Bank Innovation

SEPTEMBER 27, 2017

Fintechs are partnering with banks, banks are using blockchain technology, artificial intelligence, and cryptocurrency and financial regulation is still undergoing massive changes. 2017 has been a […].

Innovation 360

Innovation cryptocurrency blockchain Fraud 360

PYMNTS

OCTOBER 14, 2019

Money laundering and similar forms of fraud have become more concerning for FIs as reports of cybercrime circulate globally. dollar as their currency of choice on the black market, which means American banks must alter their anti-fraud and AML strategies — especially as regulatory fragmentation divides the U.S.

Strategy 109

Strategy Fraud Innovation Regulation 109

PYMNTS

NOVEMBER 4, 2020

The seizure stemmed from a cryptocurrency fraud scheme being investigated by Brazilian federal police called Operation Egypto. They reportedly held the funds in a way that would've mandated regulation under Brazilian law, with which Fagundes and the others allegedly didn't comply.

Fraud 234

Fraud cryptocurrency Regulation Operations 234

PYMNTS

DECEMBER 29, 2020

With digital transactions and eCommerce soaring during the pandemic, the rate of increasingly sophisticated fraud has also risen. It’s great to see the prioritization on innovation with this bill,” Wingert said, calling the AML regulatory changes important. Can you really know your customer if you don’t know their location?”

Fraud 270

Fraud Compliance cryptocurrency Security 270

PYMNTS

FEBRUARY 27, 2020

Fraud continues to increase in many areas, despite extensive attempts to bring it to heel. Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 billion , and phishing attacks now comprise 30 percent of all fraud attempts. billion to $7.2 million USD).

Fraud 150

Fraud Examples Online Data 150

Abrigo

OCTOBER 16, 2023

Takeaway 2 Participation in BaaS models, staffing changes, poor training, and failure to reassess policies post-pandemic are risk factors for credit unions Takeaway 3 Compliance officers should always be thinking about how BSA, AML, and fraud concerns impact their credit union and , ultimately , their members. FinCEN assessed a $1.5

Training 221

Training Compliance Fraud Policies 221

Bank Innovation

DECEMBER 5, 2017

The Securities and Exchange Commission, or SEC, has filed charges of fraud against the organizers of a $15 million ICO, the agency announced yesterday. The regulator filed charges against Canadian organizers Dominic Lacroix and Sabrina Paradis-Royer, as well as a firm named PlexCorps, for violating U.S. securities laws.

Fraud 231

Fraud Regulation Security cryptocurrency 231

Abrigo

DECEMBER 5, 2023

AML Compliance Ten qualities of a successful BSA officer Hiring a Bank Secrecy Act (BSA) Officer for a financial institution involves looking for a unique experience level and skillset that ensures compliance with the BSA and related regulations. You might also like this webinar , "Pros and cons of combining BSA and fraud departments."

Training 221

Training Compliance Regulation Software 221

Abrigo

OCTOBER 16, 2023

Takeaway 2 Participation in BaaS models, staffing changes, poor training, and failure to reassess policies post-pandemic are risk factors for credit unions Takeaway 3 Compliance officers should always be thinking about how BSA, AML, and fraud concerns impact their credit union and , ultimately , their members. FinCEN assessed a $1.5

Training 195

Training Compliance Fraud Policies 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. The under-reported and growing crime.

Fraud 284

Fraud Study United States Training 284

PYMNTS

DECEMBER 9, 2020

And new regulations are taking root or are on the horizon to help protect consumers, their data and how that data might be used. Fraud, of course, is on the rise, so that will push the drive toward innovation and establishing digital identities.

Regulation 234

Regulation Security Data Course 234

PYMNTS

SEPTEMBER 16, 2019

17) will discuss the fraud problem stemming from influencer marketing. University of Baltimore professor of economics and statistics Dr. Robert Cavazos researched the influencer fraud problem and said issues are anticipated with a model like influencer marketing. It’s a very fine, delicate balancing act.”. The 15 percent is an average.

social media 150

social media Regulation New York City Baltimore 150

PYMNTS

SEPTEMBER 19, 2019

This has become a larger problem for FIs as they must not only deal with protecting customers from fraud, but also guard against bad actors armed with 4.1 Account opening fraud is a favorite tactic among such cybercriminals, many of whom rely on these credentials to pose as legitimate customers. billion stolen credentials.

