RMAi Blog

DECEMBER 29, 2022

RMAI is committed to providing cutting-edge expertise and information through comprehensive education featuring legislative, regulatory, and legal updates. More information about RMAI is available at www.rmaintl.org. FLOCK believes its funding is “More Than a Transaction.” Registration is now open. “We

Law Firms 130

Law Firms Cybersecurity Transactions 130

Biz2X

JANUARY 17, 2024

It now spans across digital transactions, online banking activities, and automated accounting systems. Data Quality and Integrity : Banks must establish rigorous data governance frameworks to validate the accuracy of the information and maintain consistency, quality, and integrity across all data points.

Cybersecurity 52

Cybersecurity Transactions 52

Abrigo

FEBRUARY 9, 2024

Takeaway 2 FinCEN’s NPRM on residential real estate is an effort to t ight en the loopholes for lack of transparency in cash real estate transactions and will help deter money laundering. This will not include transfers in the name of individuals since this type of transaction is not considered high-risk for money laundering.

Cybersecurity 78

Cybersecurity Transactions 78

Due

SEPTEMBER 16, 2024

Statistics reveal that the total transaction value in digital payments is likely to reach $11.55 In 2024, several key digital payment trends are shaping the future of transactions. According to Juniper Research , digital wallet transactions are expected to grow by an impressive 77% by 2028, totaling more than $16 trillion.

Cybersecurity 52

Cybersecurity Transactions 52

Abrigo

FEBRUARY 8, 2024

Takeaway 3 Romance scams can happen to anyone, but staying informed and following these precautions can create a safer online dating experience. Looking for love in all the wrong places Romance Scams = Fraud Using fake photos and made-up information on social media and dating apps, scammers target people looking for love.

Cybersecurity 88

Cybersecurity Transactions 88

Abrigo

JANUARY 4, 2023

Be prepared and diligent in any crypto investment or other transaction. There are several reasons why cryptocurrency markets allow fraud to flourish: There is no bank or centralized authority to flag suspicious transactions and attempt to stop fraud before it happens, as there is with fiat currency. Keep me informed. Learn More.

Cybersecurity 78

Cybersecurity Credit Unions Transactions Credit and Collections 78

Biz2X

AUGUST 15, 2023

Blockchain-powered smart contracts simplify financial transactions and improve transparency. Cybersecurity solutions help protect customer information and assets. Leverage the information to figure out how you can run your banking operation more effectively and efficiently.

Cybersecurity 52

Cybersecurity Credit and Collections Transactions Credit Unions 52

SAP Credit Management

JANUARY 25, 2023

Skipping this step means that we begin to develop control mechanisms for risks that do not require it (have not been ‘materialized’ since last 12 months, as transaction was not executed) or there is an alternative, cheaper to maintain and more effective in operation, that the company has failed to implