Abrigo

NOVEMBER 3, 2021

FinCEN provides guidance on Cyber Fraud What can financial institutions do to prevent and detect cyber fraud? You might also like this blog on FinCEN's AML/CTF priorities on cyber fraud. Takeaway 3 The FinCEN releases also focus on money mule schemes and imposter fraud, both increasing due to the pandemic. . Fraudsters.

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PYMNTS

DECEMBER 29, 2020

With digital transactions and eCommerce soaring during the pandemic, the rate of increasingly sophisticated fraud has also risen. Unlike the crypto markets, Wingert said the banking and payments industries continue to be slow to adapt to the challenges of KYC and fraud prevention. In fact, a recent GeoGuard survey found that U.S.

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PYMNTS

NOVEMBER 10, 2020

Atlanta payments encryption firm Bluefin is partnering with New York mobile payments processor PAAY to advance eCommerce security. Founded in 2007 by Miles and John Perry, who serves as chief executive officer, Bluefin specializes in encryption and tokenization payment and data security. . Each $1 of fraud costs retailers $3.13. .

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PYMNTS

SEPTEMBER 10, 2019

Businesses that fail to comply with anti-money laundering (AML) and know your customer (KYC) regulations risk major regulator fines and irreparable damage to customer relationships when something goes wrong. Companies therefore must either invest in teams of AML specialists or in fraud-fighting technologies. .

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PYMNTS

DECEMBER 17, 2020

Fraud protection specialist Kount and Philadelphia-based payments platform FreedomPay are teaming up to offer “an integrated, complete solution to enable international expansion with fraud-free payments and frictionless customer” experiences.

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PYMNTS

APRIL 16, 2019

In the April Intelligence of Things Tracker , PYMNTS explores the latest security efforts from providers to crack down on fraud, and the emerging use cases where IoT tech can be applied — if consumers are willing to give it a chance. While security concerns remain, the IoT market is continuing to expand. Meanwhile, the U.S.

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PYMNTS

DECEMBER 16, 2020

Robinhood has come under the watchful eye of regulators — this time in Massachusetts. State regulators are set to file a complaint on Wednesday (Dec. 16) saying that the stock-trading platform failed to protect its customers and their assets, violating state laws and regulations.

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Massachusetts Regulation Security Compliance 178

PYMNTS

FEBRUARY 27, 2020

Fraud continues to increase in many areas, despite extensive attempts to bring it to heel. Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 billion , and phishing attacks now comprise 30 percent of all fraud attempts. billion to $7.2 million USD).

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PYMNTS

DECEMBER 9, 2020

The passwords, user names and Social Security numbers that once helped us prove we are who we say we are now are vulnerable or have already been compromised. And new regulations are taking root or are on the horizon to help protect consumers, their data and how that data might be used. It’s paramount. Looking At Trust .

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PYMNTS

OCTOBER 29, 2018

As a result of the passage and adoption of open banking regulations, like PSD2 in Europe, banks and other financial firms are sharing data more freely than ever before. New open banking tools mean new types of financial transactions, which could make fighting digital fraud even more difficult for banks. Adapting To Open Banking .

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PYMNTS

DECEMBER 12, 2019

The China Securities Regulatory Commission , China’s security watchdog, is setting up a technology regulation bureau and will announce Yao Qian as its new department chief, the Chinese business publication Caijing said on Wednesday (Dec. 11), as reported by Coindesk.

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PYMNTS

NOVEMBER 10, 2020

Phixius provides interoperability between various participants connecting to the platform, enabling better security in moving data as opposed to storing it in a central repository like the cloud. According to Throckmorton, Phixius fixes issues with the old system by using congruent regulations and leveraging blockchain technology.

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PYMNTS

NOVEMBER 17, 2020

The number of real-time payments has risen dramatically in recent years, and APP fraud has grown alongside it. Bad actors typically perpetrate APP fraud in several ways. APP Fraud Ramps Up. Instances of APP fraud around the globe have continued to rise as real-time payment rails extend their reach.

