Stan Cowan
Automating Know Your Customer (KYC) and Know Your Business (KYB) checks are vital for payroll service companies. In the fast-paced, ever-evolving world of finance, the role of payroll service companies is more vital than ever. However, with this pivotal role comes the increased responsibility and risk of managing sensitive data. Automating Know You...
07 June 2023 /wholesale /crime Operational Risk Management
Check fraud is a persistent issue, even in our rapidly evolving digital world. The crime may seem almost antiquated, but it poses a real threat to both individuals and businesses. With this in mind, we'll delve into understanding check fraud, its various forms, the impact it has, and most importantly, the preventive measures that can be taken. Che...
07 June 2023 /regulation /crime Financial Risk Management
Having a strong KYC and KYB program is vital for FIs to fight fraud and risk. And now, this is becoming less of an option. In an effort to combat financial crimes such as money laundering and terrorist financing, new beneficial ownership rules have been implemented for deposit accounts at financial institutions (FIs). These rules require FIs to id...
03 April 2023 /regulation /identity RegTech
According to a recent survey from PYMNTS, over 71% of executives are significantly interested in real-time payment systems. It’s easy to see the value in near-instant transactions – faster account openings, purchase confirmations, fund transfers between banks, amongst others. These benefit businesses, consumer and financial institutions (FIs) Even...
07 March 2023 /payments /crime Payments strategies 2015-2020-2030
It is becoming increasingly harder to delineate between fraud risk and compliance risk. The speed with which identity fraudsters and money launderers move to exploit gaps within financial crime risk management systems has increased due to the race toward greater digitalization and increasing service expectations from consumers. And community bank...
12 January 2023 /regulation /crime Financial Risk Management
As more and more banks implement an omnichannel experience to serve their customers, it’s clear that fraud management needs to follow suit. Consider the limited scope of branches as digital transactions and applications become normalized. Or even digital and embedded lending services or multi-platform customer service options. All of these channel...
20 December 2022 /regulation /crime Transaction Fraud Systems and Analysis
New fraud cases and scams are increasing faster than ever. Over 70% of finance professionals reported that their institution suffered from payment attacks in 2021. Consumers alone lost $5.8 billion to scams. As a result, financial institutions (FIs) have found themselves facing new anti-fraud legislation and imposing stricter controls. The probl...
15 December 2022 /payments /crime Financial Risk Management
Risk-based credit pricing can be a great way to expand community-based financial institutions’ loan portfolios while providing the communities they serve with a way to repair credit and obtain needed funding without having to engage with predatory lenders. But it must be done carefully to ensure the financial institution is not unnecessarily expos...
01 December 2022 /identity /crime Financial Risk Management
Over the past few years, bank account fraud has become one of the largest threats against financial institutions (FIs). Just last year, there’s been over $52B in identity fraud losses affecting 42 million U.S. consumers. And this grew 79% y-o-y. Community banks and credit unions must find a way to balance methods of managing fraudulent activity wi...
27 November 2022 /payments /retail Frictionless Payments
Changes in the financial regulatory environment always bring upheaval, but recent initiatives by United States Senators to reduce P2P transaction fraud could add significant challenges for smaller banks, credit unions, and other financial institutions (FI). A proposed amendment to the Electronic Fund Transfer Act (EFTA) to cover authorized payments...
27 November 2022 /payments /crime Peer-To-Peer
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