Biz2X

AUGUST 15, 2023

Blockchain-powered smart contracts simplify financial transactions and improve transparency. Cybersecurity solutions help protect customer information and assets. Computer vision-enabled tools also simplify document analysis. It provides highly secure, tamper-proof, and eternal records of all financial transactions.

Cybersecurity 52

Cybersecurity Credit and Collections Transactions Credit Unions 52

Abrigo

AUGUST 27, 2020

Documentation: Thorough and complete documentation is king. If you have manual monitoring processes, document them. If you have performed enhanced due diligence on a client, document it. Remember, if it is not documented it did not happen. Financial Cybersecurity. Financial Cybersecurity. Card Fraud.

Cybersecurity 78

Cybersecurity Transactions 78

Abrigo

AUGUST 10, 2020

T he first is targeting remote platforms and processes, including undermining online identity verification through fraudulent identity documents, and leveraging weak authentication processes for account takeovers. A customer’s physical description on identity documentation does not match other images of the customer.

Cybersecurity 78

Cybersecurity Transactions Credit Risk 78

Abrigo

MAY 20, 2022

Institutions and compliance professionals know that training should be undertaken and documented annually. Robust fraud programs not only rely on automated or manual solutions to detect and prevent fraud but layer in staff at the front lines to stop the transaction, adding another component of detection and prevention. Learn More.

Cybersecurity 78

Cybersecurity Credit Unions Transactions 78

Abrigo

APRIL 25, 2023

Also include the previous SAR’s amount, dates, violation types, Document Control Number (DCN), and internal control number. A well-documented memo detailing the decision to maintain or exit the relationship should be retained and included with other due diligence, readily available to present to auditors or examiners if requested.

Cybersecurity 78

Cybersecurity Credit Unions Transactions 78

Abrigo

DECEMBER 8, 2021

Unlike the customer profile and detailed transaction training offered to frontline staff, the board needs to see the BSA program from a higher level to understand the enterprise-wide risk to the institution. Remember, it is a regulatory requirement that each member is trained annually, so be sure to document and retain your attendee list.

Cybersecurity 78

Cybersecurity Transactions 78

Abrigo

SEPTEMBER 18, 2020

Many of the noted red flag indicators center around customer due diligence processes such as review of business documentation, website review, negative news searches, and high-risk jurisdiction activity. Red Flags for cybercrime include: The spelling of names in account information does not match the government-issued identity documentation.

Electronic Funds Transfer 78

Electronic Funds Transfer Cybersecurity Transactions Credit Risk 78

Abrigo

MARCH 7, 2022

The reputational risk alone is significant to your institution if you let a sanctioned Russian transaction fall through the cracks. Each potentially suspicious transaction must be analyzed. Financial Cybersecurity. Financial Cybersecurity. Using "known customer" to justify these decisions is insufficient. Card Fraud.

Credit Unions 78

Credit Unions Cybersecurity Transactions 78

Abrigo

APRIL 28, 2020

The five scenarios focus on: All credit transactions – This scans against every credit transaction, regardless of the type of transaction. Machine learning scenarios learn from normal transactions. This allows the system to learn from each transaction and more precisely detect potentially suspicious behavior.

Cybersecurity 78

Cybersecurity Transactions 78

Abrigo

AUGUST 27, 2020

Documentation: Thorough and complete documentation is king. If you have manual monitoring processes, document them. If you have performed enhanced due diligence on a client, document it. Remember, if it is not documented it did not happen. Financial Cybersecurity. Fraud Prevention. Learn More. Card Fraud.

Cybersecurity 78

Cybersecurity Credit Risk Transactions 78

Biz2X

OCTOBER 13, 2023

Increased Customer Engagement: Augmenting customer engagement and transactional volumes. Banking-as-a-Service (BaaS) Partnerships: Also known as front-end fintech agreements, these involve non-bank partners interacting directly with banking customers to facilitate routine online transactions.

Cybersecurity 52

Cybersecurity Transactions Small Businesses 52

Biz2X

JUNE 9, 2023

Traditional account opening practices require banks to struggle through manual data processing, document managing, and the associated operational costs. If the software is not modernized enough or integrated properly with other banking platforms, customers will not complete the account opening transaction.

Cybersecurity 40

Cybersecurity Credit and Collections Credit Unions Transactions 40

Abrigo

AUGUST 10, 2020

T he first is targeting remote platforms and processes, including undermining online identity verification through fraudulent identity documents, and leveraging weak authentication processes for account takeovers. A customer’s physical description on identity documentation does not match other images of the customer.

Cybersecurity 78

Cybersecurity Transactions 78

Biz2X

OCTOBER 13, 2023

Increased Customer Engagement: Augmenting customer engagement and transactional volumes. Banking-as-a-Service (BaaS) Partnerships: Also known as front-end fintech agreements, these involve non-bank partners interacting directly with banking customers to facilitate routine online transactions.

Cybersecurity 52

Cybersecurity Transactions Small Businesses 52

Abrigo

FEBRUARY 27, 2020

The agency encourages and welcomes innovation to improve efficiencies in areas such as risk identification, transaction monitoring, and suspicious activity reporting while maintaining strong BSA/AML programs. Financial Cybersecurity. Abrigo Embraces Innovation with Machine Learning Scenarios. Artificial Intelligence. BSA Software.

