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?

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Fraud System Trends Software 195

Abrigo

DECEMBER 10, 2019

Elder financial exploitation and elder fraud are rising at an alarming rate as they continue to be serious crimes in the United States. An increase in financial crime and fraud against the elderly is expected to continue to climb as the baby boom population (those born before 1964) age. billion annually.

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Fraud Study United States Training 284

PYMNTS

JULY 21, 2017

If a data breach is a sprint — where a fraudster grabs as much data as he or she can, as quickly as possible, in an effort to maximize ill-gotten gains — the fight against fraud is a marathon. Fraud varies country to country, region to region. Europe may offer a tell on the fraud to come. A marathon that never ends.

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Fraud United States Regional Cards 116

Abrigo

JANUARY 3, 2024

Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a new regulation on the requirements, including how AML staff will access the information through a new federal beneficial ownership information (BOI) registry. This is in line with the current CDD regulations. Effective Jan. More is expected on this later.

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Fraud Regulation Report Compliance 221

PYMNTS

SEPTEMBER 4, 2018

What does the future hold for the plastic payment card? Or will cards with cutting-edge technology win more loyalty from shoppers? The payment card has “a long life ahead of it,” he told Karen Webster. Even if you consider technologies like mobile, you can see that the consumer is still paying with payment cards.”.

Cards 110

Cards Payments United States Maine 110

PYMNTS

SEPTEMBER 3, 2019

Ad fraud’s prevalence is largely due to two factors: The lack of regulation and the sheer complexity and volume of online advertising. Banks may process $1 million worth of credit card fraud requests in a day, but ad fraud detectors can face up to 20,000 requests every second. Ad fraud can take a variety of forms.

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Fraud San Francisco social media Tools 123

Abrigo

FEBRUARY 8, 2022

Takeaway 2 NBFIs should ensure their AML programs are sound and pass the scrutiny of FinCEN and their primary regulators. Takeaway 3 The FinCEN Priorities specifically state that each priority applies to NBFIs in addition to traditional financial institutions. . Stay up to date on regulations affecting NBFIs and other BSA trends.

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Compliance Training Regulation Fraud 195

PYMNTS

JANUARY 31, 2020

We have deep dives into virtual card adoption and self-service technology, as well as a report on Kobe Bryant’s legacy. Bank Is Doing to Drive Virtual Card Adoption. Accounts payable (AP) professionals and vendors still have reservations about adopting virtual cards despite their many benefits.

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Cards Technology social media Meeting 131

PYMNTS

JUNE 6, 2019

When new regulations take effect, especially sweeping ones that impact eCommerce, at least some firms take a “wait-and-see” approach. As McLain noted, when it comes to privacy and GDPR for merchants, “at the end of the day, it’s about allowing consumers to exercise their rights under that regulation.” Call it the chain of doubt.

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Fraud Exercises Regulation Study 180

PYMNTS

FEBRUARY 14, 2019

14), CNBC reported that JPMorgan Chase will be rolling out the first cryptocurrency on offer from a major bank based in the United States. The embrace of crypto may be a bit of a surprise for those watching JPMorgan, which last year, along with some peers, banned credit card purchases of bitcoin, the marquee name of cryptocurrencies.

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cryptocurrency blockchain Bitcoin United States 140

PYMNTS

OCTOBER 30, 2020

It cannot be overstated how integral non-cash payments are to the global economy, with the United States processing more than 174.2 Compliance with oversight laws, especially those involving anti-money laundering (AML) or know-your-customer (KYC) regulations, is a perennial struggle for FIs of all sizes. Automating Compliance.

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Operations Payments Compliance System 228

PYMNTS

APRIL 30, 2020

The COVID-19 pandemic has caused an impact on open banking developments worldwide as regulators, financial institutions (FIs) and businesses set their sights on helping their current customers rather than future innovations. where regulators have been workshopping potential rules for several years. Seventy percent of U.S.

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Regulation Regional Data United States 188

PYMNTS

JUNE 14, 2019

Coverage includes Visa’s new B2B push, new trackers and research on fraud and digital ID, Uber financial services and Mastercard’s biometric vision. Stripe has announced that Stripe Terminal , a set of SDKs, APIs, and pre-certified card readers that lets users accept in-person payments, is now available all over the United States.

