Abrigo

FEBRUARY 28, 2023

You might also like this webinar, "Proactive measures to protect against check fraud and fraud loss." REGISTER now Takeaway 1 Phishing is not a new fraud trend, but the rise of smartphones means text messaging fraud is becoming more common. billion to fraud in 2021, a 70% increase over the prior year.

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Fraud How To Training Trends 195

Abrigo

SEPTEMBER 21, 2023

Internet bank fraud is here to stay; learn how to detect and stop it. Every type of fraud has something unique it leverages to dupe unsuspecting citizens. Learn what is different about internet bank fraud. Takeaway 1 It is important to monitor fraud effectively and consistently. Typically, they check online.

Fraud 195

Fraud Software Mobile Online 195

Abrigo

MARCH 29, 2023

Detecting PPP fraud after the program's end date BSA and fraud professionals saw a spike in fraud during the first two rounds of PPP funding. Takeaway 1 Prosecutors call PPP fraud the largest fraud in a generation. Here's how to detect fraudulent loans still in the portfolio.

Fraud 195

Fraud Trends Taxes Training 195

Abrigo

DECEMBER 28, 2022

Most-read blogs on financial crime in 2022 Synthetic ID fraud, AML quality control, and SAR writing topics were among Abrigo's top blogs on AML/CFT and fraud this year. . Takeaway 1 AML/CFT and fraud professionals often keep up to date on industry trends by reading Abrigo's blog. The blogs your FinCrime peers are reading.

Fraud 195

Fraud Training Compliance Regulation 195

Abrigo

JULY 10, 2023

Stay up-to-date on AI fraud trends to protect your clientele Emerging AI fraud schemes reveal holes in financial institution's defenses. Takeaway 2 Improving security questions is a good step to take to avoid text-to-speech AI fraud schemes. Here are several suggestions for tightening security.

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Fraud How To social media Security 150

Perficient

APRIL 2, 2021

Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. fraud detection and financial crime monitoring). email, text, audio data), with the aim of identifying fraud or anomalous transactions. Personalization of Customer Services. Risk Management.

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Regulation Industry Risk Management Analysis 309

PYMNTS

DECEMBER 29, 2020

With digital transactions and eCommerce soaring during the pandemic, the rate of increasingly sophisticated fraud has also risen. One recent example of a response to the proliferation was the inclusion of a long-fought anti-money laundering (AML) provision within the recently passed defense spending bill in the U.S.

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Fraud Compliance cryptocurrency Security 270

PYMNTS

NOVEMBER 13, 2020

Government-benefits fraud runs at about 10 percent even during normal times, but now that the pandemic has exponentially increased U.S. I think bad actors and fraudsters always follow the money,” Elizabeth Cronan , vice president of government relations at geolocation-based fraud prevention firm GeoGuard recently told PYMNTS. . “I

Fraud 308

Fraud Data Tools Policies 308

Abrigo

MARCH 4, 2022

Synthetic ID fraud is growing quickly and hurts FIs and customers Knowing the schemes associated with synthetic identity fraud and how criminals avoid detection can help minimize losses. Takeaway 1 Synthetic identity fraud is a growing form of identity theft in which an individual is impersonated by using stolen information.

Fraud 195

Fraud Cards Software Trends 195

Abrigo

MAY 12, 2022

Protect your financial institution from cybercrime With cybercrime constantly evolving, what can businesses and financial institutions do to prevent fraud? Cybercrime is a threat to businesses and institutions of all sizes and is at the forefront of the minds of those in the fraud prevention field. These measures can help.

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Fraud Training cryptocurrency Software 195

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

Fraud 150

Fraud Examples Online Data 150

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

Perficient

NOVEMBER 30, 2022

Our Payments Practice recently had the opportunity to represent Perficient at the 2022 Real-time Payments & Fraud Management Summit held in New York City. . The conference was attended by several Financial Institutions, Service Providers, Fintechs, and Industry Regulators. Industry demand and use cases are maturing. .

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Fraud Management Payments New York City 275

Abrigo

JULY 27, 2023

Would you like other articles on fraud and AML/CFT compliance in your inbox? For example, in the pharmaceutical industry, manufacturers can use regtech to ensure that marketing complies with FDA requirements. Of course, banks and credit unions are highly regulated industries, and this is increasing.

Technology 195

Technology Fraud Compliance Regulation 195

Abrigo

JULY 27, 2023

Would you like other articles on fraud and AML/CFT compliance in your inbox? For example, in the pharmaceutical industry, manufacturers can use regtech to ensure that marketing complies with FDA requirements. Of course, banks and credit unions are highly regulated industries, and this is increasing.

Technology 195

Technology Fraud Compliance Regulation 195

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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Training Compliance Fraud Policies 221

Abrigo

AUGUST 19, 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. 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

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. For example, the news service reported thousands of client names were represented multiple times.

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Regulation Fraud Report Community 142

Abrigo

MARCH 3, 2021

While the typologies of EIP fraud are not new, FinCEN has provided examples of trending types of EIP-related criminal activities. . Takeaway 1 FinCEN has provided examples of the trending types of EIP fraud. . Takeaway 3 FinCEN has requested specific SAR filing instructions for EIP fraud. . FinCrime monitoring.

