PYMNTS

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. billion — 91 percent — of those penalties, while European regulators demanded $1.7 imposed a full $23.52

Fraud 189

Fraud Fintech Compliance Regulation 189

PYMNTS

JULY 2, 2020

As scrutiny over Wirecard and EY continue to grow, a broader debate is seeing a resurgence over what role, if any, auditors play in identifying and preventing corporate fraud. Fraud Concerns Arise. In response to 2019 claims, Wirecard hired auditing giant KPMG to clear its name. ” Swift Blowback. .”

Fraud 152

Fraud Report Company Regional 152

PYMNTS

MARCH 11, 2020

Regulators are passing stricter policies, as well as cracking down on anti-money laundering (AML), Know Your Customer (KYC) and sanctions noncompliance. Fines related to noncompliance increased 160 percent between September 2018 and December 2019, in fact. Taking A Local Approach To Fighting Money Laundering, Fraud Worldwide.

Fraud 150

Fraud Payments Guidelines Regulation 150

Abrigo

JANUARY 3, 2024

While many think of trade, commerce, and cultural exchange when considering this region, ignoring the undertow of illicit activities is impossible—the border remains a hotspot for drug trafficking, illegal arms trade, human trafficking, and smuggling operations, necessitating vigilant scrutiny and transaction monitoring within the U.S.

United States 222

United States San Antonio Training Fraud 222

Perficient

AUGUST 16, 2023

Heartland Tri-State began operations in 1985 under the name First National Bank of Elkhart. In 2019, it expanded by buying its fourth branch from a competitor. Bank Closed By Regulators Almost all bank closures happen on a Friday so that regulators can work all weekend to reopen the bank on Monday.

United States 221

United States Kansas FDIC Risk Management 221

Abrigo

FEBRUARY 6, 2020

Maritime businesses attempting to evade economic sanctions by operating in various jurisdictions may include shipping companies, vessel owners, managers, operators, insurers, and financial institutions. Join other BSA/AML and fraud professionals at the leading industry conference April 19-22! register today.

United States 195

United States Compliance Strategy National 195

PYMNTS

SEPTEMBER 12, 2019

Facebook’s Libra project has renewed focus on how cryptocurrencies are regulated, with current rules on the sector patchy and varying from country to country. The latest AMC/KYC Tracker examines current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space.

cryptocurrency 116

cryptocurrency Regulation Compliance blockchain 116

PYMNTS

SEPTEMBER 24, 2020

One 2019 report noted that there were 220 updates to such requirements worldwide each day, equating to roughly 80,000 in one year. These considerations are especially important during the ongoing coronavirus pandemic as the wave of legitimate customers now doing their banking online has prompted a corresponding spike in fraud.

Compliance 151

Compliance Fraud Regulation Security 151

Abrigo

FEBRUARY 15, 2023

From a transaction-monitoring perspective, the risk and fraud departments should look for rapid transfers between accounts, money mule activity, and transactions with no reasonable explanation for action or source of funds. Domestic terrorists, known as domestic violent extremists (DVEs), operate primarily within the U.S.

Fraud 195

Fraud United States Training Policies 195

PYMNTS

NOVEMBER 7, 2019

The Bank of England has told HSBC to improve compliance controls for non-fiscal factors like fraud and staff conduct, according to a report by Reuters. The shortcomings were pointed out by Prudential Regulation Authority regulators. HSBC said it is planning to get executives together to work on the problem.

Compliance 101

Compliance Fraud Taxes Regulation 101

PYMNTS

JULY 25, 2019

Customers have varying banking needs, but the global fraud phenomenon tends to have equal impacts. Challengers see fraud protection as especially important, particularly as they attempt to ween customers away from legacy FIs and their own nimbler FinTech competitors. Bringing a global fraud approach to a new local market.

Fraud 164

Fraud Marketing US Resources 164

PYMNTS

OCTOBER 30, 2020

Compliance with oversight laws, especially those involving anti-money laundering (AML) or know-your-customer (KYC) regulations, is a perennial struggle for FIs of all sizes. Most customers bypass dealing with merchants entirely when trying to stage chargeback fraud, with 76 percent of cardholders going directly to the payment card issuer.

Operations 228

Operations Payments Compliance System 228

PYMNTS

MARCH 14, 2019

Both corporates and banks have said Know Your Customer ( KYC ) regulations are their most pressing compliance concerns, with nearly three-quarters of businesses with more than $1 billion in revenues pointing to KYC as their top challenge. ” and an overall rise in complexity of current regulations.

