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. million in 2019.

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Fraud Examples Online Data 150

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

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. .”

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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. 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

APRIL 16, 2019

The Intelligence of Things (IoT) has become a fixture of everyday life, with more than 14 billion connected devices expected to be in use by the end of 2019. Another recently introduced piece of legislation aims to protect individuals by regulating facial-recognition cameras. Find the rest of the feature story in the April IoT Tracker.

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Regulation Data Nevada blockchain 204

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

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.

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PYMNTS

JUNE 29, 2020

Numerous regulators had discussions over the years about tightening supervision on Wirecard or adding it to a list of potential subjects for more investigations, but all decided against it, Reuters reports. Putting it under the umbrella of financial firms would have put the whole company under bank regulation.

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Regulation Report Capital Company 144

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. Parliament’s Treasury Select Committee said in a report that in the first six months of 2019, consumers were scammed out of roughly $777 million (£600 million).

Regulation 105

Regulation Payments Fraud Report 105

Abrigo

FEBRUARY 6, 2020

Join other BSA/AML and fraud professionals at the leading industry conference April 19-22! If you have questions about sanctions compliance or new regulations, contact us or another member of our risk advisory services team. The post OFAC Symposium 2019 – Maximum Pressure and Who’s Feeling It appeared first on Abrigo.

United States 195

United States Compliance Strategy National 195

PYMNTS

DECEMBER 26, 2018

companies should expect to see a rise in breaches in 2019, “as chronically improving malware will be deployed more aggressively on more fronts.” Ackerman also warned that another wave of ransomware is expected to hit in 2019. According to Robert Ackerman, Jr., ” Those cyberattacks cost companies in all areas.

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National Washington Data Security 192

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.

Fraud 144

Fraud Data Mobile Tools 144

FICO

FEBRUARY 13, 2020

The fight against fraud is constantly evolving because of the new approaches taken by fraudsters. 2019 was a year full of innovative methods to fight fraud, and we covered these on the FICO Blog. Check out the top 5 fraud blog posts which garnered the most views in 2019. What Is Telecom Subscription Fraud?

Fraud 52

Fraud Compliance Survey Mobile 52

PYMNTS

MARCH 18, 2019

Authenticating.com is working to combat identity fraud by combining different solutions to securely automate and outsource identity verification and fraud prevention as a service. billion in losses due to cybercrime, with various forms of identity fraud topping the list.

Fraud 108

Fraud Knowledge Base Regulation Data 108

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.

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Compliance Fraud Regulation Security 151

Abrigo

JUNE 3, 2021

Takeaway 3 To fight cryptocurrency-related risks and mitigate losses, be vigilant and stay on top of fraud trends. As this market expands, so does a new frontier of cyber-fraud. However, a large Ponzi scheme did somewhat inflate the 2019 numbers. Fraud Prevention. Fraud Trends. BSA Rules and Regulation.

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cryptocurrency Fraud Trends Training 368

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.

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Fraud Marketing US Resources 164

PYMNTS

NOVEMBER 6, 2019

When it comes to fighting fraud, it’s not really what you know – not exactly, at least. Fraud is big business, with online losses topping some $14.7 Fraud is big business, with online losses topping some $14.7 But that also provides more opportunity to construct, deploy and use fraud defenses based on machine learning and AI.

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Fraud Data Regulation Security 104

PYMNTS

FEBRUARY 26, 2019

The brand’s rewards membership, tied to its mobile order and payment app, grew 14 percent in the first quarter of 2019. The service will roll out to select locations as 2019 progresses. However, the rise of mobile ordering also comes with growth in account takeover fraud. Deep Dive: Mobile Ordering Leads to Physical Challenges.

Fraud 186

Fraud Mobile Branding User Experience 186

PYMNTS

SEPTEMBER 23, 2020

A recent study from PwC found that 47 percent of companies had experienced fraud at least once in the past two years, with a grand total of $42 billion in funds stolen over this period of time. There were 223,163 cases of identity theft that year across all generations, with 42 percent of them consisting of bank and credit card fraud.

