Abrigo

AUGUST 4, 2021

Survey: Top Challenges and Trends for BSA/AML Professionals Abrigo's 2021 FinCrime survey benchmarks obstacles and trends for BSA/AML and fraud professionals. Want to see more results from the 2021 FinCrime Survey? Takeaway 3 COVID-19-related fraud has reignited conversations around combining BSA/AML and fraud departments.

Fraud 195

Fraud cryptocurrency Survey Trends 195

Gonzobanker

DECEMBER 17, 2021

Gonzo readers, 2021 was just plain schizophrenic. 2021 fintech investments, merger activities, and overall focus were off the charts. Two, read and enjoy the 2021 GonzoBanker awards, our annual take on the best things we saw during the year. So which merger was the best in 2021? Doug Larson. THE BANKER AWARDS.

Fintech 142

Fintech Strategy Leadership Lending 142

FICO

DECEMBER 15, 2020

It is true that the pandemic has accelerated the majority of digital trends and challenges this past year; I believe the “COVID effect” will persist strongly into 2021, which brings me to three broad predictions: Consumer spending patterns will remain in flux, requiring financial institutions to keep their guard up as fraud patterns change quickly.

Fraud 52

Fraud Compliance Management Software 52

Abrigo

MARCH 7, 2022

Experts weigh in on regulatory hot topics for 2022 Review these 10 insights into what regulators are looking for in 2022 to help your financial institution pass exams with flying colors. Takeaway 1 Regulators have increased their focus on BSA in the first quarter of 2022, and the crisis in Ukraine will put OFAC in the spotlight.

cryptocurrency 195

cryptocurrency Regulation Fraud Policies 195

Abrigo

JUNE 3, 2021

Takeaway 3 To fight cryptocurrency-related risks and mitigate losses, be vigilant and stay on top of fraud trends. By Hannakah Rubin, Risk Management Consultant at Abrigo. As this market expands, so does a new frontier of cyber-fraud. Fraud Prevention. Fraud Trends. What's going on in cryptocurrency? Watch Webinar.

cryptocurrency 368

cryptocurrency Fraud Trends Training 368

Perficient

SEPTEMBER 16, 2022

Consumer protection – Concern for the consumer was emphasized throughout the letter as the FRB highlighted risks to the public due to price volatility, misinformation, fraud, as well as the outright loss or even theft of assets. The letter highlighted mandatory compliance with the following federal regulations: The Bank Holding Company Act.

Compliance 275

Compliance Risk Management System Regulation 275

FICO

DECEMBER 10, 2020

In 2021 I believe AI will cross the chasm, becoming a reliable and safe, mainstream business technology — but maybe not how, or for reasons why, you might expect. This is despite one-half of survey respondents reporting having strong model governance and management rules in place to support ethical AI usage.

Analytics 98

Analytics Fraud Data Software 98

Abrigo

MARCH 11, 2022

Expert insights on 10 regulatory topics that NBFIs should consider this year Review this list of what regulators are looking for in 2022 to help your NBFI pass exams with flying colors. Takeaway 2 Planning now and informing executive management of expected changes will enable NBFIs to move forward with anticipated rules and guidance.

Regulation 195

Regulation cryptocurrency Policies Management 195

Abrigo

DECEMBER 2, 2021

But impulse buying – whether at home or in business – can result in waste, so think carefully about areas of your bank or credit union that could benefit next year from a small investment as 2021 draws to a close. 31, 2019, and June 3, 2021, according to the Community Banking in the 21st Century report. billion from $515.3

Conference 195

Conference San Antonio Lending Fraud 195

Abrigo

NOVEMBER 2, 2021

With the 2021 change in administration in Washington, D.C., On January 1, 2021, the Senate voted into law the National Defense Authorization Act (NDAA). The AMLA is extensive, and there are many steps involved before FinCEN can implement the act, such as conducting studies, writing regulations, and publishing guidance.

Compliance 195

Compliance Regulation Resources Policies 195

FICO

DECEMBER 14, 2021

2021 saw the world settling into a new normal with heightened expectations of digital experiences. But European fraud and financial crime have continued to evolve. Take the most recent example of the bank manager in the United Arab Emirates who fell victim to a threat actor’s scam. Related scams have also been on the rise.

Fraud 52

Fraud Management Data Trends 52

Cisco

JULY 12, 2022

A key challenge is managing iterations of infrastructure in global financial enterprises which have spanned 50+ years of digitization. This leads to many generations of installed technology sets with diverse hardware and software systems, all that need to be tracked and managed, secured, and audited. Infrastructure Management.