Fraud 115

Fraud Survey Taxes Regulation 115

Gonzobanker

DECEMBER 20, 2019

GonzoBankers, 2019 was a year of extremes. Third, read and enjoy the 2019 edition of the GonzoBanker Awards, our 18 th. Mark Turner, Executive Chairman of the Board, WSFS Bank – We have to give the nod to an early 2019 retirement of Turner, who had one hell of a run in 12 years at the helm of a great community and wealth bank.

Idaho 148

Idaho Conference Data Marketing 148

PYMNTS

SEPTEMBER 23, 2020

Plus, the State Administration for Market Regulation in China has fined Luckin Coffee and other firms. Chinese Regulator Fines Luckin, 43 Other Companies In Fraud Case. The regulator said on Tuesday (Sept. PayPal, Mastercard Add 5 EU Countries To Debit Card Offering. India's Paytm Takes On Google Over Android Power.

Cards 214

Cards Google Regulation cryptocurrency 214

PYMNTS

AUGUST 20, 2020

million SMBs operate across the country and account for 64 percent of new jobs. Only 35 percent of such businesses make it past their first decade in operation. One of the most pressing issues plaguing SMB lenders is the risk of fraud. Fraud targeting SMB lenders has increased by 7.3 They represent 99.9

Fintech 177

Fintech Fraud Lending Regulation 177

FICO

APRIL 28, 2020

The winners of the 2019 FICO® Decisions Awards can now be formally announced. The 2019 FICO Decisions Award winners have demonstrated what is possible with a clear business objective, innovative use of technology and a great partnership. Fraud & Security. AI, Machine Learning and Optimization.

Analytics 52

Analytics Fraud Management Innovation 52

FICO

MARCH 7, 2023

Home Blog FICO Responsible AI: Are European Firms Ready for the Regulators? There are significant changes coming in Europe, which highlight getting a handle on responsible AI use, with the banking and financial services sector among those that will be most impacted by increasing regulation.

Regulation 52

Regulation America Compliance Fraud 52

PYMNTS

SEPTEMBER 24, 2020

These types of payment flows made up 5 percent or more of the gross domestic product (GDP) for 66 countries in 2019, reaching as high as 20 percent of GDP in nations like Haiti and Nepal. . Maintaining compliance with these important regulations can be challenging, but FIs cannot afford to slip up. The Cost of Compliance .

Compliance 223

Compliance Tools Fraud Regulation 223

PYMNTS

JANUARY 9, 2020

Gansu, Hebei, Hunan, Chongqing and Sichuan were among Chinese provinces ordering a total shutdown of P2P lending in 2019. Last November, Beijing ordered all current P2P platforms to comply with new regulations within a framework of just two years. billion) as of December 2019 from a height of 1.32 billion yuan (US$70.4

Lending 131

Lending Regulation Capital Industry 131

PYMNTS

JUNE 18, 2020

The London-based trade group for Europe’s ePayments community is waiting for the European Banking Authority , the European Union (EU) banking regulator, to provide the 27-nation bloc with an update on Strong Customer Authentication (SCA). The implementation delay gives regulators an opportunity to get it right, Rodgers said.

Groups 131

Groups Regulation Fraud Security 131

PYMNTS

SEPTEMBER 28, 2020

Banks, businesses and consumers fundamentally altered how they interacted with each other in the early months of the COVID-19 pandemic — and regulators tasked with making sure their data and payments are kept safe took notice. Regulators in countries like Egypt have only recently rolled out their data protection rules.

Online 151

Online Report Payments Regulation 151

PYMNTS

MAY 6, 2020

Financial fraud costs businesses an estimated $1.45 trillion, and it resulted in almost half of global organizations noting they were victims of fraud in 2018. This includes exploring emerging anti-fraud solutions and the challenges arising in this space as fraud grows more complex. Regulators in the U.K.

Data 181

Data Fraud Tools Technology 181

FICO

JULY 1, 2022

Global Fraud Trends: What’s Happening and What’s Next? Here are the highlights from the fraud trends breakout session at FICO World 2022 with a panel of fraud professionals from Brazil, Turkey and North America. Tue, 07/02/2019 - 02:45. Ulisses Okamoto , Fraud Risk Management Superintendent at Itaú Unibanco (Brazil).

Fraud 52

Fraud Trends South Carolina Risk Management 52

PYMNTS

JUNE 3, 2020

It now operates in 18 countries in Latin America. The company’s total revenue increased by 59 percent in 2019 to $2.30 Osvaldo Giménez , executive vice president and CEO of FinTech, which includes Mercado Pago, told PYMNTS that the region is complex, with different regulations governing each of the 18 countries where it trades.

