Fraud

Fraud prevention and cybersecurity: Minimizing losses while providing a great CX

BAI's Holly Hughes talks with Wintrust’s John Koleno and OneSpan’s David Vergara about the key challenges around providing a great customer experience while also protecting against fraud and the tools and technology that can help. More from BAI on managing fraud and cyber security: * Podcast: Working to stay one step ahead of the cybercriminals * Bankers beware: Deepfake technology is Read More

By |2020-06-29T14:45:36-05:00April 22nd, 2020|Comments Off on Fraud prevention and cybersecurity: Minimizing losses while providing a great CX

COVID-19 puts scams on the rise at financial institutions

It’s no secret that fraudsters use weakness and vulnerability to their greatest advantage, and they move fast.From the earliest days of the coronavirus outbreak, scam artists have worked to leverage the societal disruption – quarantines, service limitations, changing work situations – to steal money and information from banks and their customers. While the fraud scenarios are borrowed Read More

By |2020-05-27T18:16:23-05:00March 25th, 2020|Comments Off on COVID-19 puts scams on the rise at financial institutions

Bankers beware: Deepfake technology is ever more real

As a British energy company executive listened to the voice on the other end of the phone line, the familiar German accent convinced him that he was speaking to his parent company’s CEO. So when the executive was instructed to wire $243,000 to the CEO’s bank account, he went ahead and did it.But it turned out both Read More

By |2020-05-27T18:16:23-05:00March 20th, 2020|Comments Off on Bankers beware: Deepfake technology is ever more real

Fighting fraud with operational efficiency

Inefficiencies such as a bank’s disjointed data systems, manual processing of authentication for new account openings or outdated payment processes don’t just cause headaches for employees and customers alike — they also play directly into the hands of fraudsters. Although these kinds of operational inefficiencies don't rise to a level as egregious as leaving the vault unlocked, Read More

By |2020-05-27T18:16:25-05:00February 10th, 2020|Comments Off on Fighting fraud with operational efficiency

Fraud on the home front: Spotting and stopping mortgage scams and schemes

To his victims, many elderly, Michael “Mickey” Henschel might have seemed like the homeowner’s hero, rescuing people over their heads on their mortgages. In reality, Henschel was not an angel of home possession but rather a devil possessed. In May, the 70-year-old career con man from Van Nuys, California, pleaded guilty in a federal court to netting Read More

By |2020-05-27T18:16:32-05:00August 9th, 2019|Comments Off on Fraud on the home front: Spotting and stopping mortgage scams and schemes

Cleaning up a dirty business: Money laundering in financial markets

In recent weeks, regulators have reprimanded leading investment banks for insufficient money laundering controls within their markets and broker-dealer business. This comes as no surprise; few have invested adequately in protective controls, which creates unnecessary exposure. In its 2018 Report on Examination Findings, the Financial Industry Regulatory Authority (FINRA) noted increased trading within firms by foreign entities Read More

By |2020-05-27T17:58:09-05:00April 22nd, 2019|Comments Off on Cleaning up a dirty business: Money laundering in financial markets

How smart banks take the sting out of cybercrime

After about a year of having a small amount of funds withdrawn from his Citizens Bank account every month, Steve Puccia finally noticed the money was being taken out without his permission.“Every month there was a debit on my card from anywhere from $16 to $18 and it was always a website purchase,” says Puccia, 58, of Read More

By |2020-05-27T17:58:11-05:00February 22nd, 2019|Comments Off on How smart banks take the sting out of cybercrime

Overcoming blockchain’s barriers in the banking world

Make no mistake: Blockchain technology stands as a promising disruptor for dozens of current industries, and an enabler of change that will bring forth new opportunities and revenue streams for financial institutions, realtors, retailers and more. Unlike anything that’s come before it, blockchain enables trusted digital relationships without a centralized administration. (And in the case of cryptocurrencies, Read More

By |2020-05-27T17:58:12-05:00January 31st, 2019|Comments Off on Overcoming blockchain’s barriers in the banking world

The banking industry’s multi-billion dollar fraud problem—and how to solve it

The banking industry has a multi-billion dollar fraud problem—and as fraudsters get more aggressive and resourceful, the costs will only rise. Financial institutions continue to spend more and more money on fraud tools, with seemingly no end in sight. Every time fraud goes up, bank spending goes up with it in a cycle that clearly indicates a Read More

By |2020-05-27T17:58:13-05:00January 16th, 2019|Comments Off on The banking industry’s multi-billion dollar fraud problem—and how to solve it

The future of fighting cyberfraud, today

Living in a fast-developing digital world has its undeniable advantages. In the last few decades, we confidently entered and mastered the personal computing era. Technologies have enhanced our lives as never before and make handling our day-to-day responsibilities much easier. But rapid digitalization has its drawbacks: Hackers are becoming overly inventive and already nothing seems completely safe. Read More

By |2020-05-27T17:58:14-05:00December 5th, 2018|Comments Off on The future of fighting cyberfraud, today