Abrigo

AUGUST 19, 2020

Key Takeaways COVID-19-related fraud are not new typologies; they just have a new spin. Adjusting your velocity scenarios can help detect money mule scams and check fraud. . COVID-19-related fraud schemes are escalating at an alarming rate. How can your transaction monitoring system detect trending COVID-19 related fraud?

Fraud 195

Fraud System Trends Software 195

Abrigo

AUGUST 27, 2020

Additionally, FinCEN has released three recent COVID-19 related fraud advisories and red flags, and a regulatory joint statement regarding customer due diligence on Politically Exposed Persons (PEPs). Documentation: Thorough and complete documentation is king. If you have manual monitoring processes, document them.

Regulation 195

Regulation Fraud Compliance Trends 195

Abrigo

JANUARY 3, 2024

Reporting companies are defined as a corporation, limited liability corporation (LLC), or any entity created by filing a document with a secretary of state or similar office, whether domestic or foreign. It also has a Small Entity Compliance Guide for BOI reporting. We can help you navigate changing AML/CFT and fraud regulations.

Fraud 222

Fraud Regulation Report Compliance 222

Abrigo

AUGUST 27, 2020

Additionally, FinCEN has released three recent COVID-19 related fraud advisories and red flags, and a regulatory joint statement regarding customer due diligence on Politically Exposed Persons (PEPs). Documentation: Thorough and complete documentation is king. If you have manual monitoring processes, document them.

Regulation 195

Regulation Fraud Compliance Lending 195

PYMNTS

SEPTEMBER 21, 2018

To that end, the the Internet Crime Complaint Center (IC3), a hub to bring complaints to the Federal Bureau of Investigation (FBI), is eyeing payroll fraud. The methods those bad actors use — and which have been documented in this space — include phishing attempts to gain access to individuals’ credentials. The deposits?

Fraud 141

Fraud Cards Report Mobile 141

Abrigo

AUGUST 18, 2020

Key Takeaways BSA officers need to stay aware of emerging fraud trends that are a result of the pandemic. Consider a risk-based lookback for your PPP portfolio to fight fraud. Be aware of emerging fraud schemes. Any time there is a large-scale , global issue, you can expect to see a rise in fraud, and COVID-19 is no different.

Fraud 195

Fraud Lending Trends Compliance 195

Abrigo

AUGUST 18, 2020

Key Takeaways BSA officers need to stay aware of emerging fraud trends that are a result of the pandemic. Consider a risk-based lookback for your PPP portfolio to fight fraud. Be aware of emerging fraud schemes. Any time there is a large-scale , global issue, you can expect to see a rise in fraud, and COVID-19 is no different.

Fraud 195

Fraud Trends Compliance Technology 195

Gonzobanker

SEPTEMBER 21, 2023

Core connectivity and API providers CFM and NXTsoft merged, acquiring document workflow provider IMM and rebranding as Kinective. Alogent acquired document imaging and tracking solution provider AccuSystems. CSI partnered with Dragonfly for treasury management and with Hawk AI for fraud and anti-money laundering solutions.

Fintech 103

Fintech Software Illinois Lending 103

PYMNTS

NOVEMBER 10, 2017

For any organization with an attitude of, “It can’t happen to me,” here’s a wakeup call: Corporate fraud is common and on the rise. One of the easiest areas for internal fraud to occur is in employee expensing. But always, in every organization, there are a few who are commuting fraud. It’s a very involved process.

Fraud 112

Fraud Compliance Policies Technology 112

Insights on Business

JUNE 28, 2018

A recent explosion of AI applications is taking place in financial institutions, particularly in the area of risk and compliance. So how is AI helping risk and compliance processes? Risk and compliance departments suffer from massive data loads and exhausting regulatory requirements. That still sounds complicated, doesn’t it?

Compliance 70

Compliance Case Study Analysis Analytics 70

FICO

MARCH 1, 2022

Fiserv, a leading global provider of payments and financial services technology solutions, has developed a new fraud mitigation service that has reduced fraud losses, which were already low by industry standards, by 10 to 15% for its small to midsize credit union and bank clients. Keeping Up With The Fraudsters.

Fraud 52

Fraud Analytics Cards Tools 52

PYMNTS

NOVEMBER 11, 2019

Governments are tightening know your customer (KYC) and anti-money laundering (AML) requirements on various industries out of increasing concern over fraud threats. Retail brokerage company Exness recently adopted such solutions from provider Sum&Substance to help the former manage compliance for its two entities.

