Abrigo

JULY 10, 2020

Community banks and credit unions partnered with their communities to help families and businesses through these unprecedented times , causing spikes in consumer fraud that must be faced head on. According to the new advisory , t wo fraud typologies are trending: imposter scams and money mule schemes. Member Business Lending.

Fraud 195

Fraud Lending Software Analytics 195

Abrigo

FEBRUARY 5, 2021

You might also like this webinar: "Detecting PPP Fraud: Optimizing Your AML Solution". Takeaway 1 To prevent the kind of fraud that plagued the Paycheck Protection Program in 2020, the SBA has put new measures in place that have created challenges. PPP fraud-prevention challenges arise. New Guidance Out. Ongoing changes help.

Fraud 195

Fraud Lending Taxes Regulation 195

PYMNTS

OCTOBER 3, 2019

Though fraud technology has evolved to combat the monster of payments fraud, there is a growth threat for banks that innovators are also paying attention to as financial institutions (FIs) increase their appetite for such tools. percent of overall revenue to lending fraud, compared to as much as 5.8

Fraud 158

Fraud Lending Technology Survey 158

Abrigo

SEPTEMBER 18, 2020

Key Takeaways FinCEN has released three COVID-19-related advisories that remind financial institutions to stay alert to increasing fraud trends. Adjust your scenario thresholds and ensure your front line staff is aware of these fraud red flags to help detect and deter COVID-19-related fraud.

Fraud 195

Fraud Trends social media Regulation 195

PYMNTS

MARCH 20, 2020

FinTechs continue to push the envelope to see how far open banking frameworks can go in improving the SMB banking experience, and increasingly, SMB lending is shifting to the center of these collaborative efforts. “Regulation around open banking has certainly been of great benefit to businesses in the U.K., In the U.K.,

Lending 233

Lending Data User Experience Fraud 233

Abrigo

JULY 27, 2023

Would you like other articles on fraud and AML/CFT compliance in your inbox? Of course, banks and credit unions are highly regulated industries, and this is increasing. They must not only comply with regulations aimed at protecting the safety of the FI but also those protecting the customers/members.

Technology 195

Technology Fraud Compliance Regulation 195

Abrigo

JULY 27, 2023

Would you like other articles on fraud and AML/CFT compliance in your inbox? Of course, banks and credit unions are highly regulated industries, and this is increasing. They must not only comply with regulations aimed at protecting the safety of the FI but also those protecting the customers/members.

Technology 195

Technology Fraud Compliance Regulation 195

Abrigo

JUNE 12, 2023

alone, handling $6 trillion in payments. The money transmitter industry is growing, spiked by advances in fintech and the consumer demand for immediate payment mechanisms. alone, handling $6 trillion in payments. Streamlined compliance : Compliance with varying state regulations significantly burdens money transmitters.

Compliance 195

Compliance Fraud Regulation Guidelines 195

PYMNTS

MARCH 7, 2019

Merchants and customers are now transacting under PSD2 and GDPR in the European Union (EU) — regulations that allow a greater window into how customer data is being used. While these regulations are aimed at increasing consumer trust by allowing them more transparency, many consumers in the region are still adjusting.

Lending 198

Lending Regulation Regional Data 198

Abrigo

JUNE 12, 2020

Key Takeaways The soon-to-begin Main Street Lending Program (MSLP) aims to fulfill a need for mid-sized businesses to access relief funds amid the coronavirus pandemic. The MSLP aims to be a lifeline for businesses that may have been too big to participate in the PPP, but too small to access corporate lending facilities. learn more.

Maine 195

Maine Lending Regulation Resources 195

PYMNTS

MAY 12, 2020

The process was chaotic for the lenders, too, creating greater potential for fraud amid an unprecedented SMB stimulus effort. As regulators issue warnings to the lending community about the potential for such fraud, banks and FinTechs are on high alert. Only days ago, the first case confirmed these expectations.

Fraud 154

Fraud Regulation Lending Capital 154

PYMNTS

NOVEMBER 5, 2019

Borrowers must often complete hefty amounts of paperwork before they are approved, and payments disbursed via paper checks can add delays. Many lenders are relying on advanced learning technologies like artificial intelligence (AI) and machine learning (ML) to offer instant loan payments without compromising the review process.

