PYMNTS

JUNE 4, 2019

In the old days, forged checks were the biggest problems that bank fraud departments had to manage. It is no wonder that fraud prevention is one of the problem areas that FIs hope artificial intelligence (AI) can help resolve. Yet, few FIs leverage this technology in their anti-fraud efforts — only 5.5

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Fraud System Study Comparison 195

PYMNTS

FEBRUARY 19, 2019

One day — maybe one that has already happened for some PYMNTS readers — we might look back with fondness and nostalgia on that time when chargebacks stood as the main worry merchants and other organizations faced when it came to fraud and risk. That’s where Kevin Lee comes in. Changing Scope. The stakes could hardly be higher.

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PYMNTS

JULY 31, 2020

Corporate travel manager CWT paid $4.5 Security experts say one way to thwart such attacks is to maintain off-site backups that can’t be compromised by an attack on an organization’s main system. The hit to CWT comes as corporate travel firms have begun to see a rebound in companies’ interest in business travel.

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PYMNTS

DECEMBER 9, 2020

Managing credit risk used to be a reactive process. Bank customers would fall behind on their payments, and their banks might react by imposing fees or having a case manager work with them to bring their accounts back up to speed. In severe cases, banks might have to take the drastic measure of closing accounts altogether.

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PYMNTS

MARCH 15, 2019

The new Digital Fraud Tracker highlights the latest developments in payments fraud, and how different companies are working to keep funds safe from bad actors as payment solutions grow increasingly faster. Around the World of Digital Fraud. Australia’s CNP fraud problems seem to be part of a broader pattern. million USD).

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PYMNTS

AUGUST 21, 2020

Digital banking is reaching unprecedented levels of popularity amid the pandemic, with 89 percent of American bank customers using mobile banking apps to manage their savings and checking accounts. ATMs are common avenues for fraud, however, especially those that are running outdated software. billion by 2024. About The Tracker.

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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.

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PYMNTS

FEBRUARY 23, 2020

There was such a demand for the classes that Emmanuel Babalola, Binance’s Nigerian business manager, said it’ll hold further classes. Reginald Fowler, “an alleged operator behind payment processor Crypto Capital , was charged with wire fraud” on Friday (Feb.

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PYMNTS

MAY 29, 2020

We have deep dives on Main Street’s digital shift, ATM innovation and PPP loans. NEW DATA: Inside Main Street SMBs’ Digital Shift. FIs need to have the ability to find and thwart fraud, without accidentally sweeping up legitimate clients. FinTechs Help Main Street Find Its Footing. The Flaw In Demonizing Big Tech.

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PYMNTS

FEBRUARY 8, 2018

Being a program manager isn’t easy. If it’s not holding money or providing a payment network, the program manager does it: AML (anti-money laundering) compliance, KYC (Know Your Customer), fraud mitigation, marketing, privacy, document review, OFAC compliance, reporting and more. Again: It isn’t easy.

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PopularBank

APRIL 18, 2024

Yet, despite advances in bank fraud protection, scammers continue to develop and deploy sophisticated—and successful—methods. Earlier this year, the Federal Trade Commission announced over $10 million in fraud losses in 2023, up 14% from the previous year. Thieves attempting bank fraud may try one or more of the following scams.

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PYMNTS

JANUARY 4, 2019

The 2018 holiday season has barely ended and it’s a good bet that retailers and payments players have yet to identify all the fraud that took place. The rest of the year will bring other such attacks, and no doubt new attacks barely imagined even by veteran fraud-prevention experts. Criminal Rings. Criminal Patience.

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Abrigo

AUGUST 7, 2023

Assessing and preparing for staffing needs AML and fraud compliance is an essential obligation for financial institutions. By performing a thorough staffing assessment of your AML and fraud teams, you understand the resource needs to meet all quality and regulatory expectations.

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Insights on Business

MAY 6, 2019

Payment fraud detection has always had a bit more latitude than its counterparts in anti-money laundering, customer due diligence and even trade surveillance compliance. Unlike the latter areas, fraud prevention is an area not as heavily governed by regulations or specific rules of what a financial institution should or should not allow.

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PYMNTS

MAY 15, 2018

The Central Bureau of Investigation (CBI), India’s main investigative agency in the country, has filed charges in the Punjab National Bank fraud case against Nirav Modi, the jewelry retail owner, and his uncle Mehul Choksi, as well as senior executives at the state-run lender.

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PYMNTS

OCTOBER 18, 2018

Access Bank , for example, said it would work with WhatsApp to give customers in Zambia the ability to manage financial accounts and complete transactions via the IM app. How Banks Are Weaponizing Data To Fight Fraud. Elsewhere in the space, FIs are seemingly more focused on social media integrations. About the Tracker.

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Perficient

MAY 15, 2023

Risk & Fraud Prevention. Perficient is a proud sponsor of the 2023 North American Financial Information Summit , which is the largest North American data conference for banks and asset managers looking to the future of data in financial services. Institutions can also compare their customer data with external data (ie.

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Data Conference New York City New York 275

PYMNTS

NOVEMBER 19, 2019

The fact that fraud is on the rise is not new, nor is it surprising that banks are turning to artificial intelligence (AI) and machine learning to fight back. In the latest Digital Banking Tracker , PYMNTS looks at how banks are currently approaching their use of AI and machine learning in fraud protection and technology innovation.

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Fraud Digital Banking Innovation Data 109

PYMNTS

OCTOBER 29, 2018

The latest generation of these implants comes with management software for both clinicians and patients, installed on commercial-grade tablets and smartphones,” the report said, adding that the “connection between them is based on the standard Bluetooth protocol.”. The main areas of security risk? Security Vulnerabilities.

