PYMNTS

OCTOBER 15, 2020

It also includes some pretty intuitive and compelling case management and investigation functionality that streamlines the process of reviewing suspicious activity. The world saw this during the 2008-09 financial crisis, he pointed out, when fraud attempts doubled and, in some cases, tripled.

Company 243

Company Fraud Compliance Course 243

PYMNTS

MARCH 27, 2020

It’s too soon to tell how coronavirus will impact the venture capital ecosystem, but some analysts are turning to the economic crisis of 2008 to make some educated guesses. In a recent report, CrunchBase looked back at how VC investors reacted to the market downturn over a decade ago. Arkose Labs.

Cards 181

Cards Fintech Capital California 181

PYMNTS

APRIL 7, 2020

Goldman Sachs Group – accuses the investment bank of suppressing secret dealings with a notable hedge fund manager as well as other conflicts of interest prior to the 2008 financial crisis. The class-action lawsuit – the Arkansas Teacher Retirement System v. Securities and Exchange Commission (SEC) investigation.

Arkansas 200

Arkansas Security Fraud Management 200

PYMNTS

DECEMBER 18, 2020

Credit Suisse has been indicted by Swiss prosecutors for allegedly failing to prevent money laundering, Bloomberg reports, adding that a former bank manager was also indicted alongside Credit Suisse. The case in question goes back to 2008 when a Bulgarian wrestler was investigated for reportedly turning to drug trafficking.

Compliance 203

Compliance Regulation Report Innovation 203

FICO

MARCH 26, 2018

In order to understand the impact on fraud that real-time payments can have, it is useful to consider the wider payments account eco-system and the lifecycle of fraud. As this diagram shows real-time payments are a catalyst for fraud at multiple points, not just in payment transactions.

Fraud 88

Fraud Payments Examples System 88

PYMNTS

JUNE 10, 2019

The group’s genesis traces to West Africa in 2008, where Craigslist was used as a conduit to send counterfeit checks. The fraud evolved into romance scams a few years later, then BEC scams in 2015. “I In other news, spotlighting individual cases of payments fraud, as reported by the Grimsby Telegraph , a finance manager for U.K.

US 129

US Fraud Groups Report 129

PYMNTS

SEPTEMBER 9, 2016

PYMNTS recently spoke with Luis Rojas, vice president of product management for Guardian Analytics , an online banking security firm, about the effect of a faster processing environment, the potential for increased fraud and how to mitigate that risk. The Mountain View, Calif.-based Risky Business.

Fraud 100

Fraud Analytics Data Payments 100

PYMNTS

AUGUST 20, 2020

A multitude of SMB investors are looking to help, but lending to digitally focused SMBs comes with its own hurdles, including fraud risks and inefficient lending procedures driven by stiff regulatory measures. One of the most pressing issues plaguing SMB lenders is the risk of fraud. Fraud targeting SMB lenders has increased by 7.3

Fintech 177

Fintech Fraud Lending Regulation 177

PYMNTS

APRIL 9, 2020

Kato added that Paidy has shown they can deploy quick remedies “in the inevitable battles against fraud” and advance the services offered. . ITOCHU Corporation will further contribute to the growth of Paidy by supporting them in enhancing their management, human resources, merchant network and development of new services,” Kato said. .

Customer Experience 230

Customer Experience Resources Fintech Fraud 230

PYMNTS

JULY 11, 2018

Falkowski was sentenced to 30 months in a federal prison for being the brains behind a $1 million fraud scam. To protect himself, he created faulty invoices to trick QVC into paying for his fraud. The fraud happened from 2008 until he was fired in 2013, noted the report. QVC former director James D.

Company 102

Company New York City Fraud Retail 102

PYMNTS

NOVEMBER 28, 2019

The transactions were carried out via 194 SEB accounts including around 475 million Swedish crowns ($49 million) connected to the so-called Magnitsky affair, named after Russian lawyer Sergei Magnitsky, who was arrested in 2008 after accusing Russian official of tax fraud.

Taxes 108

Taxes Fraud Report US 108

PYMNTS

SEPTEMBER 8, 2016

rolled out Faster Payments a few years ago, fraud spiked, as fraudsters acted quickly to take advantage of the reduced timeframe. To prepare for a potential increase in cyberattacks, industry players are looking to protect data using behavioral analytics and other fraud prevention techniques. When the U.K.

