Abrigo

OCTOBER 22, 2024

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.

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Abrigo

DECEMBER 10, 2024

Education, collaboration, and advanced fraud detection software can help prevent it. The increasing threat of elder fraud On December 4, 2024, FinCEN, along with the supervisory agencies, issued a s tatement on e lder f inancial e xploitatio n, or elder fraud. Get details What is elder financial exploitation?

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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. Market making eventually transitioned to phone-based systems, with computers providing real-time information, valuations and forecasts for traders.

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South State Correspondent

APRIL 9, 2025

At present, we track 150+ AI agent platforms that households and business can use right now to manage banking products. With the rise of autonomous agents acting on behalf of userswhether individuals using AI assistants or businesses employing agents to manage financesbanks need to rethink their digital architecture. The solution?

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PYMNTS

JUNE 29, 2020

In the ongoing scandal of Wirecard , under fire for fraud, the focus is now turning to auditors Ernst & Young (EY), which reportedly failed to report Wirecard’s “unorthodox financial arrangements” as far back as 2016, The Wall Street Journal (WSJ) reported.

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PYMNTS

DECEMBER 29, 2020

With digital transactions and eCommerce soaring during the pandemic, the rate of increasingly sophisticated fraud has also risen. Unlike the crypto markets, Wingert said the banking and payments industries continue to be slow to adapt to the challenges of KYC and fraud prevention. In fact, a recent GeoGuard survey found that U.S.

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PYMNTS

JUNE 23, 2020

Federal Reserve has introduced a new effort to combat payments fraud. The API supports setup, verification and initiation of direct debit, with the bank’s head of global liquidity and cash management Yvonne Yiu pointing to the cash management benefits such a tool could bring to businesses. In the U.S.,

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Abrigo

OCTOBER 30, 2024

Streamline case management processes. One of the largest areas for improvement in AML programs is case management. Instead, institutions should focus on optimizing how existing investigators work, and a focus on case management will help. One way to streamline case management is by rethinking the triage process.

Compliance 221

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Abrigo

MARCH 18, 2025

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? Key topics covered in this post: What is a payment system?

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Abrigo

JANUARY 22, 2024

6 Steps t o mitigate fraud risk tied to new products Your AML and fraud teams' input is key when it comes to offering new bank products. You might also like this infographic, "Beyond immediate fraud losses: How the costs and impacts of fraud snowball." download NOW Takeaway 1 Fraud losses totaled $485.6

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Abrigo

NOVEMBER 14, 2024

Ensure management and board of director oversight : A strong compliance culture starts at the top. Senior management and the board must actively participate in setting the tone for compliance and fully understand the risks and penalties associated with BSA criticisms. Provide timely updates in response to changes in regulations.

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PYMNTS

JULY 8, 2020

He and Nitendra Rajput , Mastercard’s vice president of product development and head of the company’s “AI Garage,” said that in many cases, AI is the only way to scale up sufficiently to meet the challenges the company faces with fraud and other business issues. “It Fighting Fraud in a Post-Pandemic World.

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Abrigo

JANUARY 24, 2024

Prevent fraud when adopting FedNow Credit unions can prevent fraud as they connect to FedNow. Use this guide to understand available tools and the steps AML and fraud teams should take. You might also like this FedNow implementation guide with details on appropriate AML/CFT and fraud considerations.

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PYMNTS

SEPTEMBER 3, 2020

Those new avenues of fraud have leveraged hallmarks of the current pandemic — fears over public health and concerns about stimulus checks issued by the government — to snare unwitting victims. . . According to some estimates, as many as 22 percent of Americans have been impacted by COVID-related fraud. . .

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Perficient

AUGUST 4, 2024

High-Impact Examples in the Financial Services Industry Real-Time Fraud Detection and Prevention Fraud detection is critical in the financial industry. For example, a bank can integrate its transaction processing system with Azure Machine Learning to instantly identify and flag suspicious activities, reducing fraud risk.

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Industry Compliance Examples Risk Management 467

Abrigo

SEPTEMBER 30, 2024

Streamline fraud and AML efforts Financial institutions that combine fraud and AML/CFT alerts into a single transaction monitoring system can strengthen defenses and improve efficiency. Takeaway 3 Modernizing AML/CFT programs with shared case management aligns with FinCEN's emphasis on innovation and streamlining processes.

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Gonzobanker

OCTOBER 31, 2024

Vendor management is risky business. Smart leaders use performance scorecards to keep the board informed. The FDIC issued a consent order against Discover Bank last year for lacking oversight into third-party risk management and a compliance vendor management program. Does it push releases with detailed release notes?

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PYMNTS

FEBRUARY 12, 2020

As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses. Fraudsters just need to be well-informed and reasonably good at social engineering.

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PYMNTS

MARCH 14, 2020

With the coronavirus putting eCommerce front and center, it has unfortunately been joined by its cousin: online retail fraud. percent of all eCommerce fraud , is still account takeover. Backdoor file activity, unlike other fraud attack methods, has no pattern. Conservative estimates put online sales at $630 billion this year.