Video 161

Video Fraud Compliance Security 161

FICO

MARCH 3, 2021

Here are our observations on changing fraud patterns. A consequence of the economic downturn is the blurring of lines between fraud and risk. A review of how you define first-party fraud, treat suspicious behavior, and engage with customers is essential. Fraud detection strategies need to adapt, too.

Fraud 52

Fraud Customer Experience Cards Trends 52

FICO

MARCH 8, 2021

Continue reading to learn more and find out five ways to protect yourself from tax refund fraud. How do fraudsters commit tax refund fraud? A variation of this fraud involves the fraudster using a tax preparation firm, obtaining a refund anticipation loan, with the proceeds credited to a prepaid card. File early.

Taxes 52

Taxes Fraud Security Cards 52

PYMNTS

SEPTEMBER 11, 2019

Fraudsters have been increasingly focused on mobile services, with one-third of all fraud attacks worldwide reportedly targeting mobile during the first half of 2018 — a 24 percent year-over-year increase. Fighting Fraud Visibly and Invisibly. So, how can consumers be persuaded to take a chance on these new companies?

Security 113

Security Fraud Mobile Cards 113

PYMNTS

JULY 15, 2019

billion is estimated to have been lost to cryptocurrency scams, thefts and fraud in the first quarter of 2019, and cybercriminals and scammers are not the only ones putting digital asset users at risk. Thwarting fraud and making usage as secure as possible are key concerns for Canadian trading platform Bitbuy. Facing Fraud.

cryptocurrency 193

cryptocurrency Fraud Security Bitcoin 193

Gonzobanker

AUGUST 17, 2022

Then, bad grades came in right as summer party season kicked off, mom and dad took away the car and credit card, and the Venmo transfers came to a screeching halt. First, there was the drama leading up to the breakup with the rich hottie. Thankfully, there was still a smartphone and social media to commiserate.

Fintech 182

Fintech Lending Software Compliance 182

FICO

NOVEMBER 30, 2017

Are traditional approvals and audit reviews of procure-to-pay transactions sufficient to prevent expenses fraud, waste and abuse in your organization? A recent study showed that expenses fraud committed by employees is estimated to cost U.S. Purchases which are made using a p-card for an item on an approved catalog.

Analytics 79

Analytics Fraud Compliance Cards 79

PYMNTS

MAY 23, 2019

As has been documented in this space, there are some challenges in getting companies to adopt automated AP solutions. Against that backdrop, companies now seek to supplement and extend all the benefits they receive via card solutions by looking to their bank providers to solve for the broader set of payments. Where We Are Now.

Fintech 191

Fintech Fraud Technology Innovation 191

PYMNTS

SEPTEMBER 25, 2020

Documents sent by banks to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Mastercard Expands Digital Card Program To Include Instant Access, eWallet . Mastercard has grown its Digital-First Card Program in North America as demand rises for digitally-driven money management offerings.

Maine 153

Maine social media Atlanta Massachusetts 153

FICO

JUNE 15, 2021

All too often, elders today are the targets of residential real estate fraud and scams. As the parent’s cognition declines, the fraudster has the parent sign a quit claim deed or forges the parent’s signature on the document. Keep up with the latest on fighting fraud, scams and financial abuse by following this blog.

Fraud 98

Fraud Capital Marketing Analysis 98

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. Fraud Prevention. Card Fraud. Fraud Prevention. 2022 Regulatory Focus. BSA Rules and Regulation. Learn More.

cryptocurrency 195

cryptocurrency Regulation Fraud Policies 195

PYMNTS

JANUARY 14, 2021

What's unique about the diamond space, however, is that there is an opportunity to drive value through the digitization of B2B commerce that goes beyond the electronification of documents or the streamlining of processes. For example, this industry is particularly susceptible to fraud and other supply chain risks.

Industry 204

Industry Strategy Retail Trends 204

PYMNTS

FEBRUARY 8, 2018

Essentially, it means handling everything other than card issuing, authorization and transaction processing. Again: It isn’t easy.

Management 167

Management Compliance Maine Policies 167

Abrigo

SEPTEMBER 8, 2023

How to comply with both Reg CC and fraud requirements Read about the rules outlined by Reg CC, the circumstances that allow exceptions, and what to do when your financial institution suspects fraud. Takeaway 3 Understanding Reg CC and exceptions to the rules will help FIs fight fraud while staying compliant.