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Fraud Payments Survey Security 223

PYMNTS

SEPTEMBER 8, 2020

In this week's B2B Data Digest, PYMNTS looks at some of those numbers, finding cybercriminals both within and outside of the enterprise don't discriminate across borders as attacks hit companies in New Zealand, the U.K. 1 million was stolen from the City of Industry via invoice fraud, claims officials in the California city.

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PYMNTS

DECEMBER 2, 2020

At a time when COVID-19 has seen global eCommerce and digital traffic grow by nearly 70 percent, security experts have braced for a commensurate surge in online fraud as the holiday shopping season continues. At the center of all these regulations is the consumer,” he said. The key to this is user experience,” he said.

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Fraud Online Security Compliance 215

Abrigo

JANUARY 3, 2024

1, 2024, many companies must begin reporting information about who ultimately owns or controls them to a federal beneficial ownership registry. 1, 2024, many companies are required to begin reporting to the U.S. Reporting companies created or registered before Jan. Reporting companies created or registered after Jan.

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Fraud Regulation Report Compliance 221

PYMNTS

JULY 31, 2020

Regulators in China are preparing to move against once-hot Luckin Coffee Inc. The Journal said the Chinese Ministry of Finance was preparing to formally reprimand Luckin and impose yet-to-be-disclosed “administrative penalties” after wrapping up its own investigation into the coffee company.

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Regulation Fraud Report Security 151

PYMNTS

JANUARY 14, 2021

Commerzbank has told lawyers that the bank was a victim of fraud in the ongoing Wirecard case, Reuters reported Thursday (Jan. Commerzbank Chief Risk Officer Marcus Chromik told a parliamentary committee that the bank agreed to extend credit to Wirecard in 2018, based on assurances about the company's prospects.

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PYMNTS

SEPTEMBER 12, 2019

billion — 91 percent — of those penalties, while European regulators demanded $1.7 FinTechs could face these same financial pains as regulators increasingly demand that they follow the compliance rules to which FIs must adhere. Financial Companies’ Security And Regulatory Obligations . A report found that the U.S.

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Fraud Fintech Compliance Regulation 189

Abrigo

JULY 27, 2023

Would you like other articles on fraud and AML/CFT compliance in your inbox? Of course, banks and credit unions are highly regulated industries, and this is increasing. They must not only comply with regulations aimed at protecting the safety of the FI but also those protecting the customers/members.

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Technology Fraud Compliance Regulation 195

Abrigo

JULY 27, 2023

Would you like other articles on fraud and AML/CFT compliance in your inbox? Of course, banks and credit unions are highly regulated industries, and this is increasing. They must not only comply with regulations aimed at protecting the safety of the FI but also those protecting the customers/members.

Technology 195

Technology Fraud Compliance Regulation 195

PYMNTS

MAY 22, 2019

Faced with a growing number of transactions to process in real time, payment service providers (PSPs), financial institutions (FIs) and FinTech firms also need to make sure the security of these smarter payment systems is up to par. Regulators in regions such as Europe are changing the ways they look at cross-border transactions.

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Fraud Payments Regulation Security 180

Abrigo

OCTOBER 16, 2023

Takeaway 2 Participation in BaaS models, staffing changes, poor training, and failure to reassess policies post-pandemic are risk factors for credit unions Takeaway 3 Compliance officers should always be thinking about how BSA, AML, and fraud concerns impact their credit union and , ultimately , their members. FinCEN assessed a $1.5

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PYMNTS

JULY 2, 2020

The president of the Federal Financial Supervisory Authority (BaFin), Germany’s financial regulator, said the $2.1 Its auditor, Ernst & Young ( EY ), has said it was the result of a sophisticated global fraud. It appears that neither auditors nor regulators were effective here,” Scholz told the news service. “(It)

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Regulation Fraud Report Community 142

PYMNTS

JULY 15, 2020

After weeks of relentless headlines on the collapse of Wirecard , the High Court of Justice in London handed the German payments company a victory on Wednesday (July 15), the Financial Times (FT) reported. Judges dismissed a civil suit that alleged Wirecard of fraud weeks after the company filed for insolvency in a Munich court.

