Abrigo

NOVEMBER 1, 2021

Combating Cyber-Enabled Fraud Requires Communication Increases in cybercrime or cyber-enabled fraud deserve attention from financial institutions, as Abrigo expert Terri Luttrell explains in this video. . You might also like this whitepaper, "The 2021 BSA/AML and Fraud Staff Survey: Top Issues for FinCrime Fighters".

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PYMNTS

APRIL 5, 2019

Dozens of cybercriminal groups have found a home on Facebook , using the platform’s online marketplace to sell illegal services such as stolen credit card information, as well as account theft and spamming tools, according to Cisco Systems’ Talos security unit.

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PYMNTS

NOVEMBER 17, 2020

The number of real-time payments has risen dramatically in recent years, and APP fraud has grown alongside it. Bad actors typically perpetrate APP fraud in several ways. APP Fraud Ramps Up. Instances of APP fraud around the globe have continued to rise as real-time payment rails extend their reach.

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PYMNTS

JUNE 29, 2020

Open banking is one of the most significant emerging trends in the financial industry, allowing banks and FinTechs to share financial data in a quick, easy and secure manner across a network of platforms. Security Risks Facing Open Banking. Securing Open Banking Systems.

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Abrigo

DECEMBER 2, 2024

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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PYMNTS

NOVEMBER 3, 2020

One of Sweden’s largest private insurers, Folksam Group , says a data breach affected one million of its clients. Securities and Exchange Commission (SEC) Chairman Jay Clayton said that corporate America needs to do more to address the issue. elections or fraudsters looking to take advantage of the pandemic’s eCommerce trends.

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PYMNTS

OCTOBER 8, 2020

Ugandan police are investigating the hacking of a third-party processor of phone-based transactions, Bloomberg reported, that affected MTN Group and Standard Bank Group 's local units. While some services had to be suspended because of the hack, MTN said in a statement that no users' funds were affected.

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PYMNTS

JULY 6, 2017

With the speed of payments accelerating and Same Day ACH initiatives continuing to roll out, NACHA has pulled together a group of industry experts to explore API standardization as a way to facilitate faster payment speeds and greater transaction security, among other use cases.

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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 13, 2023

Avoid fraud losses from pig butchering scams FinCrime professionals looking to prevent pig butchering scams in the age of cryptocurrency can follow these steps to tighten security. Takeaway 1 Investment fraud schemes known as pig butchering scams contributed to $3.3 billion in fraud losses in 2022. billion in 2021.

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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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Abrigo

MAY 12, 2022

Protect your financial institution from cybercrime With cybercrime constantly evolving, what can businesses and financial institutions do to prevent fraud? Cybercrime is a threat to businesses and institutions of all sizes and is at the forefront of the minds of those in the fraud prevention field. These measures can help.

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PYMNTS

DECEMBER 14, 2020

Treasury and Commerce departments are unable to protect their digital databases, lesser organizations would be seemingly hard-pressed to prevent similar security breaches. When an aggressive group like this gets an ‘open sesame’ to many desirable systems, they are going to use it widely.”. The thinking goes that if the U.S.

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PYMNTS

AUGUST 19, 2019

In comments reported earlier this week, cyber insurance security responder Tom Bennett of CFC Underwriting told The Financial Times that that claims surged in June and July. Ransomware groups tend to target people in the Anglosphere, who are seen as able to pay and deserving of what they get. Corporate Wire Fraud.

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PYMNTS

JUNE 20, 2019

Retailers focused on combating fraud have credit cards in the cross-hairs of their efforts. But ramping up the war on card fraud can introduce a new risk to companies: false positives. This isn’t merely an issue for the B2C world, however. The False Positive Threat.

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PYMNTS

MARCH 20, 2020

Fraud attacks’ frequency and complexity will likely continue to rise despite merchants’ best efforts to prevent them. The Latest Fraud Decisioning Developments. The United Kingdom’s RELX , an information and analytics firm, has meanwhile purchased fraud prevention firm Emailage to boost its own anti-fraud efforts.

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PYMNTS

APRIL 9, 2020

securities laws. China is not the only country dealing with cryptocurrency issues. As reported on Monday (April 6), 11 lawsuits have been filed in the U.S. District Court in Manhattan, alleging that the defendants violated U.S.

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blockchain Groups Fraud cryptocurrency 166

Abrigo

MARCH 4, 2022

Synthetic ID fraud is growing quickly and hurts FIs and customers Knowing the schemes associated with synthetic identity fraud and how criminals avoid detection can help minimize losses. Takeaway 1 Synthetic identity fraud is a growing form of identity theft in which an individual is impersonated by using stolen information.

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PYMNTS

MARCH 2, 2020

A particularly harrowing cloud services-based fraud incident occurred last year, when a disgruntled AWS employee gained access to more than 100 million Capital One customers’ details. The cloud security space needs to completely rethink its options if such strong systems can still be breached.

