PYMNTS

SEPTEMBER 22, 2020

Consumers pivoting to online banking are also more concerned over the privacy and security of their data, especially as fraud volumes creep up —and financial regulators are taking notice. How The Pandemic Is Shifting Banks’ Understanding Of Clo ud Compliance. Around The Cloud Banking World. About The Tracker.

Compliance 191

Compliance Digital Banking Security Online 191

PYMNTS

SEPTEMBER 12, 2019

Facebook’s Libra project has renewed focus on how cryptocurrencies are regulated, with current rules on the sector patchy and varying from country to country. The latest AMC/KYC Tracker examines current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space.

cryptocurrency 116

cryptocurrency Regulation Compliance blockchain 116

PYMNTS

SEPTEMBER 30, 2020

Consumers and businesses have been moving online in recent years, and regulators from the European Union to the Middle East and North Africa (MENA) region have worked to keep up with this migration. The pandemic is dramatically altering how merchants can transact, which data they can store and where they can store it, however.

Regulation 175

Regulation Data Regional Examples 175

PYMNTS

NOVEMBER 8, 2019

The rule officially took effect in September, and EU countries have begun helping merchants and consumers work toward compliance. PSPs must, therefore, strike the right balance between authentication and seamlessness, while keeping up with how different European countries are tackling SCA compliance. Ireland and the U.K.

Compliance 101

Compliance Online Fraud Regulation 101

PYMNTS

FEBRUARY 4, 2020

Open Banking’s European success has kicked off interest in similar regulations worldwide, most notably in China, India and Singapore, where digital banking’s popularity among general consumers is rapidly rising. Numerous regions then announced internal deadlines for compliance that often diverged from their neighbors’ deadlines.

Fraud 144

Fraud Regulation Compliance Innovation 144

PYMNTS

SEPTEMBER 23, 2020

A recent study from PwC found that 47 percent of companies had experienced fraud at least once in the past two years, with a grand total of $42 billion in funds stolen over this period of time. There were 223,163 cases of identity theft that year across all generations, with 42 percent of them consisting of bank and credit card fraud.

Technology 208

Technology Report Fraud Study 208

South State Correspondent

OCTOBER 26, 2023

As can be seen, the conference largely revolved around payments, artificial intelligence, fintech partnerships/management, regulation, and fraud/identity in its various forms. The discussions were healthier, more compliance-focused, and with little expectations that banks were going to offer crypto to their customers any time soon.

Conference 221

Conference Las Vegas Fraud Case Study 221

Gonzobanker

JUNE 14, 2023

Cross River Bank recently found itself in hot water with the FDIC when the agency declared that the bank engaged in unsafe or unsound banking practices in relation to its compliance with fair lending laws and regulations, specifically the Equal Credit Opportunity Act and the Truth-in-Lending Act. If only it were so easy.

Compliance 109

Compliance FDIC Strategy Fintech 109

PYMNTS

JUNE 13, 2019

If it seems like cases of fraud and hacking are always in the news, that’s because new incidents pop up practically every day. According to the new Digital Fraud Tracker , total losses due to fraud equaled $4.2 According to the new Digital Fraud Tracker , total losses due to fraud equaled $4.2

Fraud 110

Fraud Security Retail Tools 110

PYMNTS

FEBRUARY 26, 2020

Back then, FinTechs asked for forgiveness instead of permission, rushing headlong into markets, disrupting them and operating in newly invented spheres of finance that regulators barely understood. For a case study in the new privacy rules at scale, people are looking to China and its Multi-Level Protection Scheme 2.0

Regulation 130

Regulation Case Study Fraud Study 130

Abrigo

FEBRUARY 25, 2022

Codified risk-based approach The AMLA codified the risk-based approach for the first time, and a thorough risk assessment is necessary to justify businesses to your regulators. ?As As regulators get up to speed with new FFIEC Exam Manual updates, you may need to remind them that not all groups of customers present the same risk.

Regulation 195

Regulation Policies Compliance Washington 195

Insights on Business

AUGUST 22, 2018

According to some studies, as many as 30,000 to 40,000 regulatory changes can occur in a given year, and they are projected to culminate into 300,000,000 pages of regulation by the end of 2020. Given these issues, it is critical that governance, risk and compliance (GRC) systems are leveraged to enhance this process.

