Abrigo

OCTOBER 10, 2023

Use the fraud triangle to prevent fraud at your institution The concept of the fraud triangle is frequently used in business, accounting, and criminology. Takeaway 1 The fraud triangle concept describes three factors that, when combined, incentivize a person to commit fraud. The FTC received fraud reports from 2.4

Fraud 195

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The Paypers

JANUARY 12, 2024

Ecommerce fraud and risk intelligence company Riskified has announced the expansion of its chargeback management system to help merchants maximise revenue recovery.

System 41

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Abrigo

OCTOBER 28, 2021

Growing Cyber Fraud Concerns What can financial institutions do to prevent and detect cyber fraud? You might also like this blog on cyber fraud. Takeaway 1 Cyber fraud increased during the pandemic, leaving financial institutions working harder to prevent and detect it. Preventing Cyber Fraud.

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Abrigo

MAY 20, 2022

Fraud on Alert for 2022 A review of SAR data , government agenc y releases, a nd fraud findings found these f raud c oncerns and trends to wat ch in 2022. Takeaway 1 An Abrigo review of SAR data, government agency releases, and fraud findings revealed fraud trends to watch for. Fraud Concerns. Starting Point.

Trends 195

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Abrigo

JUNE 28, 2023

Share these reports on AML activities to inform directors Reporting to the board on AML and fraud compliance is an essential obligation. Takeaway 3 Recommended reports on AML and fraud metrics for the board include those on high-risk customers and trends on types of fraud and suspicious activity seen.

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PYMNTS

NOVEMBER 23, 2020

Banks, merchants, issuers, processors — they’re all locked in combat with shadowy fraudsters that gain system access via phishing emails as easily as mice sneak into old houses. While technological advancements have revolutionized many aspects of operations, payroll and expense management are not [among] them.

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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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Abrigo

OCTOBER 17, 2023

Why change management is vital for banks and credit unions Regulators promote change management to manage risk, but banks and credit unions can also achieve important benefits when they manage change. This article describes recent comments by financial regulators about managing change.

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FICO

JULY 6, 2023

Beyond the pleasure of leading a FICO Falcon Fraud Manager User Forum and moderating a couple of panel breakout sessions, I I was also able to catch up with many of the fraud-focused attendees from around the world. Scams: A Top Fraud Concern Scams are becoming a leading fraud concern, all around the world.

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PYMNTS

JULY 2, 2020

But the bad news is that fraudsters see a once-in-a-lifetime opportunity to jump into the increased flow of transactions, Gary Sevounts , executive at fraud detection firm Kount , told PYMNTS in a recent conversation. He added that fraudsters have been showing up across the board in terms of fraud types attempted.

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FICO

MAY 10, 2023

Orchestration enables banks to execute processes related to customer experience and fraud prevention. As customer journeys and fraud management processes become more integrated and digitized, the outcomes from their automated decisions can influence other decisions made along the chain. Its answer was surprisingly clear.

Fraud 52

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Abrigo

MAY 10, 2021

Features of a Commercial LOS What basic functions should a loan origination system complete? Takeaway 1 Know the features and functions of a loan origination system (LOS) if your financial institution is shopping for one or upgrading. LOS process management features. Lending process management is key to timely decisions.

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System Lending Analysis Software 195

PYMNTS

JUNE 4, 2019

In the old days, forged checks were the biggest problems that bank fraud departments had to manage. It is no wonder that fraud prevention is one of the problem areas that FIs hope artificial intelligence (AI) can help resolve. Yet, few FIs leverage this technology in their anti-fraud efforts — only 5.5

Fraud 195

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PYMNTS

APRIL 15, 2020

Despite near universal agreement that AI holds the key to decoding numerous medical mysteries, at present one of its most valuable uses is fighting fraud, waste and abuse — FWA in the industry parlance — which threatens to worsen in the near term due to coronavirus-related cybercrime. Fraud, Waste and Abuse (FWA).

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Fraud System Taxes Report 254

Abrigo

MAY 20, 2022

Meet Model Risk Management Expectations Updates to the FDIC Risk Management Manual should steer institutions toward a model that manages risk and drives growth. Takeaway 1 Aside from meeting examiner expectations, proper model risk management can protect your institution from unnecessary risk. . FDIC Update.

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Risk Management Management FDIC Meeting 195

PYMNTS

NOVEMBER 18, 2020

Artificial intelligence (AI) is transforming the food service sector by helping restaurants boost their sales as well as improve and automate systems that were once managed by staff. Payment protection platform Verifi has partnered with digital fraud protection firm Kount Inc. Around The Mobile Order-Ahead World.

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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

JUNE 23, 2020

Federal Reserve has introduced a new effort to combat payments fraud. The API supports setup, verification and initiation of direct debit, with the bank’s head of global liquidity and cash management Yvonne Yiu pointing to the cash management benefits such a tool could bring to businesses. In the U.S.,

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PYMNTS

SEPTEMBER 28, 2020

Pandemic-related fraud attempts continue to climb. This week's B2B Data Digest looks at the latest figures behind such fraud targeting corporate finance teams. They are very concerned about data security, and they want self-service capabilities so they can customize their systems to fit their routines and work more efficiently.".

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Abrigo

AUGUST 22, 2022

Emerging Check Fraud Trends to be Aware of It seems check fraud will never go away, it just changes its approach every opportunity. Check Fraud. Still the number one type of fraud in banking. There is also usually more than one signee assigned to those accounts, making them more susceptible to fraud.

