Boston Fraud Operations Policies 
Abrigo
JULY 25, 2023
How offering FedNow instant payments affects fraud & AML/CFT compliance What financial crime staff can do to prepare fraud and AML functions for implementing the FedNow Service for instant payments. Would you like other articles on fraud and AML/CFT compliance in your inbox? Instant payments service What is FedNow?
Independent Banker
NOVEMBER 30, 2021
As more customers moved online, fraudsters took advantage of new and increasingly inventive opportunities to commit remote authentication fraud. These types of scams fall under the broad term of remote authentication fraud, and they’re increasingly common—and inventive. Examples of remote authentication fraud. New account fraud.
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Abrigo
MAY 15, 2020
Key Takeaways Like other federal relief programs, the PPP has become subject to fraud. The first federal charges of PPP loan fraud have been made – and they're unlikely to be the last. From 9/11 to Hurricane Sandy, and now, during COVID-19, federal relief funds aimed to help people rebuild after a disaster becomes subject to fraud.
PYMNTS
DECEMBER 11, 2017
Kenneth Montgomery, first vice president and chief operating officer of the Federal Reserve Bank of Boston, is taking up the position. He will lead the Fed’s initiative to address payments fraud risk and boost the security of payments in the U.S. Treasury and financial market, among other responsibilities.
PYMNTS
AUGUST 7, 2020
The most recent details on FedNow come roughly a year after the central bank announced its plans to build and operate real-time rails. Combatting Fraud — And Addressing Competition And Costs . FedNow Will Augment Private Systems, Not Replace Them . That approach, she said, would be similar to the one that underpins ACH payments.
Independent Banker
JANUARY 31, 2022
2022 will be a big year as we move from development to pilot testing and begin to engage more with financial institutions in active planning,” says Nick Stanescu, senior vice president, FedNow business executive, the Federal Reserve Bank of Boston. “We Our institution has taken a strong focus on fraud as we prepare for FedNow,” Furey says.
Independent Banker
SEPTEMBER 30, 2021
The biggest knock on multifactor authentication is inconvenience, according to Joel Williquette, ICBA’s senior vice president of operational risk policy. People used to say, ‘It’s not the crime; it’s the cover-up,’” says Seth Berman, a partner at Nutter, McClennen & Fish LLP in Boston.
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