Abrigo

DECEMBER 28, 2022

Most-read blogs on financial crime in 2022 Synthetic ID fraud, AML quality control, and SAR writing topics were among Abrigo's top blogs on AML/CFT and fraud this year. . Takeaway 1 AML/CFT and fraud professionals often keep up to date on industry trends by reading Abrigo's blog. Sanctions & synthetic ID.

Fraud 195

Fraud Training Compliance Regulation 195

PYMNTS

AUGUST 24, 2020

In a case that highlights how anybody — truly, anybody — can be a victim of invoice fraud, federal officials have reportedly charged two brothers in New York State for an alleged $19 million scam targeting Amazon. Attorney Audrey Strauss described the scam as "a new twist on an old trick" through the use of "complex technology.".

Fraud 298

Fraud New York United States Security 298

PYMNTS

FEBRUARY 24, 2020

According to the latest research from Bottomline Technologies, businesses said the fraud threat is on the rise. Meanwhile, Forbes reported separate analysis from North Carolina State University warning that as pressure mounts for chief financial officers to hit their financial targets, they’re less likely to report fraud.

Taxes 164

Taxes Fraud Puerto Rico North Carolina 164

PYMNTS

SEPTEMBER 17, 2019

DataVisor has announced the launch of its new Feature Platform, which automates fraud detection through the use of artificial intelligence and machine learning data capabilities. The hallmark of the DataVisor approach is our holistic approach to data analysis using sophisticated feature engineering and machine learning.

Fraud 167

Fraud Analysis Data Technology 167

PYMNTS

MAY 29, 2020

“Banking is rapidly becoming more omnichannel, and FIs need to be sure they can safeguard customers across all the products through which they access their financial services,” according to the May 2020 FI Fraud Decisioning Playbook , produced by PYMNTS and sponsored by Simility. In With the New.

Fraud 133

Fraud Tools ATM Analysis 133

Perficient

FEBRUARY 29, 2024

Driven by technological advancements, regulatory changes, and shifting consumer preferences, the banking industry must evolve and respond accordingly. To address this, institutions are increasingly turning to technology-driven solutions aimed at enhancing service reliability, compliance, and security.

Trends 221

Trends Industry Analytics Compliance 221

PYMNTS

JULY 10, 2020

Ryan Leblond , manager of fraud prevention and investigations at ESL Federal Credit Union , explained these key strategies in a recent PYMNTS interview. Leblond said that banks and credit unions must still be somewhat measured when sharing fraud-fighting tips with customers to avoid airing too many of their anti-fraud strategies, though. “We

Analysis 132

Analysis Fraud New York City Security 132

PYMNTS

JANUARY 16, 2020

However, to do so, these companies will need to make some adjustments to their fraud protection strategies. Implementing a layered anti-fraud approach that utilizes several technologies could help protect against bad actors looking for vulnerabilities. The Latest Fraud Decisioning Developments.

Fraud 133

Fraud Tools Data Industry 133

Abrigo

SEPTEMBER 18, 2020

Key Takeaways FinCEN has released three COVID-19-related advisories that remind financial institutions to stay alert to increasing fraud trends. Adjust your scenario thresholds and ensure your front line staff is aware of these fraud red flags to help detect and deter COVID-19-related fraud.

Fraud 195

Fraud Trends social media Regulation 195

PYMNTS

JANUARY 24, 2019

Here’s a test: What’s fraud? Those questions also speak to the seemingly impossible tension in the world of payments and new card accounts: how to onboard and authenticate consumers as quickly and seamlessly as possible, while also protecting them and the institution from fraud. Fraud Getting Worse. Bad Timing.

Fraud 174

Fraud Cards Data Comparison 174

PYMNTS

JULY 8, 2020

He and Nitendra Rajput , Mastercard’s vice president of product development and head of the company’s “AI Garage,” said that in many cases, AI is the only way to scale up sufficiently to meet the challenges the company faces with fraud and other business issues. “It Fighting Fraud in a Post-Pandemic World.

Fraud 274

Fraud Management Risk Management Company 274

PYMNTS

MAY 4, 2020

Customers and merchants rely on their banks and credit unions (CUs) to ensure they have secure, convenient online transactions, and many FIs work to detect fraud by looking for abnormal purchasing behaviors that could indicate something is amiss. Around The FI Fraud Decisioning World.