Technology 208

Technology Report Fraud Study 208

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

JANUARY 23, 2020

billion consumer accounts fell victim to data breaches during the first half of 2019 — to the tune of $4 million in lost revenue per breach. Phishing attempts increased approximately 65 percent in 2019, and cost businesses more than $12 billion in stolen funds, victim payouts and opportunity costs. is facing fraud problems as well.

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Fraud Online Data Regulation 160

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

Perficient

AUGUST 16, 2023

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. billion in deposits), the failure still poses lessons for bank executives.

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United States Kansas FDIC Risk Management 221

PYMNTS

JANUARY 12, 2021

Commerzbank's warning came from findings of an internal review the bank had been doing since early 2019, FT reported, which came after FT wrote about the alleged accounting manipulations in Wirecard's Asian division. The findings of Commerzbank's investigation led the bank to distance itself from Wirecard by the end of 2019.

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Fraud Report Regulation Groups 175

PYMNTS

MAY 22, 2020

Albania’s Parliament has signed a comprehensive law to regulate the conditions for licensing all activity of cryptocurrency in the country. She said she wanted to allow for the best use of the technology, but also prevent against harmful violations like fraud or the funding of terrorism or other crimes.

blockchain 192

blockchain cryptocurrency Wyoming Regulation 192

PYMNTS

AUGUST 12, 2019

A new report has estimated that losses related to cryptocurrency thefts, scams and fraud could reach $4.3 billion in the first quarter of 2019. On top of these numbers, the New York Attorney General’s Office revealed what they allege is a fraud involving the loss of $851 million by a major cryptocurrency exchange, Bitfinex.

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Report cryptocurrency Fraud Bitcoin 153

PYMNTS

JULY 15, 2019

The rapid growth of cryptocurrency has come with closer scrutiny and a call for tighter anti-money-laundering (AML), know-your-customer (KYC) regulations. This push for regulations hasn’t come without controversy. Some think they go too far. That’s the dead opposite of most FIs’ intent.

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cryptocurrency Regulation Guidelines User Experience 129

PYMNTS

FEBRUARY 4, 2020

Open Banking’s European success has kicked off interest in similar regulations worldwide, most notably in China, India and Singapore, where digital banking’s popularity among general consumers is rapidly rising. Numerous regions then announced internal deadlines for compliance that often diverged from their neighbors’ deadlines.

Fraud 144

Fraud Regulation Compliance Innovation 144

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.

Cards 214

Cards Google Regulation cryptocurrency 214

PYMNTS

NOVEMBER 10, 2020

New York-headquartered PAAY, a consumer authentication innovator co-founded in 2011 by James Ruffer and Yitz Mendlowitz, has a new security solution that aims to obliterate hacking and fraud threats. Cyberattacks have jumped 273 percent in the first quarter of this year over the same period in 2019.

Security 233

Security New York Atlanta Fraud 233

FICO

FEBRUARY 25, 2022

Since May 2019, major UK banks have participated in a voluntary code - the Contingent Reimbursement Model (CRM), designed to provide funds back to the victims of authorised push payment fraud or APP fraud. So, what can banks do to prevent APP fraud? Look Out for APP Fraud Signals – Develop the Rules.

Fraud 52

Fraud Payments Taxes Analytics 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.

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Regulation America Compliance Fraud 52

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

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. Sharon Kimathi , editor at FinTech Futures.

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Analytics Fraud Management Innovation 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

CFPB Monitor

MARCH 19, 2019

On March 7, 2019, the DOJ announced the largest coordinated sweep of elder fraud cases to date. The DOJ released an interactive list of the elder fraud cases. s City of London Police to investigate and prosecute perpetrators of technical-support fraud. Losses are estimated to have exceeded more than $750 million.

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Fraud Security Conference Regulation 96