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PYMNTS

AUGUST 11, 2020

Idaho-based Kount has released a new product aimed at preventing insurance fraud as the industry increasingly turns to digital, and even mobile, setups. Kount’s products help “insurance companies identify visitors, manage leads, and determine who is shopping for a quote.”. In a Tuesday (Aug.

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Perficient

MARCH 17, 2025

Our experts have identified the most impactful trends across banking , wealth and asset management , and payments. AI-powered chatbots can handle routine inquiries, freeing human agents for complex issues, while AI-driven algorithms enhance fraud detection and risk management.

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PYMNTS

SEPTEMBER 28, 2020

Pandemic-related fraud attempts continue to climb. This week's B2B Data Digest looks at the latest figures behind such fraud targeting corporate finance teams. 57 individuals have been charged with Paycheck Protection Program (PPP) fraud , according to Reuters reported. "You Barrenechea in a statement.

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Abrigo

DECEMBER 22, 2023

The most popular financial crime blogs in 2023 Check fraud, the SAFER Banking Act, and BSA exam topics were among Abrigo's top blogs on AML/CFT and fraud this year. You might also like this infographic on the true costs of fraud at financial institutions. Here are Abrigo’s 10 top AML and fraud blogs in 2023.

Fraud 221

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PYMNTS

APRIL 22, 2020

While being the victim of fraud is never good, there is something to be said for at least being able to identify where exactly one went wrong. The scary thing about the SIM swap fraud is it’s not like the victim has done one thing wrong,” Prideaux said. Breaking Into The Two-Factor Authentication Scheme. Taking A Deeper Look.

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Abrigo

DECEMBER 10, 2019

Elder financial exploitation and elder fraud are rising at an alarming rate as they continue to be serious crimes in the United States. An increase in financial crime and fraud against the elderly is expected to continue to climb as the baby boom population (those born before 1964) age. The under-reported and growing crime.

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PYMNTS

JULY 27, 2020

This week’s Data Digest looks at the latest in B2B payments fraud and the invoice’s role in supplier payment redirect scams, credential theft and more. Although there are countless ways a cybercriminal can swindle funds from a company — either from the outside or within — it’s often the invoice at the center of the crime.

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Abrigo

MARCH 7, 2025

Key requirements for Reg E compliance To comply with Reg E, financial institutions must follow these key requirements: Consumer disclosures FIs must provide clear information to consumers about their rights regarding electronic transactions. Shared AML case management can improve coordination and information sharing.

Compliance 195

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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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Abrigo

FEBRUARY 6, 2024

4 Reasons better check fraud prevention is a good investment Check fraud is on the rise. Learn how you can save time and money in the long run by updating check fraud prevention capabilities today. At the same time, check fraud is increasing dramatically. At the same time, check fraud is increasing dramatically.

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Perficient

FEBRUARY 27, 2025

By adopting these strategies, banks can better manage the dynamic risk and regulatory environment , ensuring compliance while maintaining competitiveness and customer trust. In 2025, AI will play a pivotal role in customer service, fraud detection, risk management, and personalized financial advice.

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PYMNTS

JULY 31, 2020

Corporate travel manager CWT paid $4.5 A CWT representative told the news service: “While the investigation is at an early stage, we have no indication that personally identifiable information/customer and traveler information has been compromised.” ” Reuters said the hackers used software called RagnarLocker.

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Abrigo

FEBRUARY 28, 2023

You might also like this webinar, "Proactive measures to protect against check fraud and fraud loss." REGISTER now Takeaway 1 Phishing is not a new fraud trend, but the rise of smartphones means text messaging fraud is becoming more common. billion to fraud in 2021, a 70% increase over the prior year.

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Abrigo

JANUARY 14, 2021

How Institutions Can Avoid Fraud Surprises in the Next Round of the PPP BSA and fraud professionals saw a spike in PPP fraud during the first two rounds of funding. How can they be better prepared to prevent fraud in this next round? Stopping PPP Fraud in New Round of Funding. PPP Fraud Spikes.

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Abrigo

FEBRUARY 8, 2024

Client fraud education to prevent banking losses Financial institutions play a crucial role in safeguarding customers and members from fraud. Fraud education is key. You might also like this infographic: 5 Fraud typologies impacting you and your customers or members. DOWNLOAD Takeaway 1 U.S.

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Abrigo

SEPTEMBER 6, 2023

Takeaway 1 Check fraud detection is a critical component of AML programs because it is one type of fraud that continues to trend upward in financial institutions. Takeaway 2 According to the FBI, reported losses from check fraud total $1 8 billion annually.

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Abrigo

FEBRUARY 6, 2025

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.

Compliance 195

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PYMNTS

DECEMBER 7, 2020

IBM researchers Claire Zaboeva and Melissa Frydrych said the aim of the attack "may have been to harvest credentials to gain future unauthorized access," possibly with an intent to obtain information into vaccine distribution strategies. But the BEC scam is not the only kind of business payments fraud plaguing firms today.

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