Compliance 79

Compliance Innovation Technology Policies 79

PYMNTS

SEPTEMBER 6, 2018

Lackluster reporting increases the risk of non-compliance with Department of Labor regulations, while legacy systems make fraud and inflated paychecks an easy crime. Two of the largest ways, errors and fraud, are “huge issues,” said Dean Mathews, founder of time tracking solutions provider OnTheClock.

Fraud 109

Fraud Compliance Mobile Tools 109

Abrigo

MARCH 24, 2021

Anti-Money Laundering Act of 2020 BSA professionals should prepare for changes as new regulations and guidance from FinCEN unfold. Takeaway 2 While the AMLA is now law, regulations, guidance, and other information still needs to be written. These include conducting studies, writing regulations, and publishing guidance.

Regulation 195

Regulation Training Study Policies 195

PYMNTS

JULY 17, 2019

Firms must soon put more stringent fraud decisioning processes in place, and strong customer authentication (SCA) protocols must be built into checkout flows for online transactions that begin in Europe. Dragging their heels could have serious financial implications, according to a separate study by Stripe. For example, U.K.-based

Retail 162

Retail User Experience Compliance Regulation 162

Abrigo

DECEMBER 2, 2021

Using information from the core deposit study, bank or credit union management better understands depositor behavior and has critical information to develop pricing strategies and manage funding costs. During the pandemic, fraud activity has increased, and fraudsters have found new ways to scam bank customers and credit union members.

Conference 195

Conference San Antonio Lending Fraud 195

FICO

JULY 31, 2019

Fraud management and AML compliance are both about tackling financial crime, but often they are managed by different teams, each with their own processes and technology. It’s also true that fraudsters do not operate in siloes when they transfer the money from their frauds into cash by laundering it through a network of money mules.

Fraud 40

Fraud Compliance Study Management 40

FICO

JANUARY 5, 2021

It’s no surprise that COVID-19 would be one of the subjects that drew readers to the FICO Blog last year, but for the Fraud Protection and Compliance category it wasn’t the only top draw. What else made for the hottest reads in 2020 for fraud and financial crime? 2: Fighting Fraud: How Biometrics Enhance Identity Authentication.

Fraud 52

Fraud Compliance Survey Google 52

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.

Fraud 180

Fraud Exercises Regulation Study 180

CFPB Monitor

JULY 6, 2021

The Priorities have been much-anticipated because, under the AML Act, regulators will review and examine financial institutions in part according to how their AML/CFT compliance programs incorporate and further the Priorities, “as appropriate.”. A prime example of this problem is the inclusion of “fraud” as a Priority.

United States 78

United States Fraud Regulation Compliance 78

FICO

SEPTEMBER 20, 2022

Fighting Fraud with Responsible AI: My Talk with Dr. Scott Zoldi. FICO fraud expert TJ Horan talks fraud management and responsible AI with FICO's Chief Analytics Officer, Dr. Scott Zoldi. As for me, I’m a software guy and payments professional doing my best to roll with the changes in an ever-shifting fraud landscape.

Fraud 52

Fraud Analytics Strategy System 52

PYMNTS

DECEMBER 14, 2018

News came earlier in the month that several federal agencies have come out — together — in support of banks embracing innovation in their compliance efforts. Banks will not be penalized if they do not embrace new ways of battling fraud with new tech — meaning they can still adhere to the status quo.

Compliance 148

Compliance Innovation FDIC Examples 148

PYMNTS

NOVEMBER 7, 2019

Earlier studies found a surprising lack of both consumer and merchant awareness about the European Union’s Strong Customer Authentication (SCA) and second Payment Services Directive ( PSD2 ) regulations. Only 63 percent of compliance laggards said the same. Post-SCA deadline, a lack of readiness persists.

Regulation 123

Regulation Survey California Retail 123

PYMNTS

OCTOBER 10, 2019

Consumers have noticed the rising levels of fraud in digital banking, and they are not pleased. In fact, one recent study found that 71.2 Financial institutions (FIs) need to keep watch for newer schemes as they seek to prevent different forms of fraud, such as money laundering, on their online platforms.

Fraud 126

Fraud Digital Banking Strategy Security 126

PYMNTS

MAY 23, 2018

A February 2018 study from the Federal Reserve Bank of Minneapolis found that 75 percent of American financial institutions incurred losses due to fraud last year. Governments and regulators around the world are also stepping into the fight against fraud. Notable Digital ID News. DPAs Prepare for Looming GDPR Deadline .

