Abrigo

NOVEMBER 3, 2021

FinCEN provides guidance on Cyber Fraud What can financial institutions do to prevent and detect cyber fraud? You might also like this blog on FinCEN's AML/CTF priorities on cyber fraud. Takeaway 3 The FinCEN releases also focus on money mule schemes and imposter fraud, both increasing due to the pandemic. .

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Abrigo

JULY 21, 2022

Teaching branch staff these KYC tips can aid CDD compliance BSA Officers can help tellers and other branch staff learn how to ask questions that both foster relationships and support CDD compliance. . But they can also help your BSA team by supporting Know Your Customer (KYC) and Customer Due Diligence (CDD) compliance. .

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PYMNTS

NOVEMBER 10, 2020

PayPal is opening its network to allow consumers to shop using cryptocurrency. In the meantime, as central banks look toward a rough timeframe of 2025 to get up and running with digital fiat, McCarthy said that over the short term we’ll see more practical use cases leveraging cryptocurrencies — especially in the business-to-business space.

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Perficient

DECEMBER 27, 2023

Manage third-party risks, especially for relationships involving higher-risk or critical activities. This particular scam involves criminals building trust with victims in digital relationships before persuading them to invest in cryptocurrency platforms, ultimately leading to financial losses.

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PYMNTS

SEPTEMBER 12, 2019

Facebook’s Libra project has renewed focus on how cryptocurrencies are regulated, with current rules on the sector patchy and varying from country to country. The latest AMC/KYC Tracker examines current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space.

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PYMNTS

JANUARY 28, 2020

10, with new regulations for cryptocurrencies, wallets and exchanges. If it seems like regulators are singling out crypto unfairly, consider the fact that 63 percent of cryptocurrency exchanges tested in Q3 2019 were found lacking in KYC security. Know Your Criminals.

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Bank Innovation

OCTOBER 3, 2017

The Acting Comptroller of the Currency of the United States, Keith Noreika, has stated that he is considering imposing a nationwide licensing program for cryptocurrency exchanges, similar to the licensing program recently enacted in Japan. Last week, Japan’s […].

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PYMNTS

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. The growing prevalence of cryptocurrencies is also complicating the finance sectors’ security efforts.

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Abrigo

DECEMBER 19, 2022

Takeaway 1 Effective AML/CFT programs require ongoing training to keep AML and fraud staff compliant. Training materials for anti-money laundering & fraud professionals. This makes sense, given that a board member’s AML/CFT training needs are so different from those of a front-line compliance officer, for example.

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Perficient

OCTOBER 24, 2024

The economic risks of AI to the financial systems include everything from the potential for consumer and institutional fraud to algorithmic discrimination and AI-enabled cybersecurity risks.

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Abrigo

AUGUST 4, 2021

Survey: Top Challenges and Trends for BSA/AML Professionals Abrigo's 2021 FinCrime survey benchmarks obstacles and trends for BSA/AML and fraud professionals. Takeaway 2 Banking cannabis-related businesses and cryptocurrency are two hot topics in the BSA/AML and fraud space. The jury's still out on cannabis and cryptocurrency.

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PYMNTS

JULY 15, 2019

The rapid growth of cryptocurrency has come with closer scrutiny and a call for tighter anti-money-laundering (AML), know-your-customer (KYC) regulations. The anonymous nature of cryptocurrency, coupled with its irreversible transactions, is especially attractive to scammers and fraudsters.

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PYMNTS

AUGUST 23, 2019

Traki customers will be able to use various cryptocurrencies as payment options for the retailer’s products. Traki has been one of the early adopters of cryptocurrencies in Venezuela, which highlights its commitment to improve the traditional financial system,” Zac Cheah, co-founder and CEO of Pundi X, said in a press release. “At

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American Banker

SEPTEMBER 15, 2023

Former Deutsche Bank investment banker Rashawn Russell, who has denied defrauding investors in a cryptocurrency fraud, appears ready to change his mind and plead guilty to fraud charges, court records show.

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FICO

MARCH 6, 2020

Visma Connect recently interviewed Jürgen Krieg, FICO's head of global compliance sales. In this excerpt from that article, Jürgen elaborates on the importance of compliance. . At FICO, I am responsible for planning and implementing growth strategies to develop new markets, and the expansion of our compliance business globally.

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PYMNTS

MARCH 11, 2020

This year also kicked off the implementation of the Fifth Anti-Money Laundering Directive (5AMLD), which included among its provisions requirements that cryptocurrency companies be more vigilant in preventing financial crimes from being committed over their platforms. Taking A Local Approach To Fighting Money Laundering, Fraud Worldwide.

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PYMNTS

MAY 16, 2018

May marks the debut of new compliance efforts – key among them, of course, GDPR (which covers Europe but touches these shores), and as of last week, new customer due diligence mandates. . That opacity is heightened by open banking and cryptocurrencies. The remaining 200,000 euros had been siphoned from an account in Ireland.

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Perficient

SEPTEMBER 16, 2022

Consumer protection – Concern for the consumer was emphasized throughout the letter as the FRB highlighted risks to the public due to price volatility, misinformation, fraud, as well as the outright loss or even theft of assets. The letter highlighted mandatory compliance with the following federal regulations: The Bank Holding Company Act.

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Abrigo

MARCH 7, 2022

The world of FinCrime is more dynamic than ever, with fraud escalating thanks to an increase in mobile payments precipitated by the pandemic and security concerns rising over the Russian conflict in Ukraine. Cryptocurrency In general, traditional financial institutions have a low risk tolerance for banking cryptocurrency.

