Independent Banker

NOVEMBER 30, 2021

As more customers moved online, fraudsters took advantage of new and increasingly inventive opportunities to commit remote authentication fraud. These types of scams fall under the broad term of remote authentication fraud, and they’re increasingly common—and inventive. Examples of remote authentication fraud. New account fraud.

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Abrigo

JULY 25, 2023

How offering FedNow instant payments affects fraud & AML/CFT compliance What financial crime staff can do to prepare fraud and AML functions for implementing the FedNow Service for instant payments. Would you like other articles on fraud and AML/CFT compliance in your inbox? Instant payments service What is FedNow?

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PYMNTS

SEPTEMBER 9, 2020

Boston Telemedicine Company Amwell Prices IPO. Amwell, the Boston-based telemedicine company, is planning to go public as the demand for virtual healthcare offerings skyrockets amid the coronavirus pandemic. How Music Retailers Keep Card-Not-Present Fraud From Sounding A Sour Note.

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PYMNTS

MAY 5, 2020

“Credit unions across the country are on high alert for scammers looking to take advantage of members during the pandemic and are stepping up fraud prevention efforts as a result,” according to PYMNTS’ April Credit Union Tracker® done in collaboration with PSCU. This, in turn, helps mitigate fraud.”.

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PYMNTS

OCTOBER 3, 2019

The competition between cybercriminals and the fraud and security teams at banks, tasked with stopping their attacks, is incredibly lopsided. The fraud and security teams have to get it right 100 percent of the time to maintain their position of trust across the financial services ecosystem. The Multi-Tiered Fraud Fight .

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PYMNTS

APRIL 5, 2016

Federal Reserve Bank of Boston President Eric Rosengren delivered a speech yesterday (April 4) at the bank’s 2016 Cybersecurity Conference highlighting the economic and cyber risks financial institutions are facing today.

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PYMNTS

DECEMBER 24, 2020

Or maybe that cryptocurrencies have yet to go mainstream beyond the headlines because fraud still lurks. The Federal Reserve said this year that its Boston bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. Keeping An Eye On Fraud.

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PYMNTS

DECEMBER 29, 2016

A paper published by Boston Consulting Group (BCG) described today as a critical moment in banking history as players face pressure from alternative players and corporate clients that demand newer, better services. “The The time for this radical shift is now,” Boston Consulting Group declared. Fraud Prevention Remains Paramount.

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BankInovation

JULY 10, 2023

Using manual processes, fraud and digital teams at the Boston-based, $3 billion credit union worked overtime to fend off a series of attacks that Chief Operating Officer Traci Michel believed was enabled by generative AI tools. In one week in April, Metro Credit Union received more than 450 fraudulent account opening applications.

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Celent Banking

MARCH 4, 2017

It is my privilege to be part of the judging panel for Celent Model Bank Awards for 2017 for the following three categories: Fraud Management and Cybersecurity – for the most creative and effective approach to fraud management or cybersecurity. At the moment we are staying tight-lipped about who won the awards.

Risk Management 100

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Celent Banking

APRIL 7, 2017

Many of us at Celent just came back from a busy and exciting week in Boston. The rain and clouds couldn't obscure spectacular views from the State Room overlooking the Boston harbour. Fraud Management and Cybersecurity. Most Promising Proof-of-Concept. Corporate Banking Digital Platform. Idea Bank S.A., India Post, India.

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PYMNTS

JUNE 29, 2020

The lawsuit goes back to October 2017, when Boston law firm Block & Leviton said it was looking into securities fraud by the Tezos ICO. But stakeholders have pushed for a bigger range of tokens to be exempt from securities legislation recently.

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PYMNTS

AUGUST 21, 2020

New Report: How Behavioral Analytics Help FIs Block Fraud at the ITM. Jim Cunha, senior vice president of secure payments and FinTech at the Federal Reserve Bank of Boston, tells Karen Webster why the Fed is working with MIT to explore digital dollars. Federal Reserve’s Cunha on the State (and Timeframe) of Digital Dollars.

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PYMNTS

DECEMBER 11, 2017

Kenneth Montgomery, first vice president and chief operating officer of the Federal Reserve Bank of Boston, is taking up the position. He will lead the Fed’s initiative to address payments fraud risk and boost the security of payments in the U.S. Treasury and financial market, among other responsibilities.

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PYMNTS

JANUARY 8, 2020

By using secret card-reading devices and pinhole cameras at various locations, Rusu and others were able to commit a widespread bank fraud conspiracy that targeted various banks in Massachusetts, New York and New Jersey from August 2014 to November 2016, according to law enforcement.

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PYMNTS

APRIL 6, 2016

The pair charged — Ross McLellan and Edward Pennings — face a five-count indictment, touching on conspiring to commit securities fraud and wire fraud and also two counts apiece of securities and wire fraud. The indictment itself alleges that the two — during a timeframe that stretched between Feb. 2010 and Sept.

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PYMNTS

JULY 29, 2019

The suit, filed May 17 by Boston-based law firm Block & Leviton in U.S. District Court in the Northern District of California, contends Lyft committed securities fraud. In May, investors filed a class-action lawsuit against the company. Investors say Lyft misled them in its IPO.

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PYMNTS

MARCH 16, 2018

Beyond advising the Faster Payments Task Force on security issues, the group focuses on identifying the challenges and opportunities related to improving payment security, including identity management, data protection and information sharing to mitigate fraud.

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PYMNTS

NOVEMBER 16, 2018

While the previous purchase amount threshold varied by city, it’s now set at $300,000 for each metropolitan area, covering certain counties within the following major locations: Boston, Chicago, Dallas-Fort Worth, Honolulu, Las Vegas, Los Angeles, Miami, New York City, San Antonio, San Diego, San Francisco and Seattle.