Trends 125

Trends Strategy Minneapolis Fraud 125

Abrigo

AUGUST 22, 2019

Ongoing training is at the very heart of a satisfactory Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program in financial institutions. Fraud Prevention. Networking is especially important for BSA officers to be able to stay informed. For example, on Aug. Easy Ways BSA Officers Can Get Their Required Training.

Training 150

Training Las Vegas Alabama Minneapolis 150

PYMNTS

NOVEMBER 13, 2020

Fraud is another consideration. One way is to adopt a comprehensive, risk-based approach, [which can be] done by conducting essential checks with regulators’ lists to identify politically exposed persons (PEP) and cybercriminals as well as employing an extensive range of tracking tools that monitor suspicious behavior,” Pathak said.

Payments 259

Payments User Experience Meeting System 259

PYMNTS

FEBRUARY 28, 2019

The digital platform provides hiring, training, compliance management and payroll solutions to its clients, and is geared toward the facilities management, private security and logistics industries, to name a few. To read the Case Study, download the Playbook. Further east, Airbnb is taking off in South Korea, with a reported 2.9

Payments 183

Payments User Experience Training Case Study 183

PYMNTS

DECEMBER 10, 2020

KYC regulations require companies to prevent money laundering and protect themselves from being linked to criminal enterprises by accurately verifying their customers? Banks and other FIs must be certain that their clients are who they claim to be and adhere to AML compliance — or be held accountable. . identities. .

Video 201

Video Digital Banking User Experience Tools 201

Insights on Business

JULY 30, 2019

Regulators in the US and across the globe are supporting and even encouraging experimentation with new ways to handle financial crime detection, operations and management. As regulators see the initial application of AI in some firms, they will begin expecting it at others. Changing views on AI are an opportunity for improvement.

Study 107

Study Survey Regulation System 107

PYMNTS

SEPTEMBER 28, 2020

They also need to collect and verify vendors’ details to comply with anti-crime regulations, adhere to tax reporting requirements and deliver convenient digital payments to these suppliers. Corporate buyers that have gathered enough information on potential business partners then need to answer to regulators.

Data 166

Data Management Taxes Meeting 166

FICO

FEBRUARY 14, 2017

I’m going to explore the impact advanced analytics can have on the current state of regulatory compliance. RBA follows a multi-step approach: After initially assessing any risks (money laundering, tax fraud, etc.), That’s what a compliance officer is looking for. customers are automatically categorized into a risk bucket.

Analytics 40

Analytics Compliance Meeting System 40

PYMNTS

SEPTEMBER 25, 2019

Is artificial intelligence (AI) for anti-money laundering (AML) compliance innovation? The study categorized financial institutions into four groups: Core/IT-enabled: FIs that believe they are able to effectively leverage both of these systems to support innovation. percent), fraud and security (59.6

Innovation 171

Innovation System Compliance Payments 171

Insights on Business

JULY 30, 2019

Regulators in the US and across the globe are supporting and even encouraging experimentation with new ways to handle financial crime detection, operations and management. As regulators see the initial application of AI in some firms, they will begin expecting it at others. Changing views on AI are an opportunity for improvement.

Study 79

Study Survey Regulation System 79

PYMNTS

DECEMBER 11, 2020

In a number of European, Latin American and Asian countries, regulations allow banks and other FIs to use video-based customer identification for KYC, enabling customers to remotely onboard instead of requiring them to physically visit a branch office,” Philipp Pointner, chief product officer at Jumio, told PYMNTS.

Video 204

Video Security National Digital Banking 204

FICO

DECEMBER 21, 2016

That means 2017 should be a risky year from a compliance standpoint. To help in those efforts, regulators are requiring firms to improve their KYC programs with more detailed data and advanced analytics. Today, it’s really only Tier 1 banks that use analytics in AML, KYC and tax compliance areas. We expect that to change.

Compliance 40

Compliance Analytics Taxes Groups 40

FICO

MAY 20, 2021

In my Financial Crimes Predictions 2021: More AI & Ransomware post , I talked about how banks will move to operationalize their Anti-Money Laundering (AML) compliance programs to achieve greater efficiencies and how robotic process automation (RPA) adoption will drive the paradigm shift. Source: FICO customer case study.

Compliance 52

Compliance United States Study Case Study 52