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

Abrigo

Takeaway 1 Bank w ire transfer fraud is increasing due to technological advances today. Takeaway 3 Education and technology tools are our best defense against b ank wire transfer fraud in our institutions. While wire transfers offer speed and efficiency, they have always carried inherent risks. Spread the word.

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Market your community bank with first-party data

Independent Banker

Community banks own an enviable amount of data, but not all are leveraging it to its fullest extent. By Mindy Charski People share important data about themselves with their community bank in myriad ways. Data about existing customers can even help community banks improve their efforts to find new customers.

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Zuckerberg Advocates Internet Regulation

PYMNTS

Facebook CEO Mark Zuckerberg wrote an opinion piece in The Washington Post calling on regulators to take a “more active role” in making rules for how to police the internet, according to reports. “By These are important for keeping our community safe. In other Facebook news , the U.S.

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Prevent pig butchering scams: Safeguarding against investment fraud

Abrigo

A scam usually begins with online contact via social media or dating apps. Crafty scammers exploit weaknesses in fraud and anti-money laundering (AML) compliance programs such as outdated technology, human error, or inadequate monitoring systems. The goodwill your institution will gain in the community will be invaluable.

Fraud 195
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Banks Need Artificial Intelligence – It’s Just a Matter of Picking the Right Technology

Gonzobanker

Vendors need to be able to explain their AI technology to bankers in layman’s terms “An algorithm is what software engineers call something when they don’t want to explain what they did.” — Modern Adage Every vendor these days is talking about how their software has magical “AI” algorithms in it.

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Bitcoin Daily: VeChain Blockchain Platform Loses $6.7M In Cyberattack; Bottle Pay Bitcoin Startup Shuts Down Amid New EU Regulations

PYMNTS

In other news, Sweden’s Riksbank has put into place the public procurement of a supplier of technology to the eKrona pilot project and intends to make an agreement with Accenture, according to an announcement. The main goal of the project is to widen the bank’s understanding of the eKrona’s technological potential.

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AI fraud challenges: How to guard against losses

Abrigo

An example of a rising AI fraud scheme is using voice-to-text technology, such as Microsoft’s new Vall-E Text-to-Speech System. This technology can convert written words into speech that sounds like a recorded person using only three seconds of a voice recording.

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