Perficient

AUGUST 16, 2023

While Silicon Valley Bank showed bank executives the dangers of having a long-term fixed-rate securities portfolio and a short-term deposit structure, ( 7 Possible Causes of SVB Failure and Predicting the Impact on Regulatory Reporting ) this bank failure reminds us that even a well-established firm can be brought down by fraud.

United States 221

United States Kansas FDIC Risk Management 221

Accenture: Banking

SEPTEMBER 13, 2019

The United States is an instant payments laggard compared to the rest of the world. Despite these challenges, there is momentum in real-time payments adoption in the United States. For more insights on real-time payments, listen to a recent webinar, Real-time payments in the United States: A game of inches.

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United States Payments US Survey 156

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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Fraud Video Training Compliance 195

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.

Fraud 195

Fraud Compliance Community Trends 195

PYMNTS

OCTOBER 17, 2018

According to data from the Federal Reserve Payments study, it found the value of noncash fraud jumped 37 percent to $8.3 The Federal Reserve said in a press release that the fraud data was collected as part of surveys of depository institutions in 2012 and 2015 and payment card networks in 2015 and 2016. billion in 2015 from $6.1

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Fraud Payments Cards United States 184

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

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

OCTOBER 22, 2020

s struggles toward universal adoption in the European Union is reminiscent of EMV chip cards’ rise — a similar journey that aimed to solve a different fraud problem. That meant the rollout was rocky and filled with delays almost everywhere it went, especially in the United States. Why 3DS 2.0 Moreover, he noted that the 3DS 2.0

Fraud 221

Fraud Online Security Cards 221

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. Takeaway 3 Education and reporting are key to preventing this type of fraud, so know your state's policies. .

Fraud 195

Fraud Training United States Survey 195

Abrigo

MAY 20, 2022

Fraud on Alert for 2022 A review of SAR data , government agenc y releases, a nd fraud findings found these f raud c oncerns and trends to wat ch in 2022. Takeaway 1 An Abrigo review of SAR data, government agency releases, and fraud findings revealed fraud trends to watch for. Fraud Concerns. Starting Point.

Trends 195

Trends Fraud Training Survey 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

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

PYMNTS

JANUARY 8, 2021

Equifax has inked a deal to purchase artificial intelligence (AI)-powered fraud prevention and digital identity technology provider Kount for $640 million. Kount’s staff members will become a part of Equifax’s United States Information Solutions (USIS) business unit and will still be based in Boise, Idaho, according to a Friday (Jan.

Idaho 295

Idaho Fraud United States Customer Experience 295

PYMNTS

SEPTEMBER 28, 2020

PYMNTS' September Preventing Financial Crimes Playbook , done in collaboration with NICE Actimize , analyzes the pandemic-era fraud landscape and identifies its many pitfalls. This fraud targets all demographics and generations, with U.S. Financial crime-fighters simply won’t suffer this state of affairs.

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Fraud United States Examples Customer Experience 202

PYMNTS

DECEMBER 26, 2018

The Federal Bureau of Investigation (FBI) is warning about a new form of fraud that targets companies, schools and nonprofits around the United States. As a result, law enforcement agencies around the world have increased their efforts against money mule fraud.

Fraud 162

Fraud United States Texas Examples 162

PYMNTS

DECEMBER 18, 2020

The paper said that prior to the approval of vaccines by regulators in the United States and the European Union, authorities had warned that fraudsters would use the opportunity to launch scams or sell stolen doses. INTERPOL states on its website : "(W)e are seeing an increase in counterfeit medical products, fraud and cybercrime.".

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Report United States social media Guidelines 274

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.

Fraud 195

Fraud Cards Software Trends 195

PYMNTS

JUNE 22, 2020

Vinnik, who’s currently held in France but wanted in the United States and his native Russia, allegedly laundered billions of dollars through BTC-e, one of the world’s largest digital-currency trading exchange, the Associated Press reported Monday (June 22).

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Bitcoin United States Fraud Policies 181

PYMNTS

OCTOBER 19, 2018

At the least, it won’t get any better — not according to any anti-fraud expert who is worth their rate. Every business must decide its comfort level with fraud and how much risk to take on, a concept discussed in depth during a new PYMNTS digital discussion, featuring Karen Webster and Kevin Trilli, chief product officer at Onfido.

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Fraud Online social media Software 189

PYMNTS

AUGUST 26, 2019

The Hill reported that the 252-count indictment was unsealed after authorities arrested 14 of the defendants in the United States; 11 of them had been based in Los Angeles; the remainder are outside the United States. The individuals are charged with using business e-mail compromise (BEC) scams to dupe victims.

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Fraud Online Portland Los Angeles 145

PYMNTS

MARCH 6, 2020

Efficiency is just one piece of the puzzle, he said, while fraud mitigation is another piece that is becoming more important. As scammers get more sophisticated, he notes, check fraud is on the rise. As it stands, AvidXchange helps one in four banks across the United States automate AP and payments.

Customer Experience 251

Customer Experience Fintech United States Fraud 251

PYMNTS

SEPTEMBER 24, 2019

23) in a $70 million bank fraud scheme that left hundreds of small businesses across the country scrambling, The Wall Street Journal reported. 5 after Mann’s banks, suspecting him of fraud, froze his accounts, authorities said. The company handled payroll for roughly 1,000 businesses across the United States.

