Abrigo

AUGUST 19, 2020

Key Takeaways COVID-19-related fraud are not new typologies; they just have a new spin. Adjusting your velocity scenarios can help detect money mule scams and check fraud. . COVID-19-related fraud schemes are escalating at an alarming rate. How can your transaction monitoring system detect trending COVID-19 related fraud?

Fraud 195

Fraud System Trends Software 195

Independent Banker

DECEMBER 31, 2022

From new fee practices to peer-to-peer fraud, keep an eye on what regulatory changes could be developing in the new year. The FDIC issued guidance about the consumer compliance risks associated with assessing NSF arising from the re-presentment of the same unpaid transaction. Debit card interchange fees and routing. Quick Stat.

Compliance 100

Compliance FDIC Community Bank Community 100

PYMNTS

SEPTEMBER 6, 2018

Compliance and risk? Automating that compliance is now a “need to have.”. Compliance and risk officers have the unenviable task of finding out, sometimes after the fact, that not all the boxes are checked — if they even knew the boxes were there for checking in the first place. Plugging In To Plugins.

Compliance 133

Compliance Fintech Regulation Knowledge Base 133

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

MAY 16, 2018

May marks the debut of new compliance efforts – key among them, of course, GDPR (which covers Europe but touches these shores), and as of last week, new customer due diligence mandates. . The report recommends a collaborative approach among information security and compliance team members.

Fraud 100

Fraud Compliance Cleveland Ohio 100

Abrigo

AUGUST 18, 2020

Key Takeaways BSA officers need to stay aware of emerging fraud trends that are a result of the pandemic. Consider a risk-based lookback for your PPP portfolio to fight fraud. Be aware of emerging fraud schemes. Any time there is a large-scale , global issue, you can expect to see a rise in fraud, and COVID-19 is no different.

Fraud 195

Fraud Lending Trends Compliance 195

Abrigo

AUGUST 18, 2020

Key Takeaways BSA officers need to stay aware of emerging fraud trends that are a result of the pandemic. Consider a risk-based lookback for your PPP portfolio to fight fraud. Be aware of emerging fraud schemes. Any time there is a large-scale , global issue, you can expect to see a rise in fraud, and COVID-19 is no different.

Fraud 195

Fraud Trends Compliance Technology 195

PYMNTS

FEBRUARY 27, 2018

That certainly presents problems for spend management, according to research from the Global Business Travel Association (GBTA) Foundation, which found last year that non-corporate payment methods like cash and personal cards are limiting businesses’ access to transparency travel spend. B2B Payments a Major Pain Point.

Fraud 104

Fraud Marketing Payments Analysis 104

PYMNTS

NOVEMBER 10, 2017

For any organization with an attitude of, “It can’t happen to me,” here’s a wakeup call: Corporate fraud is common and on the rise. One of the easiest areas for internal fraud to occur is in employee expensing. But always, in every organization, there are a few who are commuting fraud. It’s a very involved process. “The

Fraud 112

Fraud Compliance Policies Technology 112

PYMNTS

NOVEMBER 28, 2017

While most corporations are hesitant to admit it, fraud initiated by a company’s own employees is quite common — and incredibly expensive. Research earlier this year found corporate fraud to be at record-high levels. Though difficult to detect, internal fraud has a massive impact on the bottom line. Fear of Retaliation.

Fraud 101

Fraud Report Survey Leadership 101

FICO

JUNE 23, 2022

The Role of Data in Managing Fraud and Financial Crime Today. Here are the highlights from the fraud management data discussion I had at FICO World 2022 with Julie Conroy, Head of Risk Insights and Advisory at Aite-Novarica Group. How Did the Pandemic Change Fraud? Tue, 07/02/2019 - 02:45. by TJ Horan. expand_less Back To Top.

Fraud 52

Fraud Management Data Compliance 52

PYMNTS

DECEMBER 12, 2019

JPMorgan Chase has been using artificial intelligence (AI) and machine learning to process expense reports and check them for compliance, according to Bloomberg. We’re doing 100 percent of audit[s] through a machine learning model that makes sure that, as we process travel and expense reports, they’re in alignment with our policies.”.

Report 132

Report Fraud Policies Compliance 132

PYMNTS

FEBRUARY 18, 2020

This opens the door to new avenues of attack by those who wish to steal data, hijack accounts and make off with ill-gotten gains, as Eric Kraus, vice president of risk, fraud and compliance at FIS , told PYMNTS in a recent interview. Fraud’s Shifting Landscape. The Fraud Itself. Proactive Fraud Prevention.