Fraud 144

Fraud Data Mobile Tools 144

Abrigo

JANUARY 30, 2024

This year’s conference will feature industry experts, financial institution peers, BSA/AML professionals, CPAs, law enforcement, auditors, and regulators selected especially for their expertise and timely knowledge. The Fighting Financial Crime track will focus on BSA compliance, anti-money-laundering (AML), and fraud detection topics.

Conference 195

Conference Arizona Phoenix Fraud 195

Accenture

SEPTEMBER 3, 2020

These include: regulation and monetary policy, consumer protection, fraud and Anti-Money Laundering (AML), the national economic outlook, the financial sector’s outlook (for international agencies and global regulators), emerging technologies and innovation (for….

Policies 221

Policies Regulation Fraud National 221

Bank Innovation

APRIL 24, 2017

The rise of insurtech is running parallel to the rise of regtech, as financial firms and startups apply artificial intelligence, blockchain, and other technologies to the dizzying world of financial regulation.

Regulation 255

Regulation blockchain Fintech Technology 255

PYMNTS

MAY 27, 2020

The COVID-19 pandemic is accelerating the pace of digital innovation across the financial sector, and credit unions (CUs) are no exception. Many CUs are investing heavily in new digital technologies to help serve their members during the COVID-19 pandemic, but not all innovations are successful.

ATM 243

ATM Innovation Meeting United States 243

PYMNTS

SEPTEMBER 25, 2019

Innovation can be a blanket term in the banking world. Is artificial intelligence (AI) for anti-money laundering (AML) compliance innovation? The latest Innovation Readiness Playbook surveyed more than 200 bank executives to reveal the role that core processing and IT infrastructure play in innovation performance and strategy.

Innovation 171

Innovation System Compliance Payments 171

PYMNTS

JUNE 13, 2019

Countering digital fraud is a lot like playing whack-a-mole: As soon as one fraudster is taken out, two more pop up where they’re least expected. The popularity of digital banking services has created ample opportunities for bad actors, leaving banks scrambling to protect themselves against the rising tide of fraud.

Fraud 128

Fraud Analytics New Jersey Data 128

PYMNTS

SEPTEMBER 24, 2019

That sentiment was underscored earlier this month when South Korea said it would delist a number of altcoins from an exchange over privacy concerns – namely, the anonymous nature of the transactions are at odds with the goals of the Financial Action Task Force (FATF), which include combating money laundering and fraud.

Innovation 182

Innovation Fraud Technology Security 182

PYMNTS

SEPTEMBER 18, 2020

We have deep dives on digital onboarding at universities, subscriptions and quick-service restaurant (QSR) friendly fraud. The firm, in addition to KPMG, EY and PwC, had been cautioned by regulators that their companies had to break off their consulting divisions from their audit arms. What Innovators Can Learn from Netflix .

Fraud 141

Fraud Apple California Innovation 141

PYMNTS

MARCH 2, 2020

Instead, she noted, an estimated $240 billion is going out the door to fraud, waste and abuse (FWA). From those manual reviews, these highly experienced investigators create rules, monitor suspicious activity and collaborate with law enforcement to mitigate fraud in the system, she continued. Modifying the System.

Fraud 216

Fraud System Security Leadership 216

PYMNTS

JULY 10, 2020

For several years, while state-level legalization has expanded, access to traditional banks remains an issue thanks to their status as federally regulated entities. It’s why, said Muller, payment innovators in the cannabis market must keep a macro view while targeting micro use-cases and user populations.

Innovation 210

Innovation Payments Tools Compliance 210

PYMNTS

MARCH 18, 2019

Authenticating.com is working to combat identity fraud by combining different solutions to securely automate and outsource identity verification and fraud prevention as a service. billion in losses due to cybercrime, with various forms of identity fraud topping the list.

Fraud 108

Fraud Knowledge Base Regulation Data 108

Perficient

FEBRUARY 29, 2024

Explore and integrate alternative data sources and innovative scoring models to offer fairer assessments of creditworthiness. By ensuring compliance with regulations, banks mitigate risks and maintain trust with customers and regulatory authorities alike.