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PYMNTS

DECEMBER 6, 2019

Also, the co-founder of Boston-based payments firm Circle will step down from his co-CEO role at the end of the month. The co-founder of Circle, a Boston-based payments firm, will step down from his co-CEO role at the end of the month. And Uber has debuted a group ordering option.

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PYMNTS

DECEMBER 5, 2019

The FPC will also provide education about faster payments and fraud mitigation. “We Montgomery, first vice president and chief operating officer of the Federal Reserve Bank of Boston and a FedNow program executive, said that as a founding sponsor of the FPC, the Fed will be a diligent participant in furthering the council’s priorities.

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PYMNTS

SEPTEMBER 30, 2019

As weaknesses in authorization systems can be exploited by online thieves, financial services firms are more vulnerable to hackers and get hit 300 times more often than other businesses, according to the Boston Consulting Group. Threat scan intuitively mimic fraudulent behavior and can be used in conjunction with tools already in place.

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PYMNTS

OCTOBER 12, 2020

In an interview with Karen Webster, Boston Federal Reserve Chief Operating Officer and FedNow Program Executive Ken Montgomery said the central bank’s ambitious payments initiative remains on track — and will inject competition into the instant payments market. He noted there has been additional input from the FedNow Community of 700 members.

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PYMNTS

AUGUST 7, 2020

Brainard, Kansas City Fed President Esther George and Boston Fed First Vice President Kenneth Montgomery also noted that the FedNow system will provide another option in a landscape already populated by, for example, The Clearing House Payments Co. (Or Combatting Fraud — And Addressing Competition And Costs .

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PYMNTS

MAY 20, 2019

The the class action lawsuit, filed Friday (May 17) by Boston-based law firm Block & Leviton in U.S. District Court in the Northern District of California, contends Lyft committed securities fraud.

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PYMNTS

FEBRUARY 18, 2019

The rule applies to all title companies that deal in markets that have luxury real estate including Boston, Chicago, Dallas-Fort Worth, Honolulu, Las Vegas, Los Angeles, Miami, New York City, San Antonio, San Diego, San Francisco and Seattle, noted the report. As for the U.K.,

Las Vegas 182

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Abrigo

JUNE 27, 2023

Key Takeaways Real estate markets are vulnerable to money laundering and fraud because of their transaction size and appreciation over time. Regulations such as Geographic Targeting Order updates help identify AML risks by requiring identification for certain real estate purchases.

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PYMNTS

MAY 12, 2020

Montgomery, the Federal Reserve Bank of Boston’s first vice president and chief operating officer and FedNow program executive, said the community “will help influence FedNow Service design and our development roadmap by providing input on desired service features, technology and implementation plans.”. In a statement, Kenneth C.

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PYMNTS

NOVEMBER 9, 2020

the economic headwinds and rising fraud trends wrought by the pandemic have caused consumers to scrutinize the trust they have tied to FIs and their own financial data. the Federal Reserve Bank of Boston said, “To date, U.S. Australia debuted its open banking framework in July of this year. Emerging Demand In The U.S. In the U.S.,

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PYMNTS

JUNE 13, 2018

Commodity Futures Trading Commission (CFTC) has the power to fight fraud centered around cryptocurrencies. Those watching the case say that if the court decides against the CFTC, it could affect its ability to police virtual currency frauds. A case involving virtual currency My Big Coin could determine whether the U.S.

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PYMNTS

OCTOBER 22, 2018

fans traveling to Boston for the start of the World Series will want to pack — and possibly purchase for the first time — sweaters, as this week will be an excellent opportunity to enjoy New England’s crisp fall weather. As of September 2018, losses from gift-card fraud have hit $53 million. However, a host of U.S.

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PYMNTS

SEPTEMBER 23, 2019

This is a market that Boston-based ButcherBox is catering to by delivering grass-fed, grass-finished meat and other humanely raised, sustainably sourced meat and seafood directly to customers’ doors on a monthly basis. The firm’s growth in customers and revenue did come with an increased risk of fraud. will reach 56.8

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PopularBank

DECEMBER 1, 2021

Some risks are unavoidable, but there are ways to lower the financial impact and reputational risk of fraud, and to measure and reduce its impact. Fraud can be analyzed two ways. The first is the likelihood of the fraud occurring. On the other hand, mobile and online bill pay from Popular Bank is free and available 24/7.

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PYMNTS

OCTOBER 3, 2019

Mastercard: Fraud-Fighting’s New Mantra — Test, Protect, Prevent . The rivalry between cybercriminals and the fraud and security teams at banks, which are tasked with stopping their attacks, is incredibly lopsided. And Gerber noted that the attacks are going to keep on coming. .

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American Banker

JULY 9, 2020

But Boston Fed chief sees more interest among banks and borrowers if the economy worsens; the failed payments company is being investigated for its alleged role in a $100 million caper.

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PYMNTS

NOVEMBER 15, 2019

Amazon To Build $40M Robotics Innovation Hub Near Boston. Governments are tightening know your customer (KYC) and anti-money laundering (AML) requirements on various industries out of increasing concern over fraud threats. Deutsche Bank told U.K. Zillow: Tackling Real Estate’s $1.6T Money Laundering Epidemic.

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PYMNTS

AUGUST 3, 2016

As Faster Payments become a reality, the issue of fraud is taking center stage. Beyond fraud, fees have also been a focus of banks and consumers, as many financial institutions are considering charging extra for advanced Same Day features. What’s happening in the world of Faster Payments.

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