Fraud 195

Fraud Payments ATM Trends 195

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

Training 195

Training Compliance Fraud Policies 195

Abrigo

FEBRUARY 5, 2021

You might also like this webinar: "Detecting PPP Fraud: Optimizing Your AML Solution". Takeaway 1 To prevent the kind of fraud that plagued the Paycheck Protection Program in 2020, the SBA has put new measures in place that have created challenges. PPP fraud-prevention challenges arise. New Guidance Out. Ongoing changes help.

Fraud 195

Fraud Lending Taxes Regulation 195

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 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 is dramatically altering how merchants can transact, which data they can store and where they can store it, however.

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Regulation Data Regional Examples 175

PYMNTS

AUGUST 20, 2020

online customers have been targeted by COVID-19-related fraud, with phishing scams emerging as the top way these bad actors are attempting to gain access to their victims’ personal data. The jump in online fraud represents a growing problem for both merchants and banks as well as the regulators tasked with monitoring digital transactions.

Data 289

Data Fraud Regulation Online 289

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. A team of analysts can only handle so many potential fraud cases at a time, after all. . million. .

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Fraud Fintech Compliance Regulation 189

PYMNTS

MARCH 12, 2019

As has been reported, the company has faced concerns over suspected money laundering, as noted in the Financial Times and elsewhere, and has been scrutinized by regulators including the Financial Conduct Authority (FCA) and in Lithuania (Revolut has a banking license in that country). In the U.K.,

Regulation 148

Regulation Fraud Examples Data 148

Abrigo

DECEMBER 13, 2023

Well-documented adjustments will please regulators. Let’s look at an example of ATL/BTL testing in practice. Below-the-line testing is conducted the same way but in the opposite direction, with a starting point possibly at $40,000 in our example. For illustration, we’ll use a wire scenario with current parameters set at $50,000.

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Training Fraud Software Regulation 221

South State Correspondent

MAY 13, 2024

The major themes of fraud, artificial intelligence (AI), expansion of instant payments, open banking, and regulation were particularly relevant to your roles as executives, risk managers, compliance officers, and technology leaders. Unfortunately, most banks don’t gather fraud data across payment channels or track “pre-crime events.”

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Conference Payments Fraud Data 195

PYMNTS

SEPTEMBER 2, 2020

Hufeld’s comments come one day after the Bundestag announced it plans to hold an inquiry into regulators’ failure to prevent the biggest corporate fraud since World War II. But EY has said it was provided with false documentation and suggested Wirecard may be involved in large-scale international fraud.

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Regulation Fraud Report Examples 175

Abrigo

DECEMBER 19, 2022

Checklists, guides, and more to help you and your AML-CFT staff Thousands of FinCrime professionals have accessed these guides, checklists, and other resources produced in 2022 by Abrigo's team, which includes former bankers, BSA officers, and regulators. . Training materials for anti-money laundering & fraud professionals.

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Resources Training Fraud Compliance 195

PYMNTS

JULY 9, 2020

A treasury employee at the sending company, for example, could receive a complaint from the receiving company that their payment had not arrived on time, and the sender would have no idea why. Yet, businesses all too often rely on methods such as wire transfers, which are more susceptible to fraud. 1 frustration.

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Fraud Regulation Payments Compliance 141

Abrigo

FEBRUARY 9, 2023

Takeaway 2 It can be difficult to find a comprehensive PEP list, but a PEP list can be an essential addition to a bank’s fraud detection system. Safety measures PEP list history For example, one more widely known and accepted category of names that should be scanned for is politically exposed persons or PEPs.

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Fraud Training Software Compliance 195

PYMNTS

MARCH 31, 2020

The COVID-19 pandemic has led to a jump in online payments versus those made in stores, for example. The necessity of such regulations is undeniable, however, as lagging data standards leave businesses and consumers open to fraud and boost frustration regarding the speed of digital transactions. Sixty-three percent of U.S.

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Regulation Data US Washington 154

PYMNTS

NOVEMBER 1, 2019

legislators are calling for a mandatory 24-hour waiting period on all first-time payments between bank accounts as a way to reduce fraud, Reuters reported on Friday (Nov. Fraud is the second most common crime type in England and Wales, and the committee wants regulators to get tougher on fraudsters. In May , a group of U.K.

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Regulation Payments Fraud Report 105

PYMNTS

MARCH 3, 2020

Andrew Tyrie, chairman of the Competition and Markets Authority (CMA), a competition regulator in the U.K., said his fellow regulators have been too soft on digital mergers, and consumers have suffered as a result, according to the Financial Times. He also called for stronger abilities to go after large tech companies.

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Regulation Conference Taxes Marketing 140

PYMNTS

SEPTEMBER 19, 2019

billion customer records — occurred in the first six months of 2019, for example. This has become a larger problem for FIs as they must not only deal with protecting customers from fraud, but also guard against bad actors armed with 4.1 AI, ML Innovations Necessary to Stop Account Opening Fraud. billion stolen credentials.

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Fraud Data Mobile Tools 144

PYMNTS

MARCH 2, 2020

Instead, she noted, an estimated $240 billion is going out the door to fraud, waste and abuse (FWA). From those manual reviews, these highly experienced investigators create rules, monitor suspicious activity and collaborate with law enforcement to mitigate fraud in the system, she continued. Modifying the System.

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Fraud System Security Leadership 216