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.
August 18th, 2023
Case management in fraud prevention is the overall process in managing and handling individual fraud cases that are detected or flagged by a detection system. While fraud must be detected and interdicted in real-time, post-alert triage and claims management is essential to uncovering additional fraud risk within your institution and effectively managing the claims. The majority of fraud detection solutions come with their own case manager; however, it is in this fragmentation or proliferation of point solutions that FIs lose the ability to effectively manage the entire lifecycle of an alert or see the entire risk of the customer.
August 1st, 2023
Getting to the bottom of who benefits financially from corporate entities is crucial for effective Know Your Customer (KYC) and anti-money laundering (AML) programs. Without a clear understanding of all the parties involved, it is difficult to determine the rationale behind account activities and financial transactions, let alone perform meaningful investigations.
July 13th, 2023
Social engineering scams are flourishing, putting a spotlight on the way unauthorized and authorized electronic transactions are interpreted under Regulation E (Reg. E). Banks and financial institutions (FIs) in the U.S. face increasing scrutiny, particularly with their responsibility toward customers in the event of a fraud report for a digital transaction and the associated liability when there’s a financial loss.
July 11th, 2023
Money launderers use the latest techniques to evade detection. To effectively identify suspected money laundering and protect their organization from risk, financial institutions (FIs) must know their customers, understand their behavior, and monitor for and detect suspicious activity patterns. And they must do all of this while adhering to internal risk management and regulatory requirements.