Fraud 166

Fraud Data Mobile Cards 166

Abrigo

MARCH 7, 2022

The world of FinCrime is more dynamic than ever, with fraud escalating thanks to an increase in mobile payments precipitated by the pandemic and security concerns rising over the Russian conflict in Ukraine. Takeaway 3 Financial institutions should review the common AML program deficiencies and address issues before their next audit or exam.

cryptocurrency 195

cryptocurrency Regulation Fraud Policies 195

Abrigo

SEPTEMBER 8, 2023

How to comply with both Reg CC and fraud requirements Read about the rules outlined by Reg CC, the circumstances that allow exceptions, and what to do when your financial institution suspects fraud. Takeaway 3 Understanding Reg CC and exceptions to the rules will help FIs fight fraud while staying compliant.

Fraud 195

Fraud Training Regulation Compliance 195

FirstInternet

JUNE 30, 2021

Here is a list of 10 simple, cost-effective steps small business owners can take to prevent fraud, or mitigate its effects in their operations if it does occur. Have clear rules in place: Clearly stating your company policies and expectations makes it clear to workers what they can – and can’t – do in the workplace.

Fraud 52

Fraud Training Security Policies 52

PYMNTS

NOVEMBER 22, 2019

Goldman CEO Denies Claims Of Apple Card Credit Biases. Richard Ashton, deputy general counsel for litigation, enforcement and system matters, said at a conference that the Federal Reserve is mulling an audit of the governance structures and compliance policies of tech firms. What Wayfair’s Lawyer Says About The Wayfair v.

South Dakota 101

South Dakota Apple Taxes Cards 101

FICO

APRIL 18, 2018

FICO today unveiled several solution upgrades that will help banks, lenders, fintechs and other institutions fight fraud and financial crime. These solutions bring unparalleled efficiency and machine learning capabilities to fraud, risk and compliance professionals. FICO ® Card Compromise Manager 2.0

Fraud 53

Fraud Analytics Miami Florida 53

PYMNTS

MARCH 20, 2020

In today’s top news, Bank of America will offer mortgage, credit card and other loan deferments to customers impacted by the coronavirus, and India is moving to tighten controls on Big Tech companies by requiring them to turn over data. The drafted policy also calls for a new regulator to provide oversight and enforce compliance.

Data 140

Data Payments America Fraud 140

FICO

NOVEMBER 30, 2017

Are traditional approvals and audit reviews of procure-to-pay transactions sufficient to prevent expenses fraud, waste and abuse in your organization? A recent study showed that expenses fraud committed by employees is estimated to cost U.S. Purchases which are made using a p-card for an item on an approved catalog.

Analytics 79

Analytics Fraud Compliance Cards 79

PYMNTS

JANUARY 26, 2021

At most, a manual approach to spend management can attempt to uncover potential patterns: an employee that is continually breaching internal spend policy, for instance. It’s certainly important for business leaders to address problems like expense fraud, duplicate invoice payments or non-compliant spend. Spending Disparity.

Analytics 189

Analytics Compliance Management Data 189

CFPB Monitor

OCTOBER 11, 2018

At the Online Lending Policy Institute’s (OLPI) annual summit in Washington, D.C. The summit speakers included Grovetta Gardineer, the Senior Deputy Comptroller for Compliance and Community Affairs at the OCC. Mr. Watkins indicated that the CFPB’s no-action letter policy may also be subject to review by the Bureau.

Policies 60

Policies Lending Data Online 60

FICO

MAY 19, 2020

History tells us that things like natural disasters, times of economic instability, and fears of recession or unemployment provide the perfect environment for increased fraud and financial crime. So, I thought I would outline my top 5 fraud manager considerations during COVID-19. Examples include fake emails from CDC, WHO, and FEMA.

Fraud 52

Fraud Management Handbook Cards 52

PYMNTS

FEBRUARY 28, 2020

” Payments via card programs and other tools are of particular interest when banks explore data integrations with FinTech firms, he noted. “In addition to card and ACH/wire requirements, the U.S. Yet, in the procure-to-pay space, streamlining and automating vendor payments can be a particularly challenging feat.