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San Francisco Fraud United States Google 100

PYMNTS

JUNE 14, 2019

Coverage includes Visa’s new B2B push, new trackers and research on fraud and digital ID, Uber financial services and Mastercard’s biometric vision. Stripe has announced that Stripe Terminal , a set of SDKs, APIs, and pre-certified card readers that lets users accept in-person payments, is now available all over the United States.

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San Francisco Fraud United States Google 100

PYMNTS

MAY 29, 2018

Companies based in the United States that contend the directive would be costly, were they to comply — costly to the tune of millions of dollars. The newswire stated the mandate in India may have a ripple effect and may push the needle toward a similar walling in of data. The other card peers declined comment.

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Data United States Compliance Cards 101

Gonzobanker

JUNE 7, 2023

In mid-May, a digital bank account for the 62+ crowd debuted in the United States. Mix in the added drama of regulators condemning the banking-as-a-service model, and there’s added risk. In several news articles, Charlie mentioned it wants to embed discounts into the debit cards in time. Well, it happened.

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Los Angeles Fintech Digital Banking Tools 118

PYMNTS

SEPTEMBER 9, 2019

Hurricane Dorian may be officially over, but for those in the Southeastern United States and the Bahamas, the rebuild is just getting started. Checks also come with their own fraud and security problems, particularly in chaotic situations when it is easier than usual for the wrong person to intercept and misuse a payment.

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Payments Industry Cards United States 171

PYMNTS

MARCH 15, 2019

In fact, according to new PYMNTS research, digital services are expanding in the United States and in markets around the world. He provided this statistic, in considering the payment challenges of all those rising areas of commerce: Among one-time, card present transactions, 90 percent or more are typically approved on the first try.

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Retail Payments Cards United States 146

PYMNTS

AUGUST 22, 2018

Researchers said they expect fraud rates to remain consistent in the coming years, even despite new fraud prevention solutions, regulations and legislations aimed at stopping cybercrime, leading to the increased number of consumer records available online.

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Trends US Fraud Security 101

PYMNTS

MAY 14, 2018

A payments initiative, backed by Germany-based Deutsche Bank , could lead to another web-based payment option for airline passengers and diminished revenue for credit card providers. Such a system would save carriers the $8 billion annually that they spend on credit card processing costs, according to the IATA.

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Cards Maine United States System 100

PYMNTS

NOVEMBER 21, 2018

AI’s less sophisticated (but much more well-known) cousin machine learning needs supervision to learn, though the technology is certainly capable of high-level fraud prevention and business operational tasks — which is why financial institutions have adopted ML, as the report has shown. percent use it to fight internal fraud. “AI

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Data System Technology Fraud 192

PYMNTS

NOVEMBER 6, 2017

The numbers are sobering, as always: The Federal Trade Commission (FTC) has found that account takeover fraud is on the rise. Synthetic identity fraud – where identities are stitched together from disparate pieces of information, often from a mosaic of individuals – is a burgeoning field. Regulation as Saving Grace? Think again.

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Security Data Fraud Regulation 109

PYMNTS

OCTOBER 18, 2019

In the United States, according to some sources such as Javelin , more than one million children were victimized by identity theft — and the fraud costs their families more than $540 million. When we talk about fraud, whatever kind it is,” he told Webster, “we often talk about susceptibility.”

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Fraud Security social media Tools 106

PYMNTS

SEPTEMBER 6, 2019

Visa: Chip Cards Reduce Counterfeit Fraud By 87 Pct. Chip cards are now accepted at more than 3.7 Regulators Taking Close Look At Payroll-Advance Apps. In some ways, the United States and China exist as mirror images , at least when it comes to economic drivers. That’s an 825 percent increase.

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Innovation Payments Apple United States 116

Abrigo

DECEMBER 22, 2023

The most popular financial crime blogs in 2023 Check fraud, the SAFER Banking Act, and BSA exam topics were among Abrigo's top blogs on AML/CFT and fraud this year. You might also like this infographic on the true costs of fraud at financial institutions. Here are Abrigo’s 10 top AML and fraud blogs in 2023.

