Remove Fraud Remove Management Remove System
article thumbnail

What is a payment system?

Abrigo

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. Key topics covered in this post: What is a payment system? Checks paid numbered 11.1

System 195
article thumbnail

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.

Fraud 195
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

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. At its core, FRAML is about taking a more holistic approach to financial crime risk management.

Fraud 195
article thumbnail

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
article thumbnail

Bringing AI To The Fight Against Healthcare Payments Fraud

PYMNTS

The coronavirus pandemic poses an unprecedented challenge to healthcare systems that will likely extend for months — and perhaps even years — to come. In many realms of businesses, machine learning (ML) and artificial intelligence (AI) have yielded powerful tools to manage such complex matters.

Fraud 362
article thumbnail

Celebrating FinCrime Fighter Day: Honoring the heroes of financial security

Abrigo

Say "thank you" this National FinCrime Fighter Day BSA professionals and financial crime fighters are tasked with the challenge of protecting our financial system daily. Their contributions are massive, and if you’ve ever worked with AML Officers and fraud professionals, you know just how vital they are.

Security 221
article thumbnail

AML program productivity: Boost the impact of AML investigations

Abrigo

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.