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Fraud United States New York Financial Technology 133

PYMNTS

FEBRUARY 9, 2020

5) to one charge of conspiracy to commit wire fraud, stating that he assisted New York-based MyPayrollHR CEO and Founder Michael Mann defraud two companies, according to multiple reports last week. Mann allegedly was the leader of a bank fraud racket worth millions, which eventually cost him MyPayrollHR, his Clifton Park, N.Y.

Fraud 154

Fraud Minnesota United States New York 154

PYMNTS

JULY 21, 2020

“COVID [is] forcing … states and cities and municipalities to address a problem that’s really been going on for years and years — that is, their systems are outdated,” Townsley-Solis said. They are going to have to update how they mitigate and control fraud and risk and update their systems. There’s No Time To Waste.

Fraud 160

Fraud System Maryland Michigan 160

PYMNTS

NOVEMBER 2, 2018

1) that a probe by international auditors is underway, examining a fraud that could be $200 million in scope at Aegean Marine Petroleum Network , tied to shell companies that ostensibly did business with the shipping fuel firm. News came Thursday (Nov. The Email Scam Lures More Victims. A Bit Of Victory. Procards Get Auditor’s Scrutiny.

Fraud 168

Fraud Company Massachusetts United States 168

PYMNTS

JULY 21, 2020

Compromised credit card fraud increased 212 percent year over year in 2019, while customer credential leaks increased 129 percent during the same period. One recent study found that at least 10,000 such hacker rings currently exist in the United States, meaning that FIs must forge alliances of their own to counter this pervasive threat.

Fraud 167

Fraud Industry United States Cards 167

PYMNTS

JANUARY 4, 2019

It’s no surprise that payments fraud is on the rise. Juniper Research , for example, has estimated that retailers will lose as much as $130 billion in card-not-present (CNP) fraud through 2023 — as tech gets more complex and transactions are done across borders. Then again, the fraud may be a bit more low-tech and on-site.

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Fraud North Carolina Payments Minneapolis 158

PYMNTS

JULY 5, 2017

Fraud is like gluten. Most organizations have resigned themselves to the fact that, despite their defenses, fraud is just a part of doing business. But fraud costs an average of 7.5 But alongside all of that opportunity comes risk of fraud.”. There was an eternal perception about the way to approach fraud,” said Byrnes.

Fraud 161

Fraud Survey Retail Resources 161

PYMNTS

NOVEMBER 3, 2020

Aleksandr Brovko, 36, formerly of the Czech Republic, pleaded guilty in February to conspiracy to commit bank and wire fraud. Ellis III, of the United States District Court for the Eastern District of Virginia. He was alleged to be an active member of a cybergang that collaborated online to swap trade secrets and tools.

Virginia 260

Virginia United States Fraud Course 260

PYMNTS

JANUARY 11, 2021

To that end, late last week Equifax said it had reached a deal to acquire fraud prevention and digital ID firm Kount for $640 million. As reported, the deal will enable Equifax to boost its global presence in digital ID and fraud prevention, including through the Kount Identity Trust Global Network. In a Monday (Jan.

Fraud 158

Fraud Online ATM United States 158

PYMNTS

NOVEMBER 16, 2020

Leslie Ragan manages transaction fraud prevention for Elan Financial Services , a unit of U.S. Bank , one of the largest commercial banks in the United States. Effective cyber-fraud strategies must be comprehensive, nimble and intelligence-driven,” she said. Bancorp, which is the parent company of U.S.

Fraud 295

Fraud Strategy social media United States 295

PYMNTS

JANUARY 3, 2021

The recently discovered cyber attack on federal government agencies and companies handling data as sensitive as information regarding new nuclear weapons was run from servers within the United States, The New York Times reports. It’s clear the United States government missed it. The Times quoted Democratic U.S.

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Company US United States Virginia 319

PYMNTS

OCTOBER 10, 2019

Indian pharma mogul Shivinder Singh was taken into custody in Delhi on charges of fraud and the misappropriation of funds. The brothers have both denied all the fraud allegations against them. One Singh brother has been arrested, while the other is still on the run. His brother Malvinder, however, remains at large.

Fraud 134

Fraud United States Lending Company 134

PYMNTS

JULY 8, 2020

Adding to the series of legal difficulties for Wirecard , the Justice Department is looking to see if the German payments company had an essential part in a purported $100 million bank fraud case involving a digital cannabis firm, The Wall Street Journal reported, citing unnamed sources.

Fraud 142

Fraud United States New York Maine 142

Perficient

JULY 20, 2023

In today’s business environment, physical checks present several challenges that hinder operational efficiency, including time-consuming processing, high costs, and susceptibility to errors or fraud. And despite this being a significant decrease in volume, check fraud continues to increase. billion payments (27.23

Strategy 221

Strategy Payments Fraud United States 221

PYMNTS

JUNE 14, 2019

Many of the headlines centered on payments fraud have focused on the damage done to smaller suppliers and vendors, especially in the U.K. But beyond the now-familiar conduits of fraud done across email or through fake invoices, some lures have come through ties with cryptocurrencies. The scheme took place over three years.

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Fraud Payments blockchain cryptocurrency 128

PYMNTS

JULY 24, 2019

In the latest Digital Fraud Tracker , PYMNTS examines how fraudsters are utilizing mobile and app-based channels for fraud attacks, as well as why fraudsters are still relying on phishing as a major fraud strategy even as they increase their use of new technologies and techniques. Around the Digital Fraud World.

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Fraud Strategy US United States 129