United States 100

United States Fraud Analytics Payments 100

PYMNTS

NOVEMBER 10, 2016

The consultant, François de Combret, is a former Lazard Frères managing director who was close to senior government officials in Guinea, the paper reported. s Serious Fraud Office and the Australian Securities and Investment Commission, to the emails. “Rio as well as the U.S. Securities and Exchange Commission, the U.K.’s

Payments 115

Payments Security Fraud Groups 115

Insights on Business

FEBRUARY 6, 2018

According to Boston Consulting Group, banks across the world have paid nearly USD 321 billion in fines since the financial crisis of 2007 and 2008, as the regulators are more focused than ever on compliance. The current approach to compliance management is not sustainable. Learn more: IBM Financial Fraud Prevention.

Compliance 87

Compliance Analytics Boston Regulation 87

PYMNTS

SEPTEMBER 12, 2019

The latest AMC/KYC Tracker examines current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space. Between 2008 and 2018, approximately $26 billion worth of fines were levied against banks for AML, KYC and sanctions noncompliance. The Cost of Compliance.

cryptocurrency 116

cryptocurrency Regulation Compliance blockchain 116

FICO

FEBRUARY 1, 2023

Despite many families so far managing to maintain their financial commitments — loans, credit card and mortgage repayments, as well as essential bills like utilities and rent — there are fears that rising inflation and interest rates may see a significant number struggle to make ends meet. A cloud-based platform is vital.

Management 52

Management Fraud Strategy Analysis 52

PYMNTS

OCTOBER 20, 2016

Get individual and industry perspectives on: – Payment authentication, its importance to fraud prevention and to ecommerce security. Vice President, Product Management, Payment Security at CA Technologies. James Rendell heads Payment Security Strategy and Product Management for CA Technologies. – Successful 3DS 2.0

Security 100

Security CA Cards Strategy 100

PYMNTS

FEBRUARY 4, 2019

Banks, credit unions and other financial institutions have a significant responsibility, one that goes far beyond managing customers’ financial assets: They’re tasked with safeguarding the financial services ecosystem against bad actors, money launderers and other criminals.

How To 161

How To Regulation Compliance Meeting 161

PYMNTS

OCTOBER 1, 2018

The SEC found LCA, LendingClub and Laplanche guilty of fraud for improperly using LCA assets to benefit LendingClub Corporation, LCA’s parent company for which Laplanche was both founder and CEO. By using funds managed by LCA to benefit its parent company, LCA and Laplanche failed to do so.”. The SEC Finding.

Lending 135

Lending Fraud Management San Francisco 135

PYMNTS

JANUARY 23, 2020

People facing charges include former community bank manager Carrie Tolstedt, former chief administrative officer Hope Hardison and former chief auditor David Julian, the sources told Bloomberg. The incident was among the biggest scandals in the banking industry since the 2008 crisis.

Regulation 131

Regulation Community Bank Community Security 131

NCR

MARCH 16, 2017

The growth of EMV technology around the world is perhaps one of the biggest steps the industry as a whole has taken to tackle fraud. Of this, less than a tenth of fraud actually occurred in Canada itself, which the organization credited largely to the completion of the migration to EMV technology that started back in 2008.

CA 49

CA Fraud ATM Cards 49

Insights on Business

SEPTEMBER 12, 2018

If there is fraud on your account, your financial institution will make you whole, as long as you were not negligent and make them aware of the incident in a reasonable time frame. The initial response to fraud in the UK was to lower payment thresholds so much that the system was rendered virtually useless.

Payments 96

Payments Las Vegas Los Angeles Fraud 96

Accenture

FEBRUARY 22, 2017

It’s a welcome development: financial regulation’s been increasing in complexity since 2008…and so has the compliance challenge. And there are many others, spanning functions from KYC and data protection to anti-fraud and regulator solutions. Over the past couple of years, we’ve seen RegTech arise as an entity in its own right.

Compliance 150

Compliance Regulation Innovation Fintech 150

Accenture

FEBRUARY 22, 2017

It’s a welcome development: financial regulation’s been increasing in complexity since 2008…and so has the compliance challenge. And there are many others, spanning functions from KYC and data protection to anti-fraud and regulator solutions. Over the past couple of years, we’ve seen RegTech arise as an entity in its own right.

Compliance 150

Compliance Regulation Innovation Fintech 150

Fintech Labs Insights

APRIL 12, 2024

Innovations from 1995 to 2014 (with launch dates) Note: Ranking as of Jan 2014 Wells Fargo is first in the world to offer Web-statement access (launched May 1995) Security First Network Bank launches first full-service Internet bank brand (Oct 1995, disbanded 2002) PayPal launches first online optimized payment system (Nov 1999, bought by eBay in 2003) (..)

