PYMNTS

OCTOBER 8, 2020

one of the biggest payments processors in the world, one of the top 3 banks in Brazil, one of the big four banks in Australia, the largest national card processor in Europe, and several others),” according to the release. Feedzai has seen the increase in fraud and scams with the pandemic. And meanwhile, 35.7

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Report Fraud Risk Management America 247

Abrigo

NOVEMBER 22, 2024

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.

Fraud 195

Fraud Training Risk Management Compliance 195

Abrigo

SEPTEMBER 23, 2024

Critical practices for individuals and organizations to protect their data The National Public Data breach serves as a reminder to all of us that proactive measures are necessary to safeguard our personal information. DOWNLOAD Takeaway 1 The National Public Data breach exposed over 2.7 million in 2020, the highest among all industries.

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National Data Fraud Security 195

PYMNTS

JULY 10, 2020

Punjab National Bank shares fell by nearly 6 percent late Thursday (June 9) after it was defrauded $491 million by one of its customers, The Wall Street Journal reported. The failed loan was granted to mortgage lender Dewan Housing Finance Limited, which has faced its own financial troubles, the Journal reported.

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National Fraud Report Security 134

PYMNTS

NOVEMBER 13, 2020

The telecommunications industry is but one of many sectors looking to more securely verify customers and avoid fraud, which remains a growing problem. million) since 2015, with 483 incidents being reported in June alone. Protecting Against SIM Swap Fraud By Deploying Digital Identity. More than 6.2 More than 6.2

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Fraud US Mobile Study 242

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.

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blockchain Bitcoin Fraud Report 206

PYMNTS

OCTOBER 15, 2020

The FBI is warning homebuyers to be on the lookout for internet criminals who are sneaking into online conversations between buyers and mortgage companies or other participants in the sale process and providing false instructions that dupe purchasers into wiring funds to the criminals’ accounts, CNBC reported Thursday (Oct.

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Fraud Report America California 162

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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Technology Report Fraud Study 208

PYMNTS

SEPTEMBER 21, 2020

A shocking new report reveals an underworld of corruption in the world’s banks and how governments allow it to thrive, BuzzFeed News reported. The report found the illegal profits from the drug trade, cash stolen from developing countries and Ponzi schemes flow through financial institutions despite warnings from bank employees.

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PYMNTS

APRIL 9, 2020

million ransom to get their systems back online, The Wall Street Journal reported. They claimed to have birthdates, credit card information and national insurance numbers and demanded the $6 million payment. Travelex, the foreign exchange company that was crippled by hackers on New Year’s Eve, reportedly paid a $2.3

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Report Groups Data Cards 279

Abrigo

OCTOBER 28, 2021

Growing Cyber Fraud Concerns What can financial institutions do to prevent and detect cyber fraud? You might also like this blog on cyber fraud. Takeaway 1 Cyber fraud increased during the pandemic, leaving financial institutions working harder to prevent and detect it. Preventing Cyber Fraud.

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Video Fraud Training Analysis 195

PYMNTS

APRIL 21, 2020

Cybersecurity experts are scrambling to fight the sheer number of different digital fraud forms that are on the rise, and the ongoing COVID-19 pandemic has only exacerbated this problem. COVID-19 fraud may be new, but it is just the latest iteration of a problem that has been plaguing businesses and consumers for years.

Fraud 212

Fraud System Industry Security 212

Abrigo

NOVEMBER 17, 2023

Measuring the cost of fraud losses. The true cost of fraud goes beyond the initial reported fraud losses Would you like other articles like this in your inbox? Takeaway 1 Fraud scams made worse by the pandemic continue to be successful, while crypto-scams are emerging. That equates to $35 billion annually.

Fraud 195

Fraud Training Trends Compliance 195

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.

Fraud 195

Fraud Trends Training System 195

Abrigo

MARCH 3, 2023

Ten red flags to help you identify check fraud A financial institution's guide to identifying mail-related check fraud. You might also like this webinar, "Proactive measures to protect against check fraud and fraud loss." Losses from check fraud total $18 billion annually, representing more than a million checks daily.

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Fraud United States Trends Software 195

PYMNTS

SEPTEMBER 24, 2020

PYMNTS’ recent Leveraging The Digital Banking Shift Report found that 46 percent of bank customers have used digital banking services more often than before the pandemic began, with 74 percent of recent online users planning to stick with these services once the pandemic has ended. Fraud Threats To Digital Banking. Shetty explained.

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Video Fraud Digital Banking System 205

Abrigo

MAY 12, 2022

Protect your financial institution from cybercrime With cybercrime constantly evolving, what can businesses and financial institutions do to prevent fraud? Takeaway 2 In 2021, ransomware, business email compromise (BEC) schemes, and cryptocurrency crime were among the top incidents reported. These measures can help.

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Fraud Training Software cryptocurrency 195

Abrigo

NOVEMBER 7, 2022

Elder fraud prevention and education Learn strategies for recognizing and reporting elder fraud and exploitation. . Takeaway 1 Elder abuse, exploitation, and fraud are rising in the veteran population and can devastate older Americans. A growing target for elder fraud and exploitation. According to the U.S.

Fraud 195

Fraud Resources Community Training 195

Abrigo

SEPTEMBER 20, 2023

How financial institutions can prevent losses from 1st-party fraud Learn strong approaches to identifying, preventing, and detecting 1st-party fraud that will keep your AML program on top of fraud trends. Takeaway 3 Prevention and detection best practices can curb hard dollar 1st-party fraud losses while protecting clients.

