Remove Fraud Remove Risk Management Remove Security
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

Celebrating FinCrime Fighter Day: Honoring the heroes of financial security

Abrigo

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.

Security 221
Insiders

Sign Up for our Newsletter

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

article thumbnail

6 Digital Banking Trends for 2025

Perficient

Ensure these APIs are secure, reliable, and easy to use. In 2025, AI will play a pivotal role in customer service, fraud detection, risk management, and personalized financial advice. Additionally, AI-driven algorithms will enhance banks’ ability to detect emerging fraud patterns and mitigate risks more effectively.

article thumbnail

An Introduction: Generative AI Use Cases for the Financial Services Industry

Perficient

Risk Management , Anti-Money Laundering, & Fraud Protection Financial institutions invest heavily in security and risk management, but prevention and recovery progress are delayed by manual reporting and disparate systems.

article thumbnail

Unlocking the Power of Azure Integration Services for the Financial Services Industry

Perficient

Improved Security and Compliance With stringent regulatory requirements in the financial sector, security and compliance are paramount. High-Impact Examples in the Financial Services Industry Real-Time Fraud Detection and Prevention Fraud detection is critical in the financial industry.

Industry 467
article thumbnail

AI Regulations for Financial Services: OCC

Perficient

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. Hsu highlighted that each phase requires different risk management strategies and controls.

article thumbnail

What is elder financial exploitation? FinCEN guidance for financial institutions

Abrigo

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?

Fraud 195