Cybersecurity 78

Cybersecurity Transactions 78

Abrigo

AUGUST 18, 2020

If you’re a small institution that only did PPP lending to your existing customers and decided not to do a lookback based on a risk-based approach, document that in your policies and procedures , ” said Luttrell. If you carefully document all of this, you will be proactive and prepared for your exam.” . Financial Cybersecurity.

Cybersecurity 78

Cybersecurity Credit and Collections Transactions Credit Risk 78

Abrigo

NOVEMBER 7, 2022

Transaction monitoring software should allow for the identification of this higher-risk group. Financial Cybersecurity. FinCEN issued an advisory to assist the financial industry in reporting instances of financial exploitation of the elderly. What can financial institutions do to help? Fraud Prevention. Fraud Trends. Learn More.

Credit Unions 78

Credit Unions Cybersecurity Transactions 78

Abrigo

JULY 16, 2021

Community financial institutions have more frequently become targets of these illicit transactions, as larger banks commonly have more sophisticated monitoring systems for detecting and reporting suspicious activity. Thoroughly analyze and document the residual risk of each. Incorporate each FinCEN release into your procedures.

Credit Unions 78

Credit Unions Cybersecurity CECL Credit Risk 78

Abrigo

AUGUST 18, 2020

If you’re a small institution that only did PPP lending to your existing customers and decided not to do a lookback based on a risk-based approach, document that in your policies and procedures , ” said Luttrell. If you carefully document all of this, you will be proactive and prepared for your exam.” . Financial Cybersecurity.

Cybersecurity 78

Cybersecurity Credit and Collections Transactions Small Businesses 78

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 78

Credit Unions CECL Dashboards Revenue Recognition 78

Fundera

DECEMBER 29, 2018

Naturally, it would be wise to have the right documents in place to protect your business in the event a breach occurs. This principle doesn’t just apply to cross-border transactions; a number of U.S. Even though privacy policies are legal documents, they shouldn’t be riddled with complicated language and lawyerly terms.

Credit and Collections 40

Credit and Collections Cybersecurity Transactions Small Businesses 40

Lendio

JANUARY 11, 2023

Documentation is essential for these deductions. There will be a variety of insurance costs related to your business, including workers’ compensation, professional liability insurance, property insurance, vehicle insurance, and even cybersecurity insurance. It can cost a lot of money to insure your small business.

Deductions 52

Deductions Cybersecurity Small Businesses Transactions 52

Fundera

JULY 15, 2019

The main expenses associated with ecommerce platforms are the monthly subscription fee and transaction or processing fees. Just over 32% of all cyber-attacks are targeted at ecommerce businesses, which means cybersecurity should be a top priority. TRANSACTION FEE. This fee is usually a small percentage of every online purchase.

Small Businesses 69

Small Businesses Credit Card Payments Transactions Dashboards 69

Abrigo

MAY 8, 2024

Many financial institutions have been using artificial intelligence (AI) for years, particularly in supporting cybersecurity and anti-fraud efforts. GenAI use case for training employees and making them more productive SouthState Bank , another Abrigo client, trains its enterprise version of ChatGPT only on bank documents and data.

Credit Unions 88

Credit Unions Cybersecurity CECL Credit and Collections 88

Abrigo

JUNE 4, 2023

The volumes did not allow time to review supporting documents, such as check images, wire details, etc. The exemptions were not appropriately documented, and the exempted customers included individuals later arrested for financial crimes. The analysts performed quality control with no objective or third-party perspective.

Cybersecurity 78

Cybersecurity Transactions 78

Abrigo

MARCH 29, 2023

The following red flags are indicators of fraudulent PPP applications : Misuse of proceeds Unqualified borrowers New Employer Identification Numbers (EIN) Shell corporations/dormant EINs Recent business incorporations Inflation of payroll Large loan amounts False statements on applications Fraudulent supporting documents (e.g.,

Cybersecurity 78

Cybersecurity Credit Unions Credit Risk Transactions 78

Abrigo

MARCH 23, 2020

Having a cohesive business continuity plan (BCP) is part of the essential documents for most businesses. front line staff is minimized and unable to conduct required BSA reports, such as Currency Transaction Reports (CTRs), and questionable activity communications? Financial Cybersecurity. Artificial Intelligence. BSA Software.

Business Continuity Planning (BCP) 78

Business Continuity Planning (BCP) Cybersecurity Transactions 78

Abrigo

APRIL 8, 2020

If a strong BSA program is in place and includes robust transaction monitoring, an institution should onboard these new loans with little additional BSA risk. Financial Cybersecurity. The PPP loan proceeds should then be funded into the new deposit account within the same financial institution. . Artificial Intelligence.

Credit Unions 78

Credit Unions Credit and Collections Cybersecurity Small Businesses 78

RMAi Blog

MARCH 14, 2023

Florida HB 113 – This bill would provide relief from collection activities to victims of elder abuse and human trafficking, provided that documented economic abuse is attested to in a police report that shows the connection to the perpetrator. This issue is becoming more prominent at the state legislative level.

Collector 130

Collector Law Firms Credit and Collections Debt Collections 130