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How to prevent internal fraud at your bank or credit union

Abrigo

How to prevent internal fraud at your bank or credit union Of the many fraud risks banks and credit unions face, one of the most costly comes from within the institution itself. ACFE reported that 5% of an organizations revenue is lost to internal fraud each year, with an estimated $3.1 billion in total losses.

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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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Transaction monitoring: Data quality in banking makes the difference

Abrigo

Transaction monitoring ensures more than just compliance Without reliable client and transactional data coming into your monitoring system, either manually or automatically, you could miss crucial suspicious activity. Staying on top of fraud is a full-time job. This could put your institution at regulatory and reputational risk.

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Fraud and AML integration: Is the FRAML approach right for your financial institution?

Abrigo

Evaluating the FRAML approach For years, financial institutions have debated the merits of combining fraud and anti-money laundering (AML) functions into a single department in what's known as a FRAML approach. With such heightened scrutiny on fraud, keeping AML and fraud teams siloed may not be sustainable.

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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. Accurate and streamlined investment accounting supports overall risk management, particularly in areas like credit, market, and liquidity risk.

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Holiday check fraud: Protecting customers and financial institutions

Abrigo

Education, collaboration, and advanced fraud detection software can help prevent it. Education, collaboration, and advanced fraud detection software can help prevent it. The AML/CFT Officer or fraud officer plays a crucial role in any financial institution efforts to fight check fraud. They’ve evolved.

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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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