Taxes 209

Taxes Data Fintech Compliance 209

FICO

JUNE 15, 2021

All too often, elders today are the targets of residential real estate fraud and scams. In January 2021, two million people over age 55 were unemployed , according to an analysis of federal data published by the AARP Public Policy Institute. Keep up with the latest on fighting fraud, scams and financial abuse by following this blog.

Fraud 98

Fraud Capital Marketing Analysis 98

PYMNTS

FEBRUARY 8, 2018

Essentially, it means handling everything other than card issuing, authorization and transaction processing. Again: It isn’t easy. Then, it built a funnel for startups like itself that also want to take on the difficult process of becoming program managers.

Management 167

Management Compliance Maine Policies 167

CFPB Monitor

SEPTEMBER 23, 2019

The report discusses the Bureau’s examination findings in the areas of automobile loan originations, credit card account management, debt collection, furnishing, and mortgage originations. Credit card account management. The CFPB has released the Summer 2019 edition of its Supervisory Highlights.

Cards 60

Cards Report Policies Regulation 60

PYMNTS

JULY 12, 2019

As a result, banks, credit unions and payment card networks are hesitant to participate. Proposals introduced this session ranged from legislation allowing states to set their own policies to bills that would fully deschedule cannabis and include social equity provisions. Legal retail cannabis may be spreading throughout the U.S.,

Retail 154

Retail Colorado Regulation Compliance 154

American Banker

AUGUST 9, 2023

The Seafarers International Union sued Bank of America's senior managers and board alleging breach of their fiduciary duty in managing a prepaid debit card program that distributed unemployment benefits during the pandemic.

Fraud 69

Fraud America Cards Management 69

Abrigo

JANUARY 22, 2024

6 Steps t o mitigate fraud risk tied to new products Your AML and fraud teams' input is key when it comes to offering new bank products. These tips can help ensure compliance while improving your offerings. You might also like this infographic, "Beyond immediate fraud losses: How the costs and impacts of fraud snowball."

Fraud 222

Fraud Training Risk Management Software 222

Independent Banker

AUGUST 31, 2022

Mistakes, system glitches and fraud happen. Debit card purchases and purchases for which the merchant scans the magnetic ink character recognition (MICR) on a customer’s check at the point of sale are typical EFTs. Fraud and unauthorized use happen. By Mary Thorson Wright. Funds usually come from a deposit account.

Community Bank 91

Community Bank Regulation Community Training 91

PYMNTS

JUNE 20, 2016

The move has been complicated by the combination of most merchants getting a very late start to the EMV process – the Target breach was what many merchants considered their official starting line despite announcements by the card networks years earlier – and a complicated certification process that’s been tough for some merchants to navigate.

Cards 113

Cards Fraud Resources Policies 113

PYMNTS

SEPTEMBER 18, 2017

Consider a survey commissioned by payment, telecom and financial data solutions provider Transaction Network Services (TNS), which found that 85 percent of adults across the United States, the United Kingdom and Australia believe fraud attempts on debit and credit cards are on the upswing. After all, hackers are rather savvy, too.

Security 152

Security Payments Survey Cards 152

PYMNTS

AUGUST 25, 2016

For more than a decade, Rich has been involved in developing fraud mitigation, compliance and Big Data strategies. His background in enterprise-class systems has helped shape Kount’s into an industry-leading platform that helps clients boost sales and beat fraud.

Compliance 100

Compliance Fraud Big Data Innovation 100

Payments Source

JANUARY 27, 2017

government spending on purchasing cards and other expenses are in compliance with policies. Atlanta-based software provider Oversight Systems is working with Mastercard on a solution to help federal agencies ensure U.S.

Atlanta 60

Atlanta Policies Compliance Software 60

PYMNTS

FEBRUARY 4, 2019

FIs have made strides in establishing know your customer (KYC) and anti money laundering (AML) policies, but these changes are routinely challenged by emerging technology and cross-border transaction costs. It did this in hopes that such groups would implement their own high standards and raise the bar for stricter compliance requirements.

How To 161

How To Regulation Compliance Meeting 161

PYMNTS

DECEMBER 23, 2019

billion in credit card debt and $382.9 Its omnipresence is altering how members want to interact with their CUs, though regulatory and compliance issues often mean that members cannot reasonably expect the same lightning-fast interactions they might get from banks and FinTech firms. billion in car loans, a 6.9 percent and 4.1

Data 131

Data Lending Michigan Regulation 131