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Fraud Training Compliance Trends 221

PYMNTS

AUGUST 1, 2018

MGM officials will also reportedly help the league detect fraud and game-fixing. The largest credit card companies, while certainly not closing the door to enabling those payments — U.S. Beyond that, legal gambling culture in the United States, despite the Supreme Court ruling , remains a tangle of state laws and regulations.

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United States Online New York Louisiana 101

PYMNTS

APRIL 14, 2017

From an ACH networks standpoint, noted Estep, innovation may be “skinny,” but operations are ubiquitous, connecting all the bank accounts in the United States. Mastercard’s Malhotra said that as the card networks work, “we actually make these payments process within the blink of an eye.”

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Payments United States Innovation System 105

PYMNTS

AUGUST 15, 2019

SCA , as it’s commonly known, is no simple task now, and it’s certainly far from a concrete, standardized process for card-not-present transactions. The data is out there — and someone else can use it for authentication or fraud.”. These data points, he said, fall under the designation of static PII. “The

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Regulation Data Examples Meeting 134

PYMNTS

SEPTEMBER 15, 2017

As LendUp CEO Sasha Orloff and Beneficial State Bank Co-CEO Kat Taylor told PYMNTS in a recent interview, banks and FinTechs need each other, and a very large segment of the population living on the margins of financial services in the United States need these two groups to work together as well. “I percent to 29.99

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Fintech System Lending Cards 198

Gonzobanker

JUNE 30, 2016

An unfortunate turn of debit card events is happening for financial institutions unregulated by the Durbin Amendment (assets under $10 billion, which is most banks and credit unions). As the liability for fraud shifted in October 2015, it was a non-event with the exception of the largest financial institutions.

Payments 97

Payments Cards United States Fraud 97

Abrigo

MARCH 3, 2021

While the typologies of EIP fraud are not new, FinCEN has provided examples of trending types of EIP-related criminal activities. . Takeaway 1 FinCEN has provided examples of the trending types of EIP fraud. . Takeaway 3 FinCEN has requested specific SAR filing instructions for EIP fraud. . Red flags for EIP fraud.

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Fraud Payments ATM Trends 195

CB Insights

MAY 23, 2019

Below, we take a look at some of these frauds and the lessons they can teach entrepreneurs hoping to launch their own products, companies, and funds. Zenefits skirts compliance regulations. Mozido’s fintech fraud fiasco. Virgin Hyperloop One’s utopian vision derailed by fraud. And others disappear forever.

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Fraud Las Vegas Company Video 78

PYMNTS

MARCH 17, 2017

The business cards have all been exhausted, and the hearty salutations give way to weary nods of (yet again) recognition. The money flow — between, say, the United States and Mexico, or as remittances evolve in newly (almost) cashless India — may be embracing technology, but interactions between banks, wires and processors are still required.

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Innovation Lending Boston Security 103

Gonzobanker

NOVEMBER 9, 2015

Samsung Pay was launched in the United States after piloting in South Korea. By 2019, eMarketer is forecasting $210 billion in spend and estimating that mobile payments will surpass payment cards. For example, Visa’s Connected Car booth stated that insurance and lease payments were handled via blockchain. Two things.

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blockchain Bitcoin Lending Innovation 60

FICO

JANUARY 15, 2021

The FICO Blog posts last year reflected that – we wrote about everything from the impact on collections, proactive lender communications with consumers, issues with fraud, and of course, how FICO® Scores were impacted. consumers had on average $6,004 in credit card debt, down from an average of $6,934 back in January 2020.

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Report Payments Cards Data 59

Tomorrow's Transactions

DECEMBER 12, 2014

Based on the rate of cash-free transactions and the percent of the population that relies on a debit card, here is a look at the 10 countries leading the pack toward a nearly cashless economy. United States. Make sure you have a credit or debit card on you; the city’s parking meters no longer accept cash or coins.

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Cards Payments Taxes Retail 66

Abrigo

AUGUST 10, 2020

As the COVID-19 pandemic continues to wreak havoc around the globe, related fraud continues to escalat e. Although these typologies are not new to illicit actors , there have been significant increases of reported fraud by th ese methods during the pandemic. Cybercriminals are targeting remote platforms and processes.

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Fraud Regulation Lending Resources 195