Fraud 195

Fraud Cards Trends Software 195

Abrigo

JUNE 13, 2022

Elder fraud prevention and education Learn strategies for recognizing and reporting elder fraud and exploitation. . Takeaway 1 Elder abuse, exploitation and fraud continue to rise as the baby boomer generation ages. A growing target for elder fraud and exploitation. Fraud Tactics. Baby Boomers. Learn More.

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Fraud Training United States Survey 195

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.

Fraud 195

Fraud How To Training Trends 195

Abrigo

OCTOBER 22, 2024

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. October 26 is National Financial Crime Fighter Day , and it’s the perfect time to pause and applaud everything these professionals do.

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Security Fraud Community National 221

Abrigo

SEPTEMBER 8, 2023

How to comply with both Reg CC and fraud requirements Read about the rules outlined by Reg CC, the circumstances that allow exceptions, and what to do when your financial institution suspects fraud. Takeaway 3 Understanding Reg CC and exceptions to the rules will help FIs fight fraud while staying compliant.

Fraud 195

Fraud Training Regulation Compliance 195

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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Fraud Cards Software Trends 195

PYMNTS

JULY 2, 2020

A June report found that 27 percent of U.S. How FIs Adapt Fraud Detection During Times of Behavioral Upheaval. That massive shift in spending activity is rendering 90-day profiles obsolete, and FIs have had to respond, said Carlos Mejia, chief digital executive at Florida-based Pacific National Bank.

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Fraud Cards Florida Trends 222

PYMNTS

DECEMBER 18, 2020

government agencies, Reuters reports. 13), it was reported that SolarWinds' Orion Platform software was involved in “active exploitation.”. The recent reports of widespread attacks on government systems, PYMNTS writes, have caused concerns about how the institutions are doing at protecting vital data — and that if the U.S.

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Report Software Security California 218

Perficient

OCTOBER 12, 2020

Specializing in cloud-based business transformation, Perficient’s new Treasury Technology practice will improve client’s global banking footprints through bank connectivity and address concerns for payment fraud. Payment fraud is now a high-priority concern. ”

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Risk Management Fraud Management Compliance 309

PYMNTS

DECEMBER 26, 2018

A 2017 Annual Cybersecurity Report (ACR) from Cisco found companies that suffer a data breach could have customer, opportunity and revenue losses exceeding 20 percent. According to Robert Ackerman, Jr., ” Those cyberattacks cost companies in all areas.

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National Washington Data Security 192

PYMNTS

AUGUST 30, 2020

government's Economic Injury Disaster Loan (EIDL) program, plagued by delays and fraud, has created attention for a firm that netted around $800 million in fees while subcontracting the work out to the nation's largest mortgage lender, The Wall Street Journal (WSJ) reported.

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Ohio Virginia Fraud Lending 271

PYMNTS

SEPTEMBER 21, 2020

To that end, and as reported by BuzzFeed , documents submitted by banks to the U.S. The documents, officially known as suspicious activity reports (SARs for short) show that the banks had filed more than 2,000 reports across the past 17 years. In one example, reported on Monday (Sept. billion in fines.

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Fraud Report System FDIC 347

PYMNTS

NOVEMBER 10, 2020

PSCU , which is billed as the nation's premier credit union service organization (CUSO), has announced its new Enhanced Fraud Services system, which the company said “has helped 10 early adopter credit unions combat fraud of all types, ranging from first-party chargeback fraud to identifying card information being sold on the dark web.”.

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Fraud Virginia Florida Risk Management 151

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.

Fraud 195

Fraud Lending Software Analytics 195

PYMNTS

DECEMBER 27, 2020

used to update customers’ software also used Microsoft resellers’ systems to break into their clients’ systems, Reuters reported, citing investigators. a security firm, on Thursday said its unidentified software vendor had been comprised and hackers used the access try to read Crowdstrike’s internal email, Reuters reported.

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Report Security System Software 211

PYMNTS

JULY 10, 2020

In today’s top news, Marqeta prepares for an IPO, and Punjab National Bank was defrauded $491 million by one of its customers. Punjab National Bank Faces Third Major Fraud In As Many Years. Punjab National Bank shares fell by nearly 6 percent late Thursday (June 9) after it was defrauded of $491 million by one of its customers.

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National Fraud Oakland Payments 130

PYMNTS

MAY 22, 2020

Studies have shown that more than half of all banks recover less than 25 percent of related losses, and FIs have reported a 59 percent growth in fraud value and a 61 percent increase in fraud volume since 2015. The ongoing pandemic has exacerbated all fraud types from all sources, Gould added. Multistage Fraud Defense.

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Fraud System Security Training 185

PYMNTS

DECEMBER 13, 2020

Department of Commerce and its National Telecommunications and Information Administration unit discovered Friday (Dec. 12) emergency meeting of the National Security Council at the White House, Reuters reported. SolarWinds didn't say whether the company was associated with the Commerce Department breach, Reuters reported.

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US National United States Security 270

PYMNTS

AUGUST 13, 2020

The Philippines government has confirmed that Christopher Bauer, a former executive of the bankrupt German payments company Wirecard AG , has died, Reuters reported. . He was part of an ongoing probe by the National Bureau of Investigation and the Anti-Money Laundering Council. . On Thursday, (Aug.

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