Credit Risk, Cybersecurity and Transactions

5 Ways Your Transaction Monitoring System Can Detect COVID-19 Related Fraud

Abrigo

AUGUST 19, 2020

Update your spike or anomaly scenarios to detect increases (or decreases) in aggregate transactions. Now more than ever an institution’s transaction monitoring should be robust enough to detect these bad actors and protect both the institution and its customers/members. Spike or Anomaly Scenarios.

Transactions

Transactions Cybersecurity Credit Risk

2020 Goals for Credit Unions Based on NCUA Supervisory Priorities

Abrigo

JANUARY 27, 2020

Key Takeaways Make sure your credit union is filing SARs and CTRs properly. Strengthen credit risk by improving your credit union's loan underwriting standards. Be proactive in cybersecurity controls and implement best practices. . Strengthen credit risk by improving underwriting. talk to an advisor.

Credit Unions

Credit Unions Cybersecurity CECL Credit Risk

How the Money Transmitter Modernization Act could build a more unified future

Abrigo

JUNE 12, 2023

Money transmitters like Western Union, PayPal, MoneyGram, Zelle, and many others, facilitate secure digital transactions, allowing people to send and receive funds across borders and within the U.S. These requirements should be proportional to the risks associated with their operations and the volume of transactions.

Cybersecurity

Cybersecurity Transactions Credit Risk

How to Conduct an Exam-Proof BSA/AML Risk Assessment

Abrigo

DECEMBER 7, 2021

However, the institution has automated software that can monitor this activity, scan the wires for OFAC violations at the time of the transaction, validate wire transactions in their AML software daily, and provides a quarterly process to review all international wires. Financial Cybersecurity. Financial Cybersecurity.

Cybersecurity

Cybersecurity Credit Unions Transactions Credit and Collections

2023 Fraud trends: What banks and credit unions can expect

Abrigo

DECEMBER 27, 2022

After the fraudster receives the fee, the investment transaction is never executed. Financial Cybersecurity. Banking cybersecurity & cybercrime: Protecting banking customers starts with you. Lending & Credit Risk. Portfolio Risk & CECL. The letter may be sent by mail, fax, or email. Whitepaper.

Credit Unions

Credit Unions Cybersecurity CECL Credit and Collections

How to detect counterfeit checks

Abrigo

AUGUST 5, 2024

This minimizes fraud risk and helps maintain the integrity of financial transactions. Conclusion What financial institutions can do to combat counterfeit check fraud Banks and credit unions are on the front lines of detecting counterfeit checks. Find out how Abrigo Fraud Detection stops check fraud in its tracks.

Credit Unions

Credit Unions Cybersecurity CECL Credit Risk

FinCEN Releases New Advisory on Cybercrime During COVID-19

Abrigo

AUGUST 10, 2020

Re d flags to detect this illicit activity include: Information technology activity related to transaction processes is connected to cyber indicators of illicit activity. Lending & Credit Risk. Financial Cybersecurity. 5 Ways Your Transaction Monitoring System Can Detect COVID-19 Related Fraud.

Cybersecurity

Cybersecurity Transactions Credit Risk

Five Things BSA Officers Need to Know in COVID-19

Abrigo

AUGUST 18, 2020

Lending & Credit Risk. Financial Cybersecurity. 5 Ways Your Transaction Monitoring System Can Detect COVID-19 Related Fraud. Financial institutions should have r esearch ed their borrowers and their respective companies to see if there is a potential for fraud. Asset/Liability. C&I Loans. SBA Lending.

Cybersecurity

Cybersecurity Credit and Collections Transactions Credit Risk

Red Flags for COVID-19 Related Fraud – What You Need to Know

Abrigo

SEPTEMBER 18, 2020

Remaining aware of COVID-19 related red flags indicators will enhance your transaction monitoring program and assist you in detecting fraud perpetrated upon victims struggling during this difficult time of pandemic. Financial Cybersecurity. Lending & Credit Risk. Card Fraud. Customer Due Diligence. Fraud Prevention.

Electronic Funds Transfer

Electronic Funds Transfer Cybersecurity Transactions Credit Risk

Check It Out: How Can You Better Protect Against Check Fraud at Your Institution?

Abrigo

AUGUST 22, 2022

billion in fraudulent transactions, a staggering 47% of which were check fraud. One would think as technology improves so would the safeguarding features around monetary transactions. Financial Cybersecurity. Lending & Credit Risk. Portfolio Risk & CECL. Fraud Prevention. Fraud Trends. Learn More.

Cybersecurity

Cybersecurity CECL Transactions Credit Risk

FinCEN Releases AML/CTF Priorities: Implications for Community Financial Institutions

Abrigo

JULY 16, 2021

Community financial institutions generally have a much lower risk profile than larger U.S. banks and credit unions, and they may believe that these serious AML/CFT concerns will not affect their communities. Lending & Credit Risk. Portfolio Risk & CECL. Learn More. BSA Rules and Regulation. BSA Training.

Credit Unions

Credit Unions Cybersecurity CECL Credit Risk

Data-driven strategies for banks and credit unions: Start here

Abrigo

JULY 14, 2023

core vs. non-core, migration of deposits from core to transactional accounts, any trend in movement of funds out of the institution, top 10-20 depositors and associated volatility, borrowers without deposit relationships, etc.). So, in this situation, the institution will add reports showing the makeup of deposits (e.g.,

Credit Unions

Credit Unions CECL Dashboards Revenue Recognition

101 Stock Tips That Will Cause You to Go Bankrupt — Buyer Beware

Due

JUNE 26, 2024

If you buy and sell frequently, commissions and transaction fees can eat into your profits over time. The difference is that they typically have a high level of risk tolerance, sophisticated tools, and years of experience. However, day traders are hopping between positions, racking up transactional costs. The reason?

Brokerages

Brokerages Bankruptcy Cybersecurity Transactions

AI and generative AI use cases in banking: 6 real-world examples

Abrigo

MAY 8, 2024

Many financial institutions have been using artificial intelligence (AI) for years, particularly in supporting cybersecurity and anti-fraud efforts. Fraud dispute resolution is often a huge expense for banks and credit unions and one that causes a lot of client frustration, Tech Target notes in a recent report.

Credit Unions

Credit Unions Cybersecurity CECL Credit and Collections

PPP fraud: How financial institutions can mitigate ongoing risk

Abrigo

MARCH 29, 2023

payroll, tax forms) Employee/employer collusion Newly created and multiple bank accounts with abnormal transaction activity Consumer accounts rather than business accounts Rapid movement of money in and out of accounts Withdrawals made via cash or apps (i.e., Stay up to date on AML/CFT and fraud trends with more professional development.

Cybersecurity

Cybersecurity Credit Unions Credit Risk Transactions

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5 Ways Your Transaction Monitoring System Can Detect COVID-19 Related Fraud

2020 Goals for Credit Unions Based on NCUA Supervisory Priorities

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How the Money Transmitter Modernization Act could build a more unified future

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2023 Fraud trends: What banks and credit unions can expect

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Red Flags for COVID-19 Related Fraud – What You Need to Know

Check It Out: How Can You Better Protect Against Check Fraud at Your Institution?

FinCEN Releases AML/CTF Priorities: Implications for Community Financial Institutions

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101 Stock Tips That Will Cause You to Go Bankrupt — Buyer Beware

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PPP fraud: How financial institutions can mitigate ongoing risk

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