Remove Community Remove Compliance Remove Fraud
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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.

Fraud 221
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How to avoid costly BSA enforcement actions: Proactive steps for bank compliance

Abrigo

These actions can result in costly civil penalties and reputational damage, so banks and credit unions should take proactive steps to ensure their BSA compliance programs are robust and effective. Although the above example is a large bank, similar enforcement actions are being handed down to community banks.

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Investment accounting compliance: How technology helps

Abrigo

Meeting investment accounting and reporting requirements The right technology tools can help institutions manage investment accounting compliance and risk exposure across various investment types. Compliance with investment accounting and reporting requirements plays a central role in ensuring operational efficiency and regulatory adherence.

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Wire fraud: What it is and how to prevent it

Abrigo

Wire fraud is the second highest fraud scam impacting financial institutions As fraudsters continue to refine their tactics, financial institutions must remain vigilant to protect both their clients and employees from evolving wire fraud schemes. Understanding wire fraud is the first step to preventing it.

Fraud 195
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Celebrating FinCrime Fighter Day: Honoring the heroes of financial security

Abrigo

Their contributions are massive, and if you’ve ever worked with AML Officers and fraud professionals, you know just how vital they are. Every day, I’m reminded of the critical role the teams at our 2,500 bank and credit union customers play in anti-money laundering (AML), combating the financing of terrorism (CFT), and fraud prevention.

Security 221
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Cannabis lending for financial institutions: Opportunities, risks, and best practices

Abrigo

With the right approach, the rewards may outweigh the risks, creating opportunities for both financial institutions and the communities they serve. Abrigos new fraud detection software for banks and credit unions finds more fraud faster. However, compliance goes beyond software. But what about lending?

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Love and lies: How financial institutions can help prevent confidence scams

Abrigo

Unfortunately, scammers take advantage of this time to exploit vulnerable individuals through confidence scams, one of the most prevalent and costly types of fraud in the U.S. billion of reported losses due to this type of fraud in 2023 and around 40,000 victims in the United States. Staying on top of fraud is a full-time job.

Fraud 221