Lending 102

Lending Payments Security Fintech 102

Perficient

FEBRUARY 29, 2024

Banking institutions are responding by integrating advanced technologies, particularly artificial intelligence and data analytics, into their lending operations to enhance efficiency and adaptability. Facilitation of embedded lending while ensuring compliance: Embedded finance initiatives must adhere to regulatory requirements.

Trends 221

Trends Industry Analytics Compliance 221

Abrigo

OCTOBER 6, 2020

Key Takeaways The SBA is now processing PPP loan forgiveness decisions and related payments. SBA processing forgiveness decisions, payments. The Small Business Administration (SBA) is now processing some Paycheck Protection Program (PPP) loan forgiveness decisions and related payments. Give your borrowers a better experience.

Payments 150

Payments Fraud Lending Regulation 150

PYMNTS

SEPTEMBER 7, 2020

Bigatton, who is based in New South Wales, performed in his job for BitConnect between August 2017 and January 2018, when he also served as the representative for the investment scheme BitConnect Lending Platform. Challenger bank Ziglu has rolled out new peer-to-peer payments for all currencies across its mobile app, a press release says.

Bitcoin 132

Bitcoin Fraud Payments cryptocurrency 132

PYMNTS

MAY 8, 2019

Federal Trade Commission (FTC) is eyeing tighter scrutiny of small business lending practices as Commissioner Rohit Chopra calls on the regulator to combat predatory SMB loan contracts, reports in Bloomberg said on Wednesday (May 8). Chopra spoke at an agency forum in Washington, D.C.,

Lending 152

Lending Regulation Washington California 152

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

PYMNTS

SEPTEMBER 17, 2019

challenger bank Metro Bank, the financial institution is reportedly looking to reduce its corporate loan exposure and wind down commercial lending operations. The market shift follows a year of ups and downs for the financial institution marked by a high-profile accounting error, a valuation plummet and fraud investigations.

Metro 100

Metro Lending Fraud Capital 100

Abrigo

OCTOBER 31, 2022

Real estate lending BSA training should include GTO guidance , specifically on how to identify red flags at loan origination. While title insurance companies are required to collect and report data on covered transactions, regulators expect financial institutions to have procedures in place to detect these transactions. Learn More.

New York City 195

New York City Las Vegas District of Columbia San Antonio 195

PYMNTS

AUGUST 20, 2020

A multitude of SMB investors are looking to help, but lending to digitally focused SMBs comes with its own hurdles, including fraud risks and inefficient lending procedures driven by stiff regulatory measures. SMB Lending Risks. One of the most pressing issues plaguing SMB lenders is the risk of fraud.

Fintech 177

Fintech Fraud Lending Regulation 177

PYMNTS

OCTOBER 4, 2019

Life is never boring in the world of payments and commerce, and the newest edition of the PYMNTS Weekender report is proof of that. This week’s coverage includes a deep dive into a big potential misstep for Apple, woes at Goldman’s Marcus, a new Visa expansion effort and a look at how Google Maps can predict the future of payments.

Fraud 108

Fraud Google Apple Chicago 108

Abrigo

JULY 22, 2022

Cryptocurrency regulation is on the horizon The ups and downs of the cryptocurrency scene have illuminated a need for guidance for traditional financial institutions. Today’s cryptocurrency platforms also offer crypto-backed loans, allowing users to leverage their portfolios as loan collateral in a system similar to securities-based lending.

cryptocurrency 195

cryptocurrency FDIC Regulation Fraud 195

PYMNTS

NOVEMBER 1, 2019

In today’s top payments news, Japan’s instant credit startup Paidy notched $143 million in a Series C extension funding round. Also, legislators in the United Kingdom want a mandatory 24-hour waiting period on all first-time payments between bank accounts as a way to reduce fraud. The firm also posted a net loss of $26.2

Payments 100

Payments Lending Fraud Capital 100

PYMNTS

NOVEMBER 4, 2020

NEW DATA: Five Payments Innovations For Winning The Digital-First Shopper. Onyx CEO On Blockchain, The JPM Coin And Simplifying Payments. Morgan’s blockchain network to explore how blockchain and digital currencies can simplify payments and processes once tied to legacy systems, Umar Farooq, CEO of J.P.

