Abrigo

MARCH 3, 2023

Ten red flags to help you identify check fraud A financial institution's guide to identifying mail-related check fraud. You might also like this webinar, "Proactive measures to protect against check fraud and fraud loss." Losses from check fraud total $18 billion annually, representing more than a million checks daily.

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Bank Innovation

FEBRUARY 14, 2018

The island nation of Mauritius will now have a sovereign fund dedicated to investment in fintech. According to reports, high-level Fintech and Innovation-driven Financial Services Regulatory Committee panel met last week to discuss the possibility of the fund that would focus on, among other things, fraud, security, and blockchain.

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Abrigo

FEBRUARY 28, 2023

You might also like this webinar, "Proactive measures to protect against check fraud and fraud loss." REGISTER now Takeaway 1 Phishing is not a new fraud trend, but the rise of smartphones means text messaging fraud is becoming more common. billion to fraud in 2021, a 70% increase over the prior year.

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PYMNTS

DECEMBER 9, 2020

The cybersecurity firm FireEye — which counts numerous government agencies among its clients — said in a blog post that its proprietary tools were hacked by a suspected nation-state. “We The company has cybersecurity clients across the national security space in the U.S., reports Reuters. “We

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PYMNTS

DECEMBER 18, 2020

The National Restaurant Association ’s initial 2020 outlook was bright, as it projected sales just shy of $900 billion. These growing revenue streams carry their own risks, however, not the least of which is their propensity to be targeted by fraud. The Fraud Threats Of 2020.

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PYMNTS

NOVEMBER 13, 2020

The telecommunications industry is but one of many sectors looking to more securely verify customers and avoid fraud, which remains a growing problem. Robust digital ID verification practices could make many fraud schemes a thing of the past, but many banks and businesses have yet to adopt them. More than 6.2 More than 6.2

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PYMNTS

DECEMBER 16, 2020

More than 100,000 eateries — or about one in six restaurants nationwide — have closed due to the pandemic, according to National Restaurant Association estimates. Mobile ordering apps are largely responsible for keeping the industry above water, but fraud still plagues the sector. ChowNow's Fraud-Fighting Lessons Amid The Pandemic.

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PYMNTS

AUGUST 11, 2020

Idaho-based Kount has released a new product aimed at preventing insurance fraud as the industry increasingly turns to digital, and even mobile, setups. Along with the security benefits, Kount’s product will also ensure “marketing campaign efficiency and conversion,” the company added. In a Tuesday (Aug.

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PYMNTS

AUGUST 5, 2020

losses from COVID-19 fraud and ID theft have reached nearly $100 million since the pandemic emerged in March, according to Reuters. These states accounted for one third of more than 150,000 instances of COVID-related fraud reported nationally by the Federal Trade Commission (FTC) since mid-March.

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Abrigo

MARCH 4, 2022

Synthetic ID fraud is growing quickly and hurts FIs and customers Knowing the schemes associated with synthetic identity fraud and how criminals avoid detection can help minimize losses. Takeaway 1 Synthetic identity fraud is a growing form of identity theft in which an individual is impersonated by using stolen information.

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PYMNTS

SEPTEMBER 24, 2020

Fraud Threats To Digital Banking. Social Security numbers. Another threat is identity fraud, in which bad actors will either steal an individual’s identity or forge a new one, and then use it to open new accounts or apply for fraudulent loans they have no intention of paying back. Identity fraud accounted for $16.9

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CFPB Monitor

JULY 19, 2022

On July 13, 2022, the House Committee on Oversight and Reform, Subcommittee on National Security held a hearing entitled “Protecting Military Servicemembers and Veterans from Financial Scams and Fraud.” A recording of the hearing is available here. .

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PYMNTS

NOVEMBER 23, 2020

And even before then, as evidenced by an earlier conversation between Karen Webster and Drew Edwards , CEO of Ingo Money , mobile deposit fraud was increasingly becoming a favorite vector for criminals. Back then, Edwards noted that mobile check fraud was escalating so much that some banks were shutting off the feature entirely.

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PYMNTS

JANUARY 21, 2021

Melissa Townsley-Solis, head of GIACT , discusses one of the negative effects of COVID-19: the escalation of fraud in the payments arena. She stresses the importance of small businesses fighting back against fraud in 2021 in order to achieve economic recovery. Fraud was red-hot in 2020. Businesses across the U.S.

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Abrigo

JUNE 13, 2022

Elder fraud prevention and education Learn strategies for recognizing and reporting elder fraud and exploitation. . Takeaway 1 Elder abuse, exploitation and fraud continue to rise as the baby boomer generation ages. Takeaway 3 Education and reporting are key to preventing this type of fraud, so know your state's policies. .

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PYMNTS

JULY 10, 2020

In today’s top news, Marqeta prepares for an IPO, and Punjab National Bank was defrauded $491 million by one of its customers. Punjab National Bank Faces Third Major Fraud In As Many Years. Punjab National Bank shares fell by nearly 6 percent late Thursday (June 9) after it was defrauded of $491 million by one of its customers.