Innovation 15

Innovation Fintech Online Mobile 15

PYMNTS

JULY 2, 2019

The 2008 global financial crisis forced traditional banks to pull back from small businesses (SMBs) considered too risky and unprofitable to finance, leaving a gap in the market for alternative lenders and FinTech firms to fill.

Fintech 125

Fintech Resources Capital Trends 125

Insights on Business

SEPTEMBER 12, 2018

If there is fraud on your account, your financial institution will make you whole, as long as you were not negligent and make them aware of the incident in a reasonable time frame. The initial response to fraud in the UK was to lower payment thresholds so much that the system was rendered virtually useless.

Payments 70

Payments Las Vegas Los Angeles Fraud 70

Jeff For Banks

NOVEMBER 24, 2019

Harassment included a bellicose management team, scowls from the townspeople, and threatening sidewalk art outside of the bank. However, it seems unlikely that McConnell didn't orchestrate the fraud. No worries though, because the bank was fabulously profitable and management was in the business of ignoring their aggressive overlords.

National 78

National West Virginia Virginia Pennsylvania 78

Independent Banker

NOVEMBER 25, 2015

Kaarin Long stops by a local manufacturer while getting to know customers as Investors Community Bank’s cash management relationship manager. Cash Management Relationship Manager. Banking changed in 2008. Cash management has diversified what a bank’s relationship is with a business. Photo by Mike Roemer.

Community 70

Community Community Bank Milwaukee Wisconsin 70

FICO

AUGUST 10, 2022

The mortgage market affordability test was introduced in the aftermath of the 2008 global financial crisis. Using AI, machine learning and predictive analytics, it streamlines originations, enabling smarter customer relationships and better customer management. Matt joined FICO from Barclays where he was global director of Fraud.

Lending 52

Lending Fraud Meeting Data 52

PYMNTS

APRIL 6, 2017

And that for far too long, more focus has been placed on password security and management — accessing information — rather than on the effective protection of digital identities — making sure that only the people who should have access to data or systems, get it. Though the risk was so great that it threatened the stability of the entire U.S.

Security 120

Security Management System Online 120

PYMNTS

MAY 29, 2020

FIs need to have the ability to find and thwart fraud, without accidentally sweeping up legitimate clients. In a feature story, Uma Wilson, executive vice president and director of treasury management, card and bank product UMB Bank , discusses analyzing client behaviors throughout channels to find unusual activity.

Maine 130

Maine ATM Innovation Millennials 130

FICO

NOVEMBER 1, 2022

Application Fraud – Does Canada Need a New Approach? FICO’s Fraud, Identity and Digital Banking Survey 2022 shows that customers in Canada want slick onboarding processes, where fraud controls work but don’t delay account opening. And what does that mean for the future of your fraud management solutions?

Fraud 52

Fraud Survey Customer Experience Data 52

NCR

APRIL 12, 2016

Perhaps the biggest shift has been in the fraud space. Mr Koch said: “Chip and PIN was introduced a decade ago to combat the rising levels of counterfeit and stolen card fraud in the UK. Counterfeit card fraud losses duly tumbled, down £81.9 million a year between 2004 and 2014.

Fraud 40

Fraud Cards Payments Industry 40

FICO

MAY 3, 2023

Operating at highly organized and relentless levels, fraud networks have become a multibillion-dollar, global problem. The banking and financial services industry must evolve their fraud-fighting strategies at an equally relentless pace to stay one step ahead. Last year in the UK, nearly 41% of fraud losses were due to scams.

Fraud 52

Fraud Strategy Analytics South Carolina 52

South State Correspondent

JULY 12, 2023

Look for this to become the new standard as encrypted hashed account numbers stand in for real account numbers reducing the potential for theft and fraud. Machine learning financial management tools become more meaningful with increased payment data contained in the messages. The list of new products and services goes on.

Payments 370

Payments Management Fraud Data 370

BankUnderground

JUNE 25, 2020

There is a global market for these vendors, and a wide range of functions are provided, especially back-office functions such as HR and accounting services, as well as specialised risk management and product development activities. In some cases, firms ‘insource’ these functions to intra-group entities operating in lower-cost jurisdictions.

Data 110

Data Big Data Regulation Risk Management 110