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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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PYMNTS

DECEMBER 21, 2020

with money laundering, fraudulent banking and computer fraud, Reuters reported. “It It is not yet clear whether he participated actively in the theft or if he simply decided not to increase security measures after discovering it,” Ivano Gabrielli, director of the national center for cyber crimes (CNAIPIC), told Reuters. Meanwhile, U.K.

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blockchain Bitcoin Fraud Report 206

PYMNTS

SEPTEMBER 16, 2019

So now, the investigation deepens and broadens, with payroll fraud under the microscope. Pioneer Bank, in turn, has pointed to a filing with the Securities and Exchange Commission this week that referenced $19 million in deposit activity that could be linked to “potentially fraudulent activity.”.

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PYMNTS

JUNE 4, 2020

Before that, the group claimed to have attacked Michigan State University and Columbia College of Chicago, in a dark web blog accessed by Cointelegraph. billion in fraud, hacks and theft in just the first five months of 2020, according to a study by crypto intelligence company CipherTrace.

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PYMNTS

JULY 15, 2020

Judges dismissed a civil suit that alleged Wirecard of fraud weeks after the company filed for insolvency in a Munich court. The judge also found that the involvement of the Mauritius’ Emerging Markets Investment Fund (EMIF) was not a reason to suspect fraud. “As Still, this is not the end of troubles for Wirecard.

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PYMNTS

OCTOBER 29, 2018

29) by Kaspersky Labs and the University of Oxford Functional Neurosurgery Group noted, the technology is quickly gaining ground. But those gains come with fresh concerns about digital security. Security Vulnerabilities. The main areas of security risk? As a research report released on Monday (Oct.

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PYMNTS

JANUARY 20, 2020

Fabara officially joined Visa in September of 2019, coming from Amex, where he was president of its global services group. Now four months in, he told Webster that the idea of a secure and trusted payments ecosystem is part of Visa’s “corporate DNA.” It has motivated a different approach for fighting fraud in the 2020s and beyond.

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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.

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Abrigo

JULY 10, 2020

Community banks and credit unions partnered with their communities to help families and businesses through these unprecedented times , causing spikes in consumer fraud that must be faced head on. According to the new advisory , t wo fraud typologies are trending: imposter scams and money mule schemes. Member Business Lending.

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PYMNTS

MAY 8, 2019

In recent weeks, several companies have banded together to develop secure, seamless authentication tools. In other partnership news, financial services firm PayPal recently invested in blockchain security company Cambridge Blockchain. Under the partnership, the company will work with PayPal’s corporate venture group.

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PYMNTS

FEBRUARY 19, 2019

One day — maybe one that has already happened for some PYMNTS readers — we might look back with fondness and nostalgia on that time when chargebacks stood as the main worry merchants and other organizations faced when it came to fraud and risk. That’s where Kevin Lee comes in. Changing Scope. The stakes could hardly be higher.

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PYMNTS

AUGUST 5, 2020

Fraudsters looking for their own enrichment are also populating these platforms, however, making it imperative that both consumers and the companies providing these digital bowling, poker or roleplaying games take security seriously. Around The Digital Identity Ecosystem.

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PYMNTS

JUNE 24, 2020

As the Wirecard scandal unfolds, SoftBank Group Corp. Within days, Braun, 50, was arrested on charges of accounting fraud and market manipulation. Neil Campling, an analyst at Mirabaud Securities, told CNBC that the transaction was structured in such a way that SoftBank took no financial risk. billion euros ($2.1

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PYMNTS

NOVEMBER 21, 2018

The rate of contact center fraud has skyrocketed recently, growing by 350 percent during the past four years. However, call centers need to implement these security measures in a way that doesn’t introduce frictions into the customer experience.

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PYMNTS

OCTOBER 6, 2020

Now these services are about safety and security, with features like curbside pickup and contactless drop-off, [and they’re now] a basic part of business operations,” Tim Ridgely , head of order and delivery at Paytronix, told PYMNTS. Before March, restaurants provided order and delivery services as something extra, more of a convenience.

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PYMNTS

FEBRUARY 19, 2020

Not so long ago, payments cyber fraud was done primarily by brute force, through guessing passwords and usernames — a scattershot approach akin to trial and error, conducted by lone individuals or small groups. Fraud is an industry for the crooks now. With the evolution of fraud, the detection and prevention efforts also change.

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PYMNTS

FEBRUARY 9, 2020

5) to one charge of conspiracy to commit wire fraud, stating that he assisted New York-based MyPayrollHR CEO and Founder Michael Mann defraud two companies, according to multiple reports last week. Mann allegedly was the leader of a bank fraud racket worth millions, which eventually cost him MyPayrollHR, his Clifton Park, N.Y.

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PYMNTS

MARCH 1, 2019

Cybersecurity returned to the top of the B2B startup investment list as three companies in the enterprise security realm landed nearly half of the $246 million in B2B venture capital this week. Cequence Security. Also operating in the enterprise security space is Cequence Security, based in California. Contrast Security.

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