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

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Abrigo

FEBRUARY 20, 2025

Artificial intelligence (AI) is transforming fraud prevention AI offers financial institutions a way to reduce false positives, detect fraud faster, and improve suspicious activity monitoring. Staying on top of fraud is a full-time job. Let our Advisory Services team help when you need it.

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Abrigo

FEBRUARY 27, 2025

Wire fraud is the second highest fraud scam impacting financial institutions As fraudsters continue to refine their tactics, financial institutions must remain vigilant to protect both their clients and employees from evolving wire fraud schemes. Understanding wire fraud is the first step to preventing it.

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Abrigo

JANUARY 31, 2025

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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Abrigo

DECEMBER 26, 2024

Financial institutions' will focus on these concerns related to AML and fraud Abrigo asked financial institution clients and our Advisory Services team to identify the top issues for 2025. In a recent Abrigo webinar, many financial crime fighters said their institutions are maintaining or boosting AML and fraud compliance budgets.

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Payments Dive

JANUARY 15, 2025

Fraud losses in card payments will continue to rise worldwide, the research firm Nilson Report said this month, predicting $404 billion in global losses over the next ten years.

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Payments Dive

JANUARY 5, 2023

Industry efforts to fight card fraud are making an impact, with transactional losses per $100 trending downward, according to the Nilson Report.

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Fraud Report Cards Trends 294

Abrigo

MARCH 21, 2025

The Financial Crimes Enforcement Network (FinCEN) has honored Abrigo for supporting financial institutions and contributing to major criminal investigations through our anti-money laundering and fraud detection monitoring solutions. This recognition is a reminder that every suspicious activity report (SAR) matters. financial system.

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Fraud Compliance System Tools 221

Payments Dive

OCTOBER 4, 2022

The senator pushed to bolster a key CFPB rule after releasing a report tallying claims of fraud and scams on the P2P platform submitted by Truist, PNC, U.S. Bank and Bank of America.

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Payments Dive

NOVEMBER 10, 2024

In a new report, the card network detailed cyber schemes and scams that have led it to invest $11 billion over the past five years in improving its systems.

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Fraud System Cards Report 467

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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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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PYMNTS

DECEMBER 18, 2020

Cybercriminals are well aware that merchants are setting higher thresholds for blocking transactions, which is a major flaw of rules-based fraud prevention strategies.”. Digital fraud is a longstanding issue for retailers and banks. Furthermore, 22 percent of Americans have reported being targeted by COVID-related fraud.

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PYMNTS

OCTOBER 9, 2020

9) that hackers may have gained information about customers' personal email accounts, Reuters reported. Bloomberg News on Friday reported that a number of Robinhood customers had their accounts taken over in recent weeks, and they were unable to reach anyone at the company as the intruders liquidated positions and stole the proceeds.

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PYMNTS

AUGUST 3, 2020

When it comes to B2B payments fraud, it’s not a matter of if it happens, but when. Speaking with Karen Webster in a recent interview , OnPay Solutions President and CEO Neal Anderson explained that organizations have to prepare themselves to mitigate the fraud threat, even as employees work from home. ” $4.13 ” $4.13

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PYMNTS

AUGUST 21, 2020

More than $50 billion of cryptocurrency was transferred from virtual wallets in China to other parts of the world last year, a potential violation of the nation’s strict limits on how much money can be sent abroad, according to a new report. In contrast, the report said $38 billion in cryptocurrency left Western Europe.

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Payments Dive

MARCH 21, 2025

The value of fraud losses last year was highest for bank transfers and payments, followed by cryptocurrency transactions, according to a report from the Federal Trade Commission released last week.

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PYMNTS

AUGUST 24, 2020

In a case that highlights how anybody — truly, anybody — can be a victim of invoice fraud, federal officials have reportedly charged two brothers in New York State for an alleged $19 million scam targeting Amazon. Fitzhugh warned, "Invoice fraud is not a victimless crime. Canada and the world over. Canada and the world over.

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Abrigo

FEBRUARY 6, 2025

Unfortunately, scammers take advantage of this time to exploit vulnerable individuals through confidence scams, one of the most prevalent and costly types of fraud in the U.S. billion of reported losses due to this type of fraud in 2023 and around 40,000 victims in the United States. Staying on top of fraud is a full-time job.

Fraud 221

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PYMNTS

DECEMBER 28, 2020

Nacha is issuing a warning to accounts payable professionals with regards to the rising threat of fraud. Further, Nacha said, the survey revealed AP professionals are facing increasing fraud attempts that target AP processes specifically. But accounts payable is far from the only back-office financial workflow at risk of fraud.

