exploit. This also means fraud runs relatively unchecked among quick-service restaurants (QSRs), with total fraud losses on an average order of $15 reaching as high as $36.25.

Fraud 141

Fraud Mobile Security System 141

PYMNTS

SEPTEMBER 14, 2020

Friendly fraud has been on the rise for years, with customers contacting their banks to falsely assert that their credit cards have been used online for unauthorized purchases. Undeserved chargebacks are no trivial issue, either, as the number of such false claims rose 41 percent between 2016 and 2018. Combining Friendly Fraud.

Fraud 176

Fraud Retail Cards Examples 176

PYMNTS

APRIL 17, 2020

The drive-thru, which captured 70 percent of quick service restaurants’ (QSRs’) total sales in 2018, has become a critical focal point as dine-in seating areas are closed to slow the spread of the coronavirus. Cloud-based point-of-sale (POS) software provider PAR Technology Corp.

Customer Experience 167

Customer Experience Operations Technology Branding 167

PYMNTS

NOVEMBER 11, 2019

Data holds the key to helping modern enterprises develop effective anti-fraud strategies. Many businesses are sitting on massive troves of it, but they are also facing down the three “V’s” of data complexity — velocity, variety and volume — which can make tackling fraud even harder. . Structured Versus Unstructured Data.

Analytics 116

Analytics Data Fraud Tools 116

PYMNTS

JANUARY 17, 2020

As the new PYMNTS Merchant Fraud Decisioning Playbook shows, fraudsters are starting off the new decade armed with the stolen data and credentials of millions of global consumers, and they are already putting that data to use. To do so, however, these companies will need to make some adjustments to their fraud protection strategies.

Retail 149

Retail Security Fraud Illinois 149

PYMNTS

FEBRUARY 20, 2019

19), Mastercard announced the launch of its Cybersecurity Toolkit for SMBs, an online resource developed in partnership with the Global Cyber Alliance (GCA) that provides entrepreneurs and business executives with guidance and tools to address the threat of cyberattacks on their companies. In a press release on Tuesday (Feb. ”

Resources 140

Resources social media Tools Policies 140

PYMNTS

MARCH 3, 2020

According to the announcement, “WCCU found its ideal partner — one that would offer exceptional service, act as a valuable resource to help guide the credit union, enhance growth and effectively communicate with staff to help deliver the best possible service to its members — in PSCU.”.

Cards 130

Cards Wisconsin Analytics Tools 130

FICO

NOVEMBER 14, 2017

UBS Card Center, which processes roughly 25% of the credit cards in Switzerland, has cut the amount of fraud write-offs per compromised card, stopped more fraudulent transactions and reduced false-positive rates using the FICO ® Falcon ® Platform. For its achievements, UBS Card Center has won the 2017 FICO Decisions Award for Fraud Control.

Fraud 58

Fraud Cards Analytics Customer Experience 58

PYMNTS

JANUARY 12, 2018

That shift, for contact or contactless payments, goes into effect April 2018. Over the last seven years, as chip technology has entered the market, Visa has deployed more than 460 million chip cards and readers at more than 2.5 The company directed merchants and partners to find information and resources at: [link]. .

America 153

America United States Analytics Cards 153

Abrigo

MARCH 11, 2022

Thanks to an increase in mobile payments precipitated by the pandemic and rising security concerns due to the Russian conflict in Ukraine, the world of financial fraud prevention is more dynamic than ever. Innovation and Technology Another regulatory focus in 2022 is financial institutions' technology needs, including NBFIs.

Regulation 195

Regulation cryptocurrency Policies Management 195

William Mills

JANUARY 25, 2018

Our mission is to separate the hype from reality and to help clarify what technologies and market forces will have a substantial impact on our banking system. Hype impacts the demand of Bitcoin, but Bitcoin’s lasting legacy to banking will likely be its underlying distributed ledger technology. Click here to download the report.

Report 40

Report Bitcoin Strategy Innovation 40

PYMNTS

SEPTEMBER 9, 2019

The cybersecurity world is witnessing a potentially new, dangerous threat: according to insurance firm Euler Hermes, one of its corporates fell victim to cyber fraud after attackers used sophisticated artificial intelligence (AI) technology to impersonate the firm’s chief executive officer by mimicking his voice on the phone.

Strategy 180

Strategy Security Technology Data 180

FICO

MARCH 24, 2021

The graph below shows the trend of TBML-related SARs filed with FinCEN between 2014 and 2018. Trade finance has traditionally been a resource-intensive manual process because global trade still depends on paper documents, making it susceptible to documentary fraud. Leverage newer technology and consider technological innovation.