Fraud 195

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FICO

MARCH 25, 2022

While it may seem like an esoteric topic, explainability in fraud management is important – and it’s especially relevant when it comes to using AI and machine learning in fraud detection and prevention. In other words, a fraud management system isn’t a black box. My Take on Explainability.

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Fraud Management System Course 52

FICO

JANUARY 12, 2022

The changing global regulatory landscape and ever-shifting fraud vectors are just two of the biggest challenges facing financial institutions. I recently sat down with Sidhartha Dash, Research Director at Chartis Research, for a conversation about the technology and trends in enterprise fraud management.

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Fraud Technology Management Trends 52

PYMNTS

SEPTEMBER 24, 2020

The major cybersecurity issues that will continue to increase as digital becomes more prominent is fraudsters managing to get control of customers’ accounts,” he said. Fraud Threats To Digital Banking. Identity fraud accounted for $16.9 Leveraging Video-based Onboarding, AI To Prevent Identity Fraud.

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PYMNTS

JULY 9, 2020

The July FI Fraud Decisioning Playbook examines how FIs are working to better detect and defend against ATOs. Around The FI Fraud Decisioning World. Cybercriminals have become adept at stealing customers’ usernames and passwords, details that they can then use to log in to victims’ accounts without triggering fraud alarms.

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BankInovation

MARCH 11, 2022

Money laundering, automated clearing house fraud and wire transfer scams are running rampant in the banking industry. billion on fraud detection systems in 2021 as continuous threats around real-time payments emerged in the space, according to an analysis from fintech and core provider Fiserv.

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PYMNTS

AUGUST 21, 2020

Digital banking is reaching unprecedented levels of popularity amid the pandemic, with 89 percent of American bank customers using mobile banking apps to manage their savings and checking accounts. ATMs are common avenues for fraud, however, especially those that are running outdated software. billion by 2024.

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SWBC's LenderHub

AUGUST 18, 2022

As of March 18, 2022, Nacha’s account validation rule requires ACH originators of WEB entries to use a commercially reasonable fraud detection system to verify the first time a consumer checking account is used for an electronic (ACH) payment, if the payment is initiated over an online channel, the account number must be validated first.

Risk Management 78

Risk Management Fraud Management Examples 78

Jack Henry

OCTOBER 11, 2023

Financial crimes like fraud, money laundering, and embezzlement pose significant threats to the integrity and stability of our payments and financial systems. Financial crimes not only result in substantial losses but also erode public trust in financial institutions.

Management 88

Management Fraud System Payments 88

Perficient

DECEMBER 18, 2023

In the fast-paced realm of finance, the significance of regulatory risk and compliance management practices cannot be overstated. Reputation Management Trust is the cornerstone of the financial industry. Any erosion of trust can have severe consequences, including loss of customers and investors.

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Regulation Compliance Exercises Guidelines 473

PYMNTS

MARCH 14, 2020

With the coronavirus putting eCommerce front and center, it has unfortunately been joined by its cousin: online retail fraud. percent of all eCommerce fraud , is still account takeover. Backdoor file activity, unlike other fraud attack methods, has no pattern. Conservative estimates put online sales at $630 billion this year.

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PYMNTS

FEBRUARY 12, 2020

As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses. BEC fraud does not respect seniority, and it pays exceedingly well.”. billion (or slightly over half) of all losses tracked in 2019.

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Fraud Handbook Security Comparison 253

PYMNTS

NOVEMBER 10, 2020

PSCU , which is billed as the nation's premier credit union service organization (CUSO), has announced its new Enhanced Fraud Services system, which the company said “has helped 10 early adopter credit unions combat fraud of all types, ranging from first-party chargeback fraud to identifying card information being sold on the dark web.”.

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PYMNTS

APRIL 15, 2020

While there is no shortage of new things in the world to get used to these days, cybercrime and fraud are, unfortunately, not among them. The good news, both Srinivasan and Awad told PYMNTS, is that while fraud attempts are up among U.S. consumers, fraud losses are not, yet. million pounds out of the unwitting. The New Normal.

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PYMNTS

AUGUST 19, 2019

Through that ransomware they have been hijacking companies’ systems and demanding bitcoin payment in exchange for a decryption key. The threat actors realized they can amplify their impact by targeting specific companies such as managed service providers,” said Bennett. Corporate Wire Fraud.

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PYMNTS

MARCH 15, 2019

While person-to-person (P2P) payment solutions and real-time payment platforms are making the quick exchange of funds possible, fraudsters also see an opening to exploit these systems’ vulnerabilities. Around the World of Digital Fraud. The Australian Payments Network noted that CNP fraud incidents rose by 76 percent last year.

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PYMNTS

OCTOBER 19, 2020

Meeting this fraud threat will require in-depth knowledge of fraudsters’ techniques and advanced technology and customer vigilance, according to Jamie Armistead , vice president and business line leader for banking app Zelle. “We We split out scams and frauds,” he explained in a recent interview with PYMNTS.

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Fraud Analytics System Examples 171

PYMNTS

SEPTEMBER 15, 2020

Such immense effort is expended fighting determined fraudsters that it’s easy to minimize friendly fraud — a frustrating state of affairs that leaves financial institutions (FIs) and merchants on the hook for purchases disowned, justly or otherwise, by legitimate cardholders. Spotting The Fakers. Informed Evaluations, Quickly.

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Fraud Tools Retail Analytics 156