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Wire fraud: What it is and how to prevent it

Abrigo

For banks and credit unions, the stakes are highnot only in protecting their customers and members but also in safeguarding their reputations and adhering to regulatory expectations. Banks and credit unions should educate clients on how these scams operate and encourage them to verify all wire requests independently.

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RMAI Update August 2024

RMAi Blog

First Credit Union v. The scam resulted in numerous unauthorized electronic transfers being made from the customers’ accounts at the financial institution. The plaintiff financial institution reimbursed its customers for the unauthorized transactions as mandated by the federal Electronic Fund Transfer Act (EFTA).

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High-Risk NAICS Codes and How to Avoid Them

CreditStrong for Business

Find Niche Industry Financing Companies Traditional financial institutions like banks and credit unions have the strictest underwriting criteria. One way to get around this is to look for financing companies that specialize in providing funding to businesses in your particular industry.

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Consumer Lending Compliance: Hot-Button Issues to Monitor

Abrigo

Banks and credit unions extending payments on vehicle loans, personal loans, or other consumer loans had to ensure they provided accurate disclosures in compliance with federal and state consumer protection laws. Regulation B, implementing the Equal Credit Opportunity Act (ECOA) for fair lending.

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Wire Transfers Explained: 10 Things You Absolutely Need To Know

truly financial

Both domestic and international fund transfers can be broken down into two additional sub-categories: - Intra-Bank: Transferring between accounts within the same bank. This is also known as EFT (Electronic Funds Transfer) or ACH (Automated Clearing) in several countries. 4: How Do Wire Transfers Work?