California 196

California Payments blockchain Lending 196

Abrigo

AUGUST 10, 2020

As the COVID-19 pandemic continues to wreak havoc around the globe, related fraud continues to escalat e. A customer notifies the financial institution to change account communication and authentication methods and then promptly attempts to move funds to an account that had not previously received payments from the customer. .

Fraud 195

Fraud Regulation Lending Resources 195

Bank Innovation

FEBRUARY 1, 2019

Wirecard AG fell the most in more than a decade on Friday after a report that a law firm found evidence of alleged forgery, the latest fraud allegations to beset the digital payments company. The 25% plunge -- the worst since July 2008 -- capped a tumultuous three days that shaved about €7.2 billion ($8.3 […].

Fraud 150

Fraud Report Payments Company 150

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

CFPB Monitor

APRIL 7, 2022

The issues described in the report consist of the following: Regulation E liability protections. Consumers provided their account credentials for fraudulent EFTs through a money payment platform (MPP) such as Cash App, Zelle, or Venmo. The bank, as the account holding institution, was held responsible under Regulation E.

FDIC 78

FDIC Compliance Lending Regulation 78

Abrigo

MAY 20, 2020

When filing a COVID-19 related SAR, FinCEN requests that SAR field 34(z) (Fraud Other) be selected and the key term “COVID19 FIN-2020-A002 be referenced in SAR field 2 (filing Institution Note to FinCEN) as well as in the body of the narrative. . Lending & Credit Risk. Member Business Lending. SBA Lending.

Lending 195

Lending Fraud Training Report 195

PYMNTS

FEBRUARY 1, 2017

The largest anxiety critics of the alternative lending space have today is a lack of regulation. Without investor protection and without regulation on the cost of financing, small and medium-sized businesses, those critics say, may be left in a tighter cash bind than they were before.

Regulation 100

Regulation Lending Industry Fraud 100

Abrigo

OCTOBER 14, 2022

Takeaway 3 Utilize regulatory guidance to understand regulators' expectations, which are likely to include consistent stress testing. Get to know regulator expectations and priorities. Regulators’ risk management perspective is evolving, and financial institutions should expect to be held accountable for consistent stress testing.

Risk Management 195

Risk Management Management Policies Lending 195

PYMNTS

JANUARY 9, 2020

China’s peer-to-peer (P2P) lending market is headed for more turbulence in 2020 as more of its popular platforms face potentially being shut down as the government tightens regulatory reins. Gansu, Hebei, Hunan, Chongqing and Sichuan were among Chinese provinces ordering a total shutdown of P2P lending in 2019. billion yuan (US$70.4

Lending 131

Lending Regulation Capital Industry 131

Abrigo

APRIL 6, 2022

Takeaway 2 The change includes an obligation to inform regulators of a “notification incident” ASAP and no later than 36 hours after a reportable event occurs. Background Historically, the federal banking regulators required financial institutions to file two types of reports for certain cybersecurity incidents.

Security 195

Security Regulation District of Columbia United States 195

South State Correspondent

APRIL 15, 2024

Road trips, client meetings, briefings, and visits to call centers, branches, and regulators allow leaders to observe and assess the bank and the market. The Bank aims to be a responsible citizen at the local level in every community where it lends and takes deposits. There are a few important tidbits we found compelling.

Community 195

Community Community Bank Leadership America 195

PYMNTS

SEPTEMBER 18, 2017

The credit bureaus were included in the CFPB’s scope of oversight in 2012, and she’s asked the agency to let her know what additional power it might need to better regulate the credit reporting agencies going forward. We don’t need more regulation. Senator Elizabeth Warren (D – Mass.) What we need is competition.

Report 202

Report Regulation Data Retail 202

PYMNTS

DECEMBER 4, 2019

The rise in alternative small business lending players was first viewed as a competitive force against traditional financial institutions (FIs), although some legacy banks eventually embraced the new market entrants with partnerships and acquisitions to bolster their own small business lending activity. Despite the U.K.’s

Lending 131

Lending Fraud Tools Payments 131

Abrigo

MAY 24, 2023

Without full access to the banking and payments system, legal cannabis businesses are forced to operate in the shadows,” said Sen. “There is nothing like a cash economy to facilitate money laundering,” Senator Jeff Merkley testified before a committee hearing on the SAFE Banking Act. Sherrod Brown, D-Ohio, in the same hearing.

Lending 195

Lending Fraud Operations Ohio 195