America 248

America Regional Fraud Mobile 248

PYMNTS

DECEMBER 11, 2020

As goes banking, so goes fraud. PYMNTS December 2020 AML/KYC Tracker® done in collaboration with Trulioo probes the heightened fraud climate accompanying the mobile-digital shift, zeroing in on key aspects of prevailing in the digital fraud wars. It has ever been thus.

cryptocurrency 219

cryptocurrency Fraud blockchain Security 219

Insights on Business

FEBRUARY 11, 2019

This is magnified by the necessity of a tailored approach while implementing payment fraud prevention as well. The purpose-built real-time ‘dual-access’ datastore for payment fraud prevention. In the past, fraud patterns generally did not change much over time. Want to hear more but prefer the live experience?

Fraud 70

Fraud Management Resources Analysis 70

PYMNTS

OCTOBER 13, 2020

Department of Justice, which said in a report that rogue nations and other risks loom as exchanges are lightly (or not at all) regulated – making it difficult to, as the maxim goes, follow the money. The report relays a series of anecdotes, such as Ponzi schemes and other fraudulent methods , and points out that in 2019, over $4.5

cryptocurrency 206

cryptocurrency United States social media Regulation 206

FICO

SEPTEMBER 20, 2022

Fighting Fraud with Responsible AI: My Talk with Dr. Scott Zoldi. FICO fraud expert TJ Horan talks fraud management and responsible AI with FICO's Chief Analytics Officer, Dr. Scott Zoldi. Thu, 08/22/2019 - 12:37. How Does Responsible AI Fit into Fraud Operations? FICO Admin. by TJ Horan.

Fraud 52

Fraud Analytics Strategy System 52

FICO

JANUARY 10, 2023

Top 5 Fraud Posts for 2022: Scams, Contactless and Money Mules. In a year that saw the word "scamdemic" coined, scams such as authorised push payment fraud were top of mind, along with various other fraud schemes. Tue, 07/02/2019 - 02:45. Few things change faster in the financial services space than fraud trends.

Fraud 52

Fraud Cards Analytics Oakland 52

PYMNTS

MARCH 15, 2020

The New York Department of Financial Services ( NYDFS ) sent a letter to the approximate 18 cryptocurrency firms it regulates saying they have 30 days to submit a contingency plan in the face of the coronavirus epidemic. COVID-19 has already had adverse economic effects domestically and globally.

cryptocurrency 150

cryptocurrency Bitcoin New York Regulation 150

FICO

DECEMBER 14, 2021

But European fraud and financial crime have continued to evolve. In the UK, Action Fraud reported several hundreds of cases of people receiving emails claiming to be from the NHS, offering them a vaccine passport, prompting them to click on a link and input their personal and financial details. Related scams have also been on the rise.

Fraud 52

Fraud Management Data Trends 52

PYMNTS

DECEMBER 7, 2018

Not to ruin your holiday spirit, but let’s start this story with the cold and brutal truth: One of the largest risks that payments and commerce operators face in 2019 is being called to account by government officials, regulators or media about a failure to secure their organizations from cyberattacks. and other places.

Payments 240

Payments Tools Security Regulation 240

Insights on Business

JANUARY 28, 2019

fight fraud more efficiently and accurately. Working with IBM, the bank was able to enable a fully transparent extension of their VMware infrastructure with elastic capabilities while keeping the same operational procedures in a transparent extension of their operations and compute infrastructure over VMware. IBMFintech Twitter.

San Francisco 87

San Francisco Analytics Albuquerque Security 87

FICO

JANUARY 30, 2019

There’s a pervasive view that compliance for money laundering remains a cost-centre activity, and is primarily a “check-the-box” exercise to keep the auditors and regulators satisfied. Money Laundering Techniques: 5 Reasons Why Compliance is More Important Than Ever in 2019. However, that has evolved in recent times.

Compliance 45

Compliance Regulation Fraud System 45

PYMNTS

JULY 16, 2019

Banks and merchants are racing to meet the Strong Customer Authentication (SCA) deadline as September 2019 approaches. Additionally, other companies are still working to change their platforms to comply with General Data Protection Regulation (GDPR) as that regulation continues to sweep across Europe. About the Tracker.

Strategy 188

Strategy social media Regulation Retail 188

Cisco

JUNE 7, 2019

After decades of battling credit card fraud, retail banks face a new challenge: fraudulent account takeover. The rise in high-impact fraud. The Javelin 2019 Identity Fraud Report notes that, “While existing card fraud losses dropped from $8.1 New account fraud is on the rise, with cost estimates up to $3.4

Fraud 63

Fraud Retail San Diego Cyber Security 63