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Fraud typologies all financial institutions should know

Abrigo

Can your AML/CFT and fraud staff recognize these fraud typologies? The technology used to perpetrate financial crimes may be changing, but these common fraud typologies aren't going anywhere. This is a nearly 10% increase in complaints received and a 22% increase in losses and thats just fraud that was offically reported.

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Crypto scams & crypto fraud detection for financial institutions

Abrigo

DOWNLOAD WHITEPAPER Growing popularity What is driving the rise in crypto fraud? Takeaway 1 Crypto fraud is the newest and most favored field in potential financial gains for bad actors. As it becomes more integrated into our financial system and scams increase, crypto fraud prevention must be a priority. billion in 2020.

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One big idea to turn payments fraud from risk to opportunity

Accenture: Banking

While unfortunate, the rising tide of fraud is not necessarily surprising. As technology has evolved, so have their tactics.   The dial-up world of the 1990s was a golden age for credit card telephone fraud schemes. Financial criminals have been targeting digital transactions for over three decades.

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Visa: EMV Cuts Card-Present Counterfeit Fraud By 80 Pct

PYMNTS

Merchants saw a drop in card-present fraud due to the increased adoption of Europay, Mastercard and Visa (EMV) chip cards, Visa said. Merchants who have upgraded to chip technology saw a decrease of 80 percent in counterfeit fraud dollars in September of 2018 when compared to September of 2015. More than 3.1

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Machine Learning Supercharges Banks’ Efforts To Fight Debit Fraud

PYMNTS

Consumers have more heavily leaned on debit during the pandemic, with the economic downturn making shoppers more cautious than ever about the prospect of taking on credit card debt. A recent study even estimates that shoppers could ultimately shift $100 billion worth of annual spending from credit cards to debit cards.

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What is a payment system?

Abrigo

Payment system types, trends, and fraud risks Understanding how payment systems function, the different types in use, and the associated risks is critical for financial institutions to be able to balance innovation with security. Need short-term fraud or AML staffing relief? Payment card networks in the U.S. trillion in 2021.

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Ingo CEO: Technology Plays Defensive Role Against Mobile Deposit Check Fraud

PYMNTS

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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