Compliance 98

Compliance Study Trends Fraud 98

PYMNTS

NOVEMBER 23, 2020

While technological advancements have revolutionized many aspects of operations, payroll and expense management are not [among] them. As regards legacy payroll processing software — a notorious weak link in today’s tech stack — alternative payroll methods have technological cleverness and sheer utility. based organizations, 41.2

System 165

System Management Tools Cards 165

CFPB Monitor

JULY 6, 2021

The Priorities, listed according to FinCEN “[i]n no particular order,” are as follows: Corruption; Cybercrime; Domestic and international terrorist financing; Fraud; Transnational criminal organizations; Drug trafficking organizations; Human trafficking and human smuggling; and. technology and trade secrets. Proliferation financing.

United States 78

United States Fraud Regulation Compliance 78

PYMNTS

MARCH 4, 2020

FinCEN encourages technological innovations to help fight money laundering, but technology must be used properly.” . In February 2018, FinCEN collaborated with the Office of the Comptroller of the Currency (OCC) and the U.S. Bank that capping the system due to staff size and available resources could trigger enforcement. .

US 130

US Regulation cryptocurrency Resources 130

PYMNTS

NOVEMBER 5, 2019

Increased technology adoption brings along additional security concerns, however. Synthetic identity fraud continues to grow, but far slower than when it ran rampant in 2015 and 2016. billion in Q2 2018 to $1.02 The decline in synthetic fraud growth is attributed to greater adoption of fraud protection programs.

Data 101

Data Fraud Security Trends 101

Abrigo

DECEMBER 20, 2021

Inadequate staffing: The lack of technological and human resources will result in deficiencies in an AML program. You must have adequate human and technical resources to implement a sound AML program properly. The AML Act of 2020 will more than likely overhaul the 2018 CDD rule with stricter beneficial ownership requirements.

Resources 195

Resources Texas Analysis System 195

NCR

APRIL 30, 2018

Banks are large, complex entities with business processes built around technology that can be decades old and have little focus on the customer. With many financial institutions placing an emphasis on digital transformation over the coming years, what technologies and areas of focus are likely to prove the most significant?

Technology 72

Technology Survey Leadership Strategy 72

PYMNTS

AUGUST 9, 2019

Last year, researchers at the Ponemon Institute warned about the growing threat of cyberattacks against government entities, estimating that 38 percent of public-sector entities will fall victim to ransomware attacks in 2018 – a 7 percent increase from 2017 and a whopping 25 percent increase from 2016.

Indiana 108

Indiana Florida System Resources 108

PYMNTS

MAY 28, 2020

Biometric security systems are just one example of the major technological investments banks have made in recent years. is your go-to monthly resource for updates on trends and changes in digital-first banking. About The Tracker. The Digital-First Banking Tracker® , done in collaboration with NCR Corp. ,

Community Bank 176

Community Bank Community Security Digital Banking 176

PYMNTS

MARCH 7, 2019

Concerns from consumers outside the EU on how data is handled are growing as well, though many continue to have concerns regarding fraud. The card network has partnered with Open Banking service Konsentus to add an identity and regulatory checking service to its roster of Open Banking tools and technologies. About the Tracker.

Lending 198

Lending Regulation Regional Data 198

PYMNTS

JANUARY 16, 2020

Meanwhile, the Better Business Bureau said 80 percent of businesses received at least one kind of BEC scam email in 2018. Electronic payment technologies, too, are increasingly focused on security and fraud mitigation efforts. However, technology plays a significant role in safeguarding firms, too, he said.

Security 111

Security Strategy Payments Examples 111

PYMNTS

DECEMBER 14, 2018

Thus, said the agencies, banks should eye technology, and should endeavor to “consider, evaluate, and where appropriate, responsibly implement innovative approaches in this area.” Banks will not be penalized if they do not embrace new ways of battling fraud with new tech — meaning they can still adhere to the status quo.

Compliance 148

Compliance Innovation FDIC Examples 148

PYMNTS

FEBRUARY 4, 2019

FIs have made strides in establishing know your customer (KYC) and anti money laundering (AML) policies, but these changes are routinely challenged by emerging technology and cross-border transaction costs. To strike the right balance, they must embrace automated identity verification technology during the onboarding process.

How To 161

How To Regulation Compliance Meeting 161

PYMNTS

AUGUST 23, 2019

For those processes that must be handled in real-time, two factors are vital in keeping these processes fit-for-purpose for a real-time world: continuous training and development, and the best technology. “It It is crucial that organizations dedicate resources to keep up with the evolution of financial crime,” Lee said.

Compliance 192

Compliance Security Payments Community 192

PYMNTS

APRIL 4, 2019

Its most recent Beazley Breach Briefing , released last month, analyzed 3,300 data incidents in 2018, and found that small businesses face a higher risk of being targeted by a ransomware attack than larger enterprises. Furthermore, traditional cybersecurity technology cannot always detect this kind of attack.

Strategy 158

Strategy Security Examples Training 158