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Fed touts FedNow’s fraud tools

Payments Dive

Cleveland Fed President Loretta Mester in a speech this week spelled out tools the new instant payments system will have for thwarting fraud.

Tools 370
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FedNow aims to avoid Zelle-type fraud

Payments Dive

As the Federal Reserve prepares for a mid-year launch of its instant payments system, FedNow, it’s zeroing in on anti-fraud tools to protect users.

Fraud 468
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FedNow fraud prevention for credit unions: A guide for AML, fraud teams

Abrigo

Prevent fraud when adopting FedNow Credit unions can prevent fraud as they connect to FedNow. Use this guide to understand available tools and the steps AML and fraud teams should take. You might also like this FedNow implementation guide with details on appropriate AML/CFT and fraud considerations.

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Fraud emerges as concern for FedNow users

Payments Dive

The Federal Reserve is weighing additional fraud-fighting tools as it takes feedback from users of the new instant payments system.

Fraud 259
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ACH fraud: Lessons for AML programs from a recent court case

Abrigo

Court case: Credit union held liable for ACH fraud losses A construction company argued the financial institution "failed to establish a reasonable routine" for monitoring suspicious activity alerts tied to ACH. Takeaway 3 Remember that ACH fraud risk also occurs in the placement stage of a fraudulent or money laundering scheme.

Fraud 221
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Check fraud detection tips for AML professionals

Abrigo

Takeaway 1 Check fraud detection is a critical component of AML programs because it is one type of fraud that continues to trend upward in financial institutions. Takeaway 2 According to the FBI, reported losses from check fraud total $1 8 billion annually.

Fraud 195
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The true cost of fraud

Abrigo

Measuring the cost of fraud losses. The true cost of fraud goes beyond the initial reported fraud losses Would you like other articles like this in your inbox? Takeaway 1 Fraud scams made worse by the pandemic continue to be successful, while crypto-scams are emerging. That equates to $35 billion annually.

Fraud 195