article thumbnail

Bank wire fraud – How social engineering and technology perpetrate fraud losses

Abrigo

Bank wire fraud is growing and becoming more complex. Takeaway 1 Bank w ire transfer fraud is increasing due to technological advances today. Takeaway 2 Transnational criminal organizations commit b ank wire transfer fraud and use a variety of techniques to make Americans their victims. Investment scams were #1, with over $4.6

Fraud 195
article thumbnail

Modernize or Optimize? That Is the Core System Question

Gonzobanker

As Cornerstone Chief Research Officer Ron Shevlin concludes in What’s Going On In Banking 2024 , “Getting their core systems into shape has become either a nightmare or an impossibility for banks.” So GonzoBankers, there are “pull your hair out” days with core systems providers — we’ve been there too.

System 133
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Deep Dive: Strategizing Transparent, Holistic Digital Banking Transformations

PYMNTS

billion by 2024, and a separate study suggested that many customers were willing to use FinTechs as well as their primary banks to receive the level of technological support they desired. The number of online banking customers is growing worldwide, and FIs’ consumers are coming to expect seamless digital experiences as a result.

article thumbnail

Don’t let love blind you from Romance Scams

Qudos Bank

While dating apps, social media networks and gaming apps are great to connect with like-minded people, they could also put you at risk of connecting with a scammer that will manipulate you for money. Published 5 February 2024 Million in overall losses. million dollars. Scam statistics.”

article thumbnail

Facebook’s Libra And The Future Of Digital Identity

PYMNTS

With the digital identity market expected to reach $15 billion by 2024, major ID providers such as Google and Apple are racing to improve the identity verification experience. Facebook’s Libra Raises Concerns Among Privacy And Security Advocates. Facebook made waves last month when it announced Libra, a cryptocurrency set to launch next year.

Apple 158
article thumbnail

Don’t let love blind you from Romance Scams

Qudos Bank

While dating apps, social media networks and gaming apps are great to connect with like-minded people, they could also put you at risk of connecting with a scammer that will manipulate you for money. Published 5 February 2024 Million in overall losses. million dollars. Scam statistics.”

article thumbnail

Fraud prevention and detection: Empowering clients through education

Abrigo

Client fraud education to prevent banking losses Financial institutions play a crucial role in safeguarding customers and members from fraud. Fraud education is key. You might also like this infographic: 5 Fraud typologies impacting you and your customers or members. DOWNLOAD Takeaway 1 U.S.

Fraud 195