Regulation 71

Regulation FDIC System Software 71

Abrigo

DECEMBER 17, 2021

Financial institutions experience d significant changes in 2021 because of the continued pandemic , increased remote work trend, and growing digital usage. Adequate staffing is crucial for areas with high regulatory scrutiny , such as the Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) and fraud functions.

Compliance 195

Compliance Training Fraud Resources 195

FICO

NOVEMBER 11, 2020

FICO has announced its panel of independent judges for the 2021 FICO® Decisions Awards which honor clients achieving outstanding results using analytics and decision management technology to grow their business, manage risk and reduce costs. Marcel Le Gouais, managing editor at Credit Strategy.

Meeting 52

Meeting Analytics Big Data Management 52

Abrigo

JULY 16, 2021

FinCEN Releases 8 AML/CFT Priorities These priorities were published June 30, 2021, highlighting several areas of heightened risk for the U.S. Takeaway 2 Regulations haven't been written, but there are steps community financial institutions can take now to prepare. financial system. financial system. How to prepare. financial system.

Community 195

Community Regulation Training Policies 195

FICO

MARCH 7, 2023

Home Blog FICO Responsible AI: Are European Firms Ready for the Regulators? There are significant changes coming in Europe, which highlight getting a handle on responsible AI use, with the banking and financial services sector among those that will be most impacted by increasing regulation.

Regulation 52

Regulation America Compliance Fraud 52

Abrigo

FEBRUARY 25, 2022

The year 2021 saw a continuation of pandemic policies and changes, a new administration in Washington , and regulatory reform from the Financial Crimes Enforcement Network ( FinCEN ). As regulators get up to speed with new FFIEC Exam Manual updates, you may need to remind them that not all groups of customers present the same risk.

Regulation 195

Regulation Policies Compliance Washington 195

FICO

MARCH 10, 2022

I’ve been writing recently about the results of our recent global consumer fraud survey. But like most things, it’s not as simple as it sounds, as large customer groups are likely to switch banks if they are dissatisfied with their response to a fraud management incident (more on that in a moment). a biometric).

Fraud 52

Fraud Survey Cards Customer Experience 52

Insights on Business

NOVEMBER 22, 2017

The same technology that has helped change the world of payments has also fueled fraud complexity, requiring an increasingly sophisticated anti-fraud response – payments fraud has become a €20Bn ($23Bn) worldwide problem for financial institutions while the fraud detection and prevention market will be worth €28.49Bn ($33.19Bn) by 2021 [1].

Fraud 125

Fraud Payments Innovation Industry 125

PYMNTS

JANUARY 28, 2021

With 6 in 10 financial institutions (FIs) turning to digital channels for customer acquisition and the mobile experiences those customers now expect, digital-first banking is much on the minds of consumers, regulators and, most assuredly, bad actors. It’s a situation demanding action. Quick And Seamless Security.

Fraud 244

Fraud Survey Digital Banking Security 244

FICO

FEBRUARY 25, 2022

Since May 2019, major UK banks have participated in a voluntary code - the Contingent Reimbursement Model (CRM), designed to provide funds back to the victims of authorised push payment fraud or APP fraud. So, what can banks do to prevent APP fraud? Look Out for APP Fraud Signals – Develop the Rules.

Fraud 52

Fraud Payments Taxes Analytics 52

FICO

NOVEMBER 19, 2019

The Contingent Reimbursement Model (CRM) is a UK payments industry initiative designed to reimburse victims of authorised push payment fraud (APP fraud). UK Finance in their Fraud the Facts Report 2021 found that in the first half of 2021, a total of £355.3

Fraud 52

Fraud Payments Regulation System 52

FICO

DECEMBER 23, 2020

It has also opened new doors for criminals, who have rushed to exploit the uncertainty in a pandemic world and devised new money laundering and terrorist financing schemes by taking advantage of loopholes in the regulations, new ways of working aided by advances in technology, and electronic payment innovations.

Compliance 52

Compliance Regulation Data Risk Management 52

Abrigo

MARCH 24, 2023

Step two Identify inherent risk vs. residual risk Inherent risk is any activity or factor posed to the credit union, notwithstanding applying any management or risk mitigation tools. After adjusting the inherent risk for the credit union’s risk management controls, residual risk represents the bank or credit union’s current risk.

Fraud 195

Fraud Compliance Examples Analysis 195

Independent Banker

JANUARY 31, 2022

Source: Cornerstone Advisors, “What’s Going on in Banking 2021: Rebounding from the Pandemic,” 2021. A recent report by Cornerstone Advisors found that bankers are either strongly interested in or already working with fintechs in three main areas: digital account opening (71%), mobile wallets (41%) and fraud/risk management (47%).