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PYMNTS

JULY 15, 2019

billion is estimated to have been lost to cryptocurrency scams, thefts and fraud in the first quarter of 2019, and cybercriminals and scammers are not the only ones putting digital asset users at risk. Thwarting fraud and making usage as secure as possible are key concerns for Canadian trading platform Bitbuy. Facing Fraud.

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FICO

DECEMBER 17, 2020

Cryptocurrency exchange rates have skyrocketed in the past month. According to a recent report , the total of cryptocurrency related frauds and thefts stands at a staggering $7.69b. billion of losses stemming from fraud, scams, and misappropriation of funds. This includes $2.8 This includes $2.8 by Sebastian Hetzler.

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PYMNTS

FEBRUARY 21, 2018

A former cryptocurrency exchange and its founder are facing charges from the Securities and Exchange Commission (SEC), the agency announced in a press release on Wednesday (Feb. We will continue to focus on these types of platforms to protect investors and ensure compliance with the securities laws.”.

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PYMNTS

OCTOBER 13, 2020

And, while terrorist use of cryptocurrency is still evolving, certain terrorist groups have solicited cryptocurrency donations running into the millions of dollars via online social media campaigns.”. billion of cryptocurrency reportedly was lost to theft or fraud – double that of the previous year.

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PYMNTS

JUNE 2, 2020

In the first five months of the year, cryptocurrency thefts, hacks and frauds totaled $1.4 Crypto intelligence company CipherTrace’s “ Spring 2020 Cryptocurrency Anti-Money Laundering and Crime Report ” revealed the thefts have escalated in the wake of the COVID-19 pandemic and ensuing global economic crisis. On average, U.S.

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FICO

APRIL 29, 2022

With any change, fraud comes hand-in-hand. Some of the changes are related to new digital payments methods like P2P apps, tap-to-pay, and cryptocurrency, which are all growing options in retail environments. All these evolutions mean a changing landscape for retail fraud and scam trends.

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The Paypers

JULY 3, 2023

Lithuania-based regtech iDenfy offering ID verification and fraud prevention solutions has partnered with cryptocurrency and digital payment service provider Mountain Wolf.

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PYMNTS

SEPTEMBER 23, 2020

A recent study from PwC found that 47 percent of companies had experienced fraud at least once in the past two years, with a grand total of $42 billion in funds stolen over this period of time. There were 223,163 cases of identity theft that year across all generations, with 42 percent of them consisting of bank and credit card fraud.

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FICO

JUNE 23, 2022

The Role of Data in Managing Fraud and Financial Crime Today. Here are the highlights from the fraud management data discussion I had at FICO World 2022 with Julie Conroy, Head of Risk Insights and Advisory at Aite-Novarica Group. How Did the Pandemic Change Fraud? Tue, 07/02/2019 - 02:45. by TJ Horan. expand_less Back To Top.

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CB Insights

DECEMBER 9, 2021

California-based TRM Labs offers blockchain analytics and assists cryptocurrency firms, law enforcement agencies, and financial institutions in addressing fraud and financial crime stemming from crypto transactions. How’s the company performing? The company’s revenue has grown 600% year-over-year since its inception.

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PYMNTS

JANUARY 1, 2021

Indian FinTech Cashaa and the country's United Multistate Credit Cooperative Society teamed up to launch what they say is the world's first cryptocurrency bank branch through a joint-venture bank called Unicas, according to a release. The operation also will provide traditional banking services, according to the backers.

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FICO

NOVEMBER 15, 2021

This week is International Fraud Awareness Week — but every week is Fraud Awareness Week for FICO, as we focus on helping banks and other financial institutions worldwide detect and manage fraud. Fraud is a big burden for such organizations but there are of course other victims – people just like you and me.

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FICO

AUGUST 12, 2021

Financial Institutions’ compliance officers and teams should be concerned that Open Banking may render their existing AML/CTF and KYC compliance programs inadequate. They provide added services to customers ranging from personal budgeting and spending alerts to personal funds transfers and cryptocurrency wallets.

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PYMNTS

FEBRUARY 18, 2019

Cryptocurrency has come a long way since bitcoin’s emergence as an unregulated, anonymous payment technology. Perhaps the most poignant moment in this evolution came about last week when JPMorgan Chase announced the development of the JPM Coin, the first bank-backed cryptocurrency in the U.S.,

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PYMNTS

OCTOBER 13, 2016

Regulation and compliance can be a tough space for many to wrap their heads around. Sunil Madhu , founder and CEO of Socure , joined Karen Webster to give context to some of the compliance concepts trending in the industry and also share his thoughts on what’s coming next down the regulatory pipeline. Compliance Decoded.

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PYMNTS

MAY 8, 2018

DMG Blockchain Solutions announced a new tool for crypto exchanges and enterprise payment platforms that facilitate cryptocurrency transactions aimed at enabling anti-money laundering (AML) and anti-fraud capabilities for users. Regulatory compliance for crypto exchanges is an emerging focus for industry players.

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FICO

NOVEMBER 22, 2021

Not to mention, the window for fraud has grown because retail events kicked off in October to counter concerns about supply chains and logistics. Growth in e-Commerce has Seen Fraud Surge. The fraud problem has gone viral. France and Germany have seen fraud increase during the pandemic. In the U.S. In the U.S.

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PYMNTS

NOVEMBER 11, 2019

Governments are tightening know your customer (KYC) and anti-money laundering (AML) requirements on various industries out of increasing concern over fraud threats. Retail brokerage company Exness recently adopted such solutions from provider Sum&Substance to help the former manage compliance for its two entities.

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