Fraud 197

Fraud Data Tools Online 197

PYMNTS

JANUARY 18, 2021

People in general are more aware of — and concerned about — fraud as we pass through a second season of COVID, and eCommerce continues to rack up impressive stats, good and bad. Businesses Taking Action As Consumers Fret Over Fraud. New Threats Evolving ‘All The Time’.

Fraud 144

Fraud Security Study Retail 144

PYMNTS

NOVEMBER 5, 2019

Fraud detection company DataVisor has teamed up with Experian to integrate the company’s “unsupervised machine learning powered transactional risk assessment capabilities” into the Experian CrossCore platform. The move will help detect fraud patterns, the companies said in a press release. “We DataVisor has more than 4.2

Fraud 107

Fraud Training Customer Experience Analytics 107

PYMNTS

DECEMBER 20, 2019

Among the inventive ways that companies are fighting digital fraud in 2020 is Teradata’s new concept of analyzing computer mouse movements, as it turns out that hackers move their mice very differently than regular people. Fraud prevention tech has to scale. Clean’ and ‘Friendly’ Fraud are Neither. That’s “clean” fraud.

Fraud 137

Fraud Fintech Training Cards 137

PYMNTS

JULY 3, 2020

FIs confronting this new reality have worked hard to redesign their fraud-fighting approaches to suit the new commercial landscape. . ML is another powerful tool that can help FIs ensure their fraud-fighting models quickly adapt as consumers’ behaviors change, he stated. Defending Agains Fraud During Periods Of Reopening .

Fraud 180

Fraud Cards Tools Florida 180

Perficient

APRIL 8, 2024

Addressing these deficiencies required a comprehensive approach, leading to the establishment of critical programs like the US Bank Holding Company (BHC) regulatory and comprehensive capital analysis and review (CCAR) program. Supporting the change management team in building a robust governance structure for program PMO activities.

Compliance 221

Compliance Management Guidelines Risk Management 221

PYMNTS

DECEMBER 23, 2019

Payments messaging technology provider SWIFT recently opened up its Know Your Customer (KYC) platform, the KYC Registry , directly to corporates. SWIFT’s decision to open up the registry also reflects the growing threat of fraud in corporate payments. Canada, Mexico, Sweden, Australia and South Africa.

Fraud 131

Fraud Maryland Payments New York 131

PYMNTS

JANUARY 3, 2019

A new study has revealed that retailers will lose around $130 billion in digital CNP (Card-not-Present) fraud between 2018 and 2023. A layered FDP (Fraud Detection & Prevention) solution naturally helps directly preventing fraud, but it also offers major gains in terms of recovering potentially lost revenue through false positives.

Fraud 152

Fraud Study Retail Online 152

PYMNTS

JUNE 13, 2019

Countering digital fraud is a lot like playing whack-a-mole: As soon as one fraudster is taken out, two more pop up where they’re least expected. The popularity of digital banking services has created ample opportunities for bad actors, leaving banks scrambling to protect themselves against the rising tide of fraud.

Fraud 128

Fraud Analytics New Jersey Data 128

PYMNTS

NOVEMBER 13, 2019

Fraud protection company Sis-id and supply chain and marketplace company Tradeshift announced on Wednesday (Nov. 13) a partnership to help with the risks and costs associated with payments fraud. SiS-id CEO Rémi Demont said that fraud is an increasingly alarming issue facing the payments sector.

Fraud 100

Fraud Payments Analysis Resources 100

PYMNTS

SEPTEMBER 12, 2019

FIs and FinTechs increasingly encounter new forms of fraud as they expand their digital operations, making it all the more important that they have strong risk assessment and compliance systems in place. A team of analysts can only handle so many potential fraud cases at a time, after all. . resources.

Fraud 189

Fraud Fintech Compliance Regulation 189

PYMNTS

MAY 28, 2020

This means FIs must be able to ferret out and defend against an ever-more complex array of attacks, and they deploy advanced fraud detection strategies and designate additional resources to keep themselves and their customers safe. Staying ahead of fraud requires constant innovation. Red Flag Behaviors.

Fraud 139

Fraud Mobile Tools Missouri 139

PYMNTS

JULY 2, 2018

Payment security technology provider Wibmo is rolling out an upgraded anti-fraud solution for its bank customers to safeguard their electronic payments services. The solution replaces eGuard, its first-generation fraud protection solution. In a press release issued late last week, Wibmo – which is based in the U.S.

Fraud 100

Fraud Leadership National Security 100

FICO

MAY 10, 2023

This flow of data, analysis and live decision-making is necessary because banks must make fast, integrated decisions in succession across multiple channels and through many facets of different account and product lifecycles. Orchestration enables banks to execute processes related to customer experience and fraud prevention.