Trends 221

Trends Industry Analytics Compliance 221

Abrigo

JANUARY 4, 2023

Guidance for banks on the lookout for crypto scams and fraud The turbulent cryptocurrency scene should put bankers on high alert. Takeaway 1 Cryptocurrencies are the newest and most popular field in potential financial gains through fraud. But with increased popularity comes more opportunity for fraud. DOWNLOAD WHITEPAPER.

social media 195

social media Fraud cryptocurrency Trends 195

PYMNTS

MARCH 25, 2019

federal government tries to stem fraud and other losses in benefit programs, a new mobile app might just provide a way to do that. Finally, one Western European country has decided to take a slower approach when it comes new digital payment regulation. As the U.S. billion: Global RegTech market’s projected value by 2023.

Innovation 148

Innovation Fraud Regulation Data 148

PYMNTS

JULY 25, 2019

Customers have varying banking needs, but the global fraud phenomenon tends to have equal impacts. Challengers see fraud protection as especially important, particularly as they attempt to ween customers away from legacy FIs and their own nimbler FinTech competitors. Bringing a global fraud approach to a new local market.

Fraud 164

Fraud Marketing US Resources 164

PYMNTS

JANUARY 26, 2017

B2B payments have a reputation for being slow to innovate , though the last couple years has challenged that notoriety. Still, according to the latest Mercator Advisory Group report on FinTech disruption, B2B payments will have to wait a bit longer to see true change from these innovations. Regulation Throws FinTech Off-Guard.

Innovation 100

Innovation Payments Regulation Fraud 100

Abrigo

MARCH 7, 2022

Experts weigh in on regulatory hot topics for 2022 Review these 10 insights into what regulators are looking for in 2022 to help your financial institution pass exams with flying colors. Takeaway 1 Regulators have increased their focus on BSA in the first quarter of 2022, and the crisis in Ukraine will put OFAC in the spotlight.

cryptocurrency 195

cryptocurrency Regulation Fraud Policies 195

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. SCA Questions Stall Innovation. This fractured SCA’s ability to innovate, and challenges persist months after its deadline.

Fraud 144

Fraud Regulation Compliance Innovation 144

PYMNTS

NOVEMBER 6, 2019

When it comes to fighting fraud, it’s not really what you know – not exactly, at least. Fraud is big business, with online losses topping some $14.7 Fraud is big business, with online losses topping some $14.7 But that also provides more opportunity to construct, deploy and use fraud defenses based on machine learning and AI.

Fraud 104

Fraud Data Regulation Security 104

Insights on Business

OCTOBER 3, 2018

IBM RegTech Innovations. These technologies bring capabilities that speed risk modeling, automate fraud detection, ensure regulatory compliance, enable distributed trust, and protect sensitive financial information. We have developed a new approach to detecting financial crimes and fraud using graph analytics and machine learning.

Industry 155

Industry Innovation blockchain Compliance 155

PYMNTS

JANUARY 31, 2019

The growth of Same-Day ACH seems to also suggest that previous concerns about the risk of more fraud as a result of accelerated transactions has not held the industry back from adopting the functionality. focuses on enhancing payments speed domestically, payments innovators have taken the speed of cross-border payments to task, too.

Fraud 182

Fraud Payments Compliance Regulation 182

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

JULY 19, 2018

The Consumer Financial Protection Bureau (CFPB) has announced that Paul Watkins, a lawyer, will lead the agency’s newly created Office of Innovation. “I The Office of Innovation was recently created by Mulvaney to focus on a new priority for the agency: encouraging consumer-friendly innovation.

Innovation 100

Innovation Arizona Policies Leadership 100

Insights on Business

NOVEMBER 26, 2019

Fraud prevention is about who you can trust. But for customers, both actual fraud attacks as well as incorrectly blocked legitimate transactions represent a breach of that trust. But for customers, both actual fraud attacks as well as incorrectly blocked legitimate transactions represent a breach of that trust.

Fraud 91

Fraud Payments Innovation Customer Experience 91