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Fraud Taxes Groups Compliance 160

PYMNTS

AUGUST 11, 2020

Federal and state authorities are targeting companies that allegedly lend money to small businesses at extreme rates and seek to collect payments with heavy-handed tactics, NBC News reported Tuesday (Aug. Critics argue that the total cash outflow required of businesses that get money from merchant cash advance companies can be disastrous.

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Lending Regulation Philadelphia New York 237

Abrigo

OCTOBER 16, 2023

Takeaway 2 Participation in BaaS models, staffing changes, poor training, and failure to reassess policies post-pandemic are risk factors for credit unions Takeaway 3 Compliance officers should always be thinking about how BSA, AML, and fraud concerns impact their credit union and , ultimately , their members. FinCEN assessed a $1.5

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PYMNTS

OCTOBER 15, 2020

The world saw this during the 2008-09 financial crisis, he pointed out, when fraud attempts doubled and, in some cases, tripled. And not only do hard times stimulate fraud, but they also create financial vulnerability among consumers.

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Company Fraud Compliance Course 243

PYMNTS

JULY 15, 2020

The European Securities and Markets Authority (ESMA), the European Union’s (EU) financial watchdog, plans to examine how German regulators handled oversight of Wirecard AG , the collapsed payments company that is facing a series of criminal allegations.

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Regulation Guidelines Groups Report 141

PYMNTS

SEPTEMBER 30, 2020

Consumers and businesses have been moving online in recent years, and regulators from the European Union to the Middle East and North Africa (MENA) region have worked to keep up with this migration. The pandemic has refocused scrutiny on the open banking ecosystem’s privacy and security. The Data Privacy Twist .

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Regulation Data Regional Examples 175

PYMNTS

JUNE 25, 2018

MetLife was charged with making false statements to investors on Monday (June 25) by the securities regulator in Massachusetts. After an investigation, the state regulator lodged the charges against the company after MetLife said in December it didn’t make payments to retirees.

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Massachusetts Regulation Security New York 108

PYMNTS

DECEMBER 29, 2020

Warrants were issued for directors of 19 companies owned by Korkmaz, with 10 of them detained for questioning in Istanbul and three other cities, Anadolu reported, per the AP. Korkmaz owned SBK Holding , which owned the now-defunct Borajet airline and other companies. which involved the Washakie Renewable Energy company.

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Taxes Fraud Utah US 167

Abrigo

FEBRUARY 9, 2024

residential real estate sector but safeguarding our economic and national security.” Know the red flags for money laundering. Criminals use real estate, usually higher-end residential or commercial property, to hide and launder their illegally gained money by purchasing properties directly or through shell companies.

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Training Fraud Trends Report 195

PYMNTS

NOVEMBER 19, 2020

Former Wirecard CEO Markus Braun doesn't blame regulators or German politicians for the events that led to Wirecard's demise in a global scandal earlier this year, the Financial Times reports. I can’t understand why external regulators should be held responsible for failures here,” he said, according to the report.

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Regulation Fraud Report Company 156

PYMNTS

MARCH 2, 2020

Instead, she noted, an estimated $240 billion is going out the door to fraud, waste and abuse (FWA). We securely store over 18 petabytes of sensitive data — this is a significant amount of data that we’re dealing with every day,” she said. “And And we detect and defeat over 200 attacks on our network every minute of every day.

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Fraud System Security Leadership 216

PYMNTS

AUGUST 8, 2019

As shown by recent news involving the aftermath of the Equifax breach — the company reportedly is nearing a $700 million settlement for the breach, which impacted some 143 million people worldwide — online fraud defenses are in need of constant work. Post-Equifax World. Phone Number Ubiquity. possess phone numbers.

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Security Knowledge Base Fraud Online 147

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. So, how can consumers be persuaded to take a chance on these new companies? Fighting Fraud Visibly and Invisibly.

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