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Abrigo

DECEMBER 17, 2019

The expected outcome of greater inventory at a lower cost, as we have seen in prior years, is an increase in fraud activity and cyberattacks heading into the end of the calendar year. One of the most important links in the chain of e-commerce fraud is the “mule”. Fraud Prevention. Fraud Trends. Fraud Prevention.

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PYMNTS

OCTOBER 12, 2018

For all the buzz about the advent of real-time payments, and the various opportunities it can reportedly unlock, the lingering uneasiness is that speed also brings the potential for more fraud. That fear, according to David Barnhardt, EVP of product at fraud prevention firm GIACT , is not unwarranted or unreasonable.

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PYMNTS

MAY 22, 2019

With fraud ramping up, regulators around the globe are starting to take a closer look at everything from typical threats to the use of new technologies, like blockchain. However, most of these security risks will be familiar to banks, which have protected against digital fraud for decades now.

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Fraud Payments Regulation Security 180

FICO

AUGUST 3, 2022

Fraud Ideas from FICO World 2022 – and Excitement for 2023! FICO World 2022 was an excellent event with a stellar fraud protection and compliance track - here's some of what we learned. Synthetic Identities and Application Fraud. Innovative Customer Communications for Fraud. Tue, 07/02/2019 - 02:45. by TJ Horan.

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South State Correspondent

OCTOBER 25, 2023

This cost includes receiving checks, scanning, providing checks, check security, data verification, check data management, compliance, fraud management, customer service for transactions, handling complaints, dispute resolution, and exception handling. Once a check leaves the payee’s hands, it is mainly unsecured.

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Fraud ATM Payments Management 195

Insights on Business

NOVEMBER 22, 2017

The same technology that has helped change the world of payments has also fueled fraud complexity, requiring an increasingly sophisticated anti-fraud response – payments fraud has become a €20Bn ($23Bn) worldwide problem for financial institutions while the fraud detection and prevention market will be worth €28.49Bn ($33.19Bn) by 2021 [1].

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Fraud Payments Innovation Industry 125

PYMNTS

MAY 27, 2020

The May FI Fraud Decisioning Playbook examines the issue of omnichannel fraud and the strategies that banks and CUs are using to detect and thwart it. Around The FI Fraud Decisioning World. Cross-channel fraud is a major threat, and FIs need to quickly detect if it is occurring. Read the full story in the Playbook.

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PYMNTS

MARCH 6, 2020

Even more significantly, our research shows that FIs are using AI with greater focus than they have in the past, with two areas emerging as key applications: payments fraud and credit risk. Our study identifies six main computational systems in use by FIs today, including AI. This represents a 69.7 percent of them. For example, 21.4

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Data Fraud Study Compliance 204

PYMNTS

APRIL 24, 2020

There is a great deal of economic uncertainty in the world today, as many banking managers and executives are acutely aware. These circumstances have brought to the fore what has long been a central concern for lenders: assessing and managing credit risk. percent expect these systems to improve credit/portfolio risk.

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Payments Fraud Study System 251

South State Correspondent

SEPTEMBER 13, 2023

Most banks ignore instant payments or are still worried about fraud and research. 33% are still made via check that contains more than $8B of fraud per year. Check fraud is up some 84% and is only going to go up. Now, the payer doesn’t have to take the time to initiate the transaction, making payment more manageable.

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Payments Fraud Data Taxes 221

FICO

SEPTEMBER 6, 2021

I recently spoke with FICO’s Adam Davies about c ontextual intelligence , a new approach that banks, other financial institutions and telecommunications companies are embracing to prevent fraud and financial crimes. Adam: Complex processes like credit originations, fraud detection, KYC and AML are traditionally managed by different teams.

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Insights on Business

MAY 15, 2019

They all have recently deployed or will soon be deploying the IBM Safer Payments fraud prevention solution on their preferred cloud infrastructure – IBM Cloud, Amazon Web Services (AWS) and Microsoft Azure, respectively. Fraud solution built for the cloud(s). What do a large Australian bank, a leading U.S.

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Fraud Resources Software Payments 110

PYMNTS

FEBRUARY 25, 2020

These three main segments of the Fleet Solution are said to provide better control over operations and increased protection against fraud. Zain Hak, general manager for Shell Fleet Solutions Asia, said the company’s fleet management experience spans 30 countries, giving it “an in-depth understanding of the needs of fleet owners.” .

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Gonzobanker

MARCH 14, 2024

I know your sales leadership has spent hours teaching you how to conduct basic discovery on your prospect, but there are countless times when people speaking on the call have no clue about the financial institution’s main problems or challenges and know very little about their business model, systems in use, or people on the call.

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PYMNTS

NOVEMBER 21, 2018

The rate of contact center fraud has skyrocketed recently, growing by 350 percent during the past four years. For call centers, dealing with this growing issue requires a multi-pronged approached, complete with defense to beat attacks coming from both outside and inside the company.

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Insights on Business

AUGUST 28, 2019

In our webinar yesterday, the first in the series AI Fraud Detection — Beyond the Textbooks , we ran out of time and weren’t able to address some great questions we had from the audience. What rules or models can you recommend to detect push-payment fraud”? Here’s why: All fraud models are predictors. Great question!

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Abrigo

MARCH 31, 2023

You might also like this webinar: "CECL implementation FAQs: Progress as 2023 approaches" listen Takeaway 1 The National Credit Union Administration emphasized interest rate, liquidity, and credit risk as main concerns. Takeaway 2 Credit unions may still have questions about regulatory expectations for CECL after adopting the new standard.

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FICO

DECEMBER 18, 2019

In anticipation of a dramatic increase in CNP fraud, several years ago FICO implemented new machine learning technologies in the FICO® Falcon Fraud Platform to better catch fraud in this area. Current UK Fraud Trends. The differences in fraud rates between debit and credit spending are similarly stark.

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