Community Bank 159

Community Bank Community Fintech Risk Management 159

PYMNTS

AUGUST 23, 2019

So far the XPOS has been shipped to over 30 countries, with plans to send out 100,000 devices to the global retail market by 2021. “This partnership with Pundi X solidifies our commitment to make cryptocurrency as easy to use as fiat currency in our stores.”. It is the first compliance alerts solution available across 15 cryptocurrencies.

blockchain 124

blockchain Analysis cryptocurrency Bitcoin 124

Independent Banker

MAY 31, 2022

Fraud and cyber attacks are on the rise, and at great expense to the industry. Here are some ideas for strengthening fraud defenses. Fraud and cybercrimes continue to increase, causing challenges for community banks. Illustration by Cnythzl/iStock. By William Atkinson. Cybercrime could cost $10.5

Community Bank 134

Community Bank Community Fraud Texas 134

Abrigo

JULY 12, 2021

and Germany which was released June 30, 2021. The second 12-month review was published July 5, 2021. The report shines a light on corruption, tax fraud, drug trafficking, and labor trafficking as being linked to environmental crime. BSA Rules and Regulation. Hidden Costs of Managing Multiple Vendors. Learn more.

Training 195

Training Policies United States Report 195

Abrigo

MARCH 24, 2021

Anti-Money Laundering Act of 2020 BSA professionals should prepare for changes as new regulations and guidance from FinCEN unfold. Takeaway 2 While the AMLA is now law, regulations, guidance, and other information still needs to be written. These include conducting studies, writing regulations, and publishing guidance.

Regulation 195

Regulation Training Study Policies 195

PYMNTS

JANUARY 30, 2020

In its Q4 2019 earnings release, Facebook reported a 51 percent spike in expenses for 2019, as the social media platform faces more questions from regulators and policymakers. As fraud evolves, old forms of cybersecurity are not enough to keep up criminals’ increasingly innovative attacks. FICO’s Take on Debit Security.

social media 141

social media Payments ATM Fraud 141

Abrigo

MAY 24, 2023

While it has encountered obstacles in the past, the current support and shifting attitudes toward marijuana legalization provide reasons for cautious optimism to banks interested in banking cannabis profitably while managing risk and maintaining regulatory compliance.

Lending 195

Lending Fraud Operations Ohio 195

CFPB Monitor

APRIL 7, 2022

The FDIC has issued the March 2022 edition of Consumer Compliance Supervisory Highlights which includes a description of some of the most significant consumer compliance issues identified by FDIC examiners during consumer compliance examinations conducted in 2021.

FDIC 78

FDIC Compliance Lending Regulation 78

Independent Banker

AUGUST 31, 2022

Community banks can get up to speed on current legislation and regulations to both protect their customers from unauthorized or false deposit account transactions and to prevent them from happening in the future. Mistakes, system glitches and fraud happen. Regulation CC. Regulation DD—Truth in Savings Act (TISA).

Community Bank 91

Community Bank Regulation Community Training 91

FICO

NOVEMBER 30, 2022

Senior Director, Product Management. By convincing individuals to send money through apps like Venmo, CashApp, Zelle and others, or adding a payee for traditional ACH transactions, fraudsters are perpetuating what is known in the financial industry as Authorized Push Payment (APP) fraud (in the UK) or authorized user fraud (in the US).

Fraud 52

Fraud Management Customer Experience Strategy 52

CFPB Monitor

JUNE 30, 2022

In addition, the OCC warns that banks face an “elevated” risk of cyber attacks and fraud or cybersecurity risks related to digital assets. The OCC devotes a paragraph to discussion of BSA/AML and OFAC concerns related to “environmental crimes.” The OCC then zeroes in on another perennial concern: fraud in government relief programs.

Compliance 78

Compliance Fraud Technology Operations 78

PYMNTS

NOVEMBER 13, 2020

But the change, originally mandated by the Revised Directive on Payment Services ( PSD2 ), may catch more than a few firms across the merchant, acquirer and issuer spheres unprepared, according to Spencer McLain , vice president and general manager of EMEA at Ekata. in September 2021). “In

Analysis 154

Analysis Online Data Customer Experience 154

Abrigo

JANUARY 22, 2024

6 Steps t o mitigate fraud risk tied to new products Your AML and fraud teams' input is key when it comes to offering new bank products. You might also like this infographic, "Beyond immediate fraud losses: How the costs and impacts of fraud snowball." download NOW Takeaway 1 Fraud losses totaled $485.6

Fraud 222

Fraud Training Risk Management Software 222