Fraud 52

Fraud Management Customer Experience Analysis 52

Abrigo

DECEMBER 13, 2023

Adjustments to parameters should be made based on the outcomes of below and above-the-line analysis until an optimal balance is achieved, maximizing the effectiveness of the monitoring software. All working papers, alert analysis, and testing data should be retained in a clear and organized manner.

Training 221

Training Fraud Software Regulation 221

Perficient

APRIL 2, 2021

fraud detection and financial crime monitoring). email, text, audio data), with the aim of identifying fraud or anomalous transactions. AI technologies, such as voice recognition and natural language processing (NLP), are being used to improve customer experience and to gain operational efficiencies. Textual analysis.

Regulation 309

Regulation Industry Risk Management Analysis 309

Abrigo

MARCH 23, 2017

Either way, with financial statement fraud on the rise, we need to strengthen our skepticism…not weaken it. In fact a report by Cornerstone Research entitled, “Accounting Class Action Filings and Settlements - 2014 Review and Analysis " , shows allegations that accounting fraud surged 47 percent in securities class-action lawsuits over 2013.

Analytics 150

Analytics Technology Data Study 150

PYMNTS

FEBRUARY 9, 2018

Telematics company Airmax says fleet card fraud will be “a thing of the past” thanks to technology. Airmax Remote’s technology delivers complete accuracy and definitive reporting to identify fuel savings for fleet operators.”. “We Fraud could be causing more than 5 percent in fuel savings for businesses, researchers noted.

Fraud 100

Fraud Cards Survey Management 100

FICO

APRIL 1, 2019

Last week UK Finance published their annual fraud report ‘Fraud the Facts 2019’. This year’s report noted that authorised push payment fraud was up by 44% - so what does this leap in the statistic actually show? An Increase in Authorised Push Payment Fraud - or Just More Reporting?

Analysis 40

Analysis Fraud Payments Report 40

PYMNTS

OCTOBER 16, 2020

Numerous quick-service restaurants (QSRs) have deployed these technologies to support their operations, tailor their customer service approaches and even boost sales, but many players, including several big names, have been reluctant to invest in such innovations. How AI Can Aid In Fraud Detection, Sales. QSRs Leverage AI.

Analytics 273

Analytics Data Fraud Tools 273

PYMNTS

SEPTEMBER 20, 2016

Fiserv , the provider of financial services technology solutions, announced on Monday (Sept. 19) that its Payment Fraud Manager tool detected more than 90 percent of fraud while reviewing only 2 percent of the transactions. “Fraud solutions from Fiserv give us best-in-class detection and minimize false positives. .

Fraud 100

Fraud Tools Management Payments 100

Abrigo

SEPTEMBER 9, 2019

The same is true of financial institutions when they consider technology investments to transform their lending and credit operations. Weaknesses of the current technology and processes are clear during peak operating loads, showing up as backlogs and longer waits for customer decisions.

Technology 150

Technology Lending Software Customer Experience 150

PYMNTS

JANUARY 10, 2018

Oversight Systems has updated its Insights On Demand software-as-a-service (SaaS) solutions to provide managers with quicker ways to identify expense report fraud. businesses lose $1 billion every year due to employee expense fraud. In an announcement on Tuesday (Jan. Oversight cited data from JPMorgan, which estimated U.S.

Fraud 100

Fraud Tools Policies Risk Management 100

PYMNTS

JUNE 12, 2019

One of the biggest forms of education-related fraud is as simple as it is prevalent: students sending someone else to take tests for them. This type of fraud played a significant role in this year’s widely publicized college admission scandal. Trust, But Verify.

Online 145

Online Fraud Analysis Study 145

Abrigo

JULY 14, 2023

Takeaway 2 Do you have the right technology to efficiently generate strategic insights now and on an ongoing basis? Before finalizing this goal, management should consider the following: Historical trends Current CRE concentrations Market analysis Loan pricing considerations Real estate industry performance and Peer comparisons.

Strategy 195

Strategy Data Analytics Analysis 195

PYMNTS

NOVEMBER 8, 2019

These platforms must ensure that all parties are trustworthy, putting them in precarious positions as they work to build their user bases without alienating either side with their anti-fraud measures. . The platform also runs customers’ background checks and processes credit cards through a predictive analytics system to gauge fraud risks.

Fraud 101

Fraud User Experience Customer Experience Tools 101