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Abrigo

APRIL 6, 2022

New Rule Outlines Computer-Security Incident Notification Obligations for Banks Financial institutions and their service providers should prepare to meet new computer-security notice requirements by May 1, 2022. . Computer-security incident notifications required. Expand and Clarify. What are the new notification requirements?

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PYMNTS

NOVEMBER 27, 2020

Overtaxing the royal attention span — that of the consumer — is a mistake, so multifactor authentication (MFA) processes are morphing in various ways to reduce onboarding frictions while maintaining rigorous multifactor authentication (MFA) and other fraud-fighting tools. Phone Call For You. Taking Authentication To The Streets.

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PYMNTS

DECEMBER 14, 2020

Treasury and Commerce departments are unable to protect their digital databases, lesser organizations would be seemingly hard-pressed to prevent similar security breaches. Justice Department, National Security Agency and the White House. The thinking goes that if the U.S. It includes all five branches of the U.S.

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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

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

JULY 3, 2020

Banks’ security efforts depend on analyzing consumers’ transaction histories to gain firm understandings of their normal behaviors, enabling financial institutions (FIs) to spot unusual activities that could suggest fraudsters are involved. Defending Agains Fraud During Periods Of Reopening .

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PYMNTS

FEBRUARY 20, 2018

India’s police took more action in their investigation of the loan scam at Punjab National Bank (PNB), arresting three more employees of the bank. 19), the country’s finance ministry blamed the Reserve Bank of India for failing to find the fraud , which took place in a branch of PNB in Mumbai, reported Reuters. On Monday (Feb.

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National Fraud Report Management 100

PYMNTS

JULY 30, 2020

With so much highbrow industry chatter about topics like payments fraud detection, it’s good to remember that this is actual crime-fighting. On the FBI’s Cyber Most-Wanted list are nationals of at least a half-dozen countries, some with state-level backing. The Fatigue-Fraud Connection. Check it out. Sick of hearing about COVID?

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PYMNTS

JUNE 24, 2020

In an interview with Karen Webster, Entersekt CEO Schalk Nolte said that in a world forever transformed by the pandemic, digitally established global identities and trusted endpoints are critical means of achieving genuine account security. CNP fraud, Nolte said, has become a numbers game.

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PYMNTS

NOVEMBER 10, 2020

PSCU , which is billed as the nation's premier credit union service organization (CUSO), has announced its new Enhanced Fraud Services system, which the company said “has helped 10 early adopter credit unions combat fraud of all types, ranging from first-party chargeback fraud to identifying card information being sold on the dark web.”.

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PYMNTS

MARCH 3, 2020

Two Chinese nationals were charged by the U.S. The hacking of virtual currency exchanges and related money laundering for the benefit of North Korean actors poses a grave threat to the security and integrity of the global financial system,” said U.S. national security,” said Don Fort, chief, IRS-CI. “We

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PYMNTS

DECEMBER 21, 2020

with money laundering, fraudulent banking and computer fraud, Reuters reported. “It It is not yet clear whether he participated actively in the theft or if he simply decided not to increase security measures after discovering it,” Ivano Gabrielli, director of the national center for cyber crimes (CNAIPIC), told Reuters.

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TheGuardian

SEPTEMBER 22, 2021

Merrick Anderson was called by someone posing as a member of Lloyds Bank’s fraud department Fraud in UK at level where it ‘poses national security threat’ Merrick Anderson lost almost £25,000 through an authorised push payment fraud in March.

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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.

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PYMNTS

DECEMBER 2, 2019

It’s no secret that privacy and security are the prisms through which authorities have looked, and are looking, at Libra and other digital coins. In recent announcements, the numbers have been supporting the argument that cryptos are becoming a favored avenue of theft and fraud. billion in fraud and theft seen last year.

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PYMNTS

MAY 10, 2019

prosecutors have charged a Chinese national for his alleged involvement in the 2015 data breach at health insurance company Anthem , which led to the theft of 78.8 million records. businesses. businesses.

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PYMNTS

OCTOBER 5, 2020

In this week’s B2B Data Digest, PYMNTS examines some of these numbers, finding that businesses are falling victim to payments fraud, but that tech firms are taking actions to mitigate cyber risks. . Furthermore, Sodinokibi hacks comprise one third of ransomware incidents that IBM Security X-Force has reacted to this year until now.

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PYMNTS

JULY 15, 2020

With the National Restaurant Association projecting up to $240 billion in losses by the end of 2020 and millions of restaurant jobs gone, along with their former workplaces, a nation mourns our glorious gastronomic past. Another involves heightened fraud vectors swimming like sharks around digital-first first-timers.

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PYMNTS

OCTOBER 15, 2020

They stole a lot of financial security,” Aaron Fisher said. Bank of America reportedly said the clawback was possible because the fraud was reported to the bank quickly. The FBI’s Merrill says on the agency’s website that fraud is especially prevalent during times of national stress and suggests ways to avoid being scammed.

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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.

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PYMNTS

JUNE 13, 2019

It’s undeniably advantageous to the world economy, with a recent study finding that national digital ID systems could induce GDP growth of up to 13 percent. Experiencing such gains comes with risks, however, as digital IDs have presented new and underexplored avenues for fraud. The Drawbacks of Complex Security. More than 4.5

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