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Fraud Payments Survey Lending 291

PYMNTS

SEPTEMBER 28, 2020

Morgan Chase is stepping up its payment fraud protection services for small- to medium-sized businesses (SMBs) to help them combat scam and fraud attempts, Reuters reported. The bank is implementing a new self-service "fraud hub," which will let SMBs set alerts for unusually large payments, controlling who can get paid.

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Fraud Payments Report Tools 266

Payments Dive

JANUARY 11, 2021

The Identity Fraud in the Digital Age report, developed by Javelin Strategy & Research and sponsored by GIACT, details the challenges of preventing new and emerging fraud threats and what businesses should consider in their fraud prevention strategies for the year ahead.

Fraud 269

Fraud Strategy Report 269

PYMNTS

AUGUST 21, 2020

ATMs are common avenues for fraud, however, especially those that are running outdated software. These machines can be vulnerable to fraud, however, ranging from physical techniques like card skimmers to digital methods like identity theft. Deep Dive: Keeping Digital-First Banking Secure With AI, Biometrics. About The Tracker.

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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.

Fraud 327

Fraud Risk Management Report Management 327

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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PYMNTS

NOVEMBER 3, 2020

A massive spike in fraud of all kinds has taken businesses by surprise and left them scrambling for solutions, Trulioo Chief Operating Officer Zac Cohen told Karen Webster in a recent conversation. Unfortunately, those firms are finding that they’re surrounded by fraud sharks eager to take a bite out of their business.

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PYMNTS

DECEMBER 29, 2020

While fraud affects less than 1 percent of all card purchases, consumers who do lose funds from their bank accounts must go through lengthy and often stressful processes to get their money back. Leveraging Machine Learning, Rules-Based Analysis To Fight Debit Fraud. Around The Next-Gen Debit World. Read the full story in the Tracker.

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PYMNTS

NOVEMBER 8, 2020

The federal Paycheck Protection Program (PPP) designed to blunt the economic impact of the pandemic is beset by extensive instances of fraud, The Wall Street Journal (WSJ) reported, attributing the conclusion to public records and interviews with government officials. The program provided about $525 billion to 5.2 million businesses.

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Abrigo

JUNE 28, 2023

Share these reports on AML activities to inform directors Reporting to the board on AML and fraud compliance is an essential obligation. Here are several types of reports that provide vital information. Why regular reports matter Board reporting on AML compliance activities BSA Officers have a lot of responsibilities.

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Payments Dive

FEBRUARY 19, 2025

Push-payment scams are at a "crisis level," consumer advocates at a Payments Dive virtual event said, with losses totaling perhaps more than 15 times what's reported.

Fraud 353

Fraud Payments Report 353

PYMNTS

OCTOBER 15, 2020

A recent hack compromised around 2,000 Robinhood Markets accounts, suggesting the attacks were more widespread than previously realized, Bloomberg reported. Social media saw a deluge of complaints about the attacks, Bloomberg reported. Some users reported not hearing back from the company for multiple days.

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PYMNTS

AUGUST 7, 2020

District Court for the Southern District of Florida with wire and bank fraud and conspiracy for seeking $24 million in forgivable PPP loans. They were charged with conspiracy to commit bank and wire fraud, bank fraud, wire fraud, false statements to a financial institution and money laundering.

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Payments Dive

JULY 25, 2024

The fintech investigates each fraud claim independently of other cases, and takes such claims “incredibly seriously,” a spokesperson for the company said.

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Abrigo

JANUARY 27, 2025

Ensuring high financial crime data quality within your transaction monitoring system is a proactive step toward reducing exposure to money laundering and fraud while maintaining regulatory compliance. Transaction monitoring is the cornerstone of a successful suspicious activity detection and reporting strategy.

Data 195

Data Compliance Fraud Training 195

PYMNTS

JANUARY 19, 2021

Yates was charged with two counts of wire fraud. There has also been an abundance of fraud connected to the coronavirus, including other such scams where people would make up fake businesses to access relief money. Last year, PYMNTS reported hundreds of probes being opened into fraud associated with the PPP program.

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PYMNTS

JANUARY 26, 2021

PYMNTS recently reported that “66.7 These struggles are leading many to examine cutting-edge tools that can help them better protect these transactions from fraud,” according to PYMNTS January 2021 Real-Time Payments Tracker® done in collaboration with The Clearing House. First, appreciate how far RTP had come.

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Fraud Los Angeles Tools Security 274

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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