Fraud 195

Fraud Training Regulation Compliance 195

BankBazaar

APRIL 27, 2020

Opening a bank account is nothing short of an ordeal-from running around gathering documents that date to your school to ensuring that they meet the individual bank’s guidelines in terms of the order, signatures etc.–it Additional Reading: How To Protect Your Money From Digital Banking Frauds. Find out more.

Guidelines 127

Guidelines Regulation Management Data 127

PYMNTS

MAY 15, 2018

Beyond the static password, there are a few methods that organizations have been implementing in recent years to try to stay ahead of the fraud problem. This method, Patel said, also ensures that organizations are meeting compliance and regulatory requirements. Trend spotting enables providers to be proactive about new types of fraud.

Fraud 129

Fraud Training Security Compliance 129

FICO

FEBRUARY 1, 2017

Funnily enough, this scene parallels the problems discussed at a FICO roundtable on ‘How to Fight Auto Loan Fraud’ held this week at the AFSA Vehicle Finance Conference & Expo. The misuse of SSNs from children and the elderly was also seen as a growing loophole for fraud and abuse.

Fraud 40

Fraud Analytics social media Data 40

PYMNTS

OCTOBER 21, 2019

The new SCA Impact Playbook explores how subscription-based merchants can prepare for SCA and manage conversion, churn and card-based risk. The Three Cs: Conversion, Churn and Card-Based Risk. The goal is for merchants to think about how they will manage the SCA transition, and to develop a fraud and exemption strategy.

Strategy 100

Strategy Compliance Fraud Payments 100

PYMNTS

NOVEMBER 10, 2020

announced a partnership with Crypto.com’s end-to-end crypto ecosystem, which consists of a Visa crypto debit card and a wallet app to buy and sell crypto and earn cash-back rewards in crypto form. Crypto has been held up by critics as a conduit to fraud and money laundering. Back in May, i2c Inc.

cryptocurrency 324

cryptocurrency blockchain Bitcoin Security 324

PYMNTS

JUNE 20, 2016

The move has been complicated by the combination of most merchants getting a very late start to the EMV process – the Target breach was what many merchants considered their official starting line despite announcements by the card networks years earlier – and a complicated certification process that’s been tough for some merchants to navigate.

Cards 113

Cards Fraud Resources Policies 113

PYMNTS

OCTOBER 28, 2020

He noted that with far flung, distributed workforces, monitoring and approving spend has become more critical than ever, and TripActions recently debuted a digital payment solution — credit products attached to expense management solutions via its Liquid payment card — that asks for verification when employees use corporate cards to make purchases.

Payments 242

Payments Management Software Google 242

PYMNTS

OCTOBER 6, 2020

Know thine enemy” is the first rule of any fraud or money laundering prevention system, with payments providers of all types requiring an intimate knowledge of the threat they face if they have any hope of countering it. Their end goal is largely the same, primarily targeting payments providers to test or use their stolen credit cards.

Analytics 163

Analytics Data Analysis Payments 163

Independent Banker

AUGUST 31, 2022

Mistakes, system glitches and fraud happen. Debit card purchases and purchases for which the merchant scans the magnetic ink character recognition (MICR) on a customer’s check at the point of sale are typical EFTs. The bank should maintain thorough documentation. Fraud and unauthorized use happen. By Mary Thorson Wright.

Community Bank 91

Community Bank Regulation Community Training 91

PYMNTS

JUNE 5, 2020

FIs must be careful not to lower their fraud-fighting standards in their pursuit of open banking and be selective about the entities they allow in. you can reassure the FI you’re working with that you are a credible partner and that there are no potential impacts on the FIs’ compliance because of a weakness,” he added.

Security 174

Security Fintech Data Fraud 174

PYMNTS

NOVEMBER 15, 2019

This enables customers to perform a range of banking interactions that would be impossible at traditional ATMs, such as opening accounts, obtaining credit cards and handling checks. ITMs can also prevent fraud by allowing tellers to use a live video feed to match customers’ physical features with their identity documents.

ATM 127

ATM Video Survey Chicago 127

PYMNTS

MARCH 27, 2019

Like so much else in commerce and payments, this is a story that revolves around one of the central questions of the digital era: How much friction to introduce to customers – and where and when to do it – so as to strike a balance between seamless transactions, security and regulatory compliance. ID Process.

Online 115

Online Regulation Compliance Security 115