Even in the face of the ongoing evolution toward digital alternatives, the enduring significance of checks within the financial routines of countless Americans remains evident. Federal Reserve data has established that checks continue to be integral, with more than 3.4 billion checks written in 2022, each bearing an average value surpassing $2,500—a testament to their enduring relevance. However, this continued utility is accompanied by the shadow of check fraud.
September 13th, 2023
Many financial institutions (FIs) struggle to mitigate fraud thanks to multiple systems that score it, various account monitoring processes, and how they must integrate data to sweep for issues. The fix is having a single tool that enables leveraging all data. Having this toolset helps FIs join the outputs of various systems employed in fraud mitigation into a single data source and use that data to mitigate issues in real time. Unique to NICE Actimize’s solution, you can manage all issues in one system, record all fraud findings in one place, and use every bit of the intelligence gathered on a go-forward basis.
September 4th, 2023
Attempts to counter money laundering activities have been going on for decades with initial regulations established over half a century ago. However, as criminal activity continues to evolve, new measures need to be put in place. One of the focal areas for financial institutions (FIs) is Know Your Customer (KYC) and Customer Due Diligence (CDD). This process of collecting critical data elements on a customer needed to confirm the identity of a customer and assess their potential risk of money laundering activities has deep financial impact: Many industry surveys indicate CDD processes and tools consume over 40% of the total Anti-Money Laundering (AML) budget.
September 1st, 2023
Senior Glenda Seim looks like the quintessential cookie-baking grandmother. She’s a convicted money mule.
August 28th, 2023
Cloud is reaching ubiquitous adoption throughout every industry, and financial services is no exception. Fueled by the business challenges that arose during the pandemic, the shift to cloud is a strategic move to expedite IT transformation and business growth.
August 22nd, 2023
In May 2019, the Contingent Reimbursement Model (CRM) was introduced in the UK as a voluntary code to reimburse victims of Authorised Push Payment (APP) fraud. Since then, ten banks have signed up to the code. Between them, these banks account for 85% of Faster Payments and as of 2022, they reimburse victims around two thirds of APP fraud by value. However, this leaves a significant number of other banks and payment service providers (PSPs), who account for the remaining 15% of faster payments, where the customer cannot expect reimbursement if they’re a victim of APP fraud.
August 22nd, 2023
There’s a paradigm shift in the cloud adoption conversation, from “when it will happen” to “it’s happening right now”. Many financial institutions (FI) today deploy cloud as part of their core computing infrastructures.
August 21st, 2023
During the 2009 recession, the Association of Certified Fraud Examiners (ACFE) published a survey (Occupational Fraud: A Study of the Impact of an Economic Recession) and found that 55.4% of respondents said the level of fraud has slightly or significantly increased in the previous 12 months during the recession. The same survey also found that 49.1% of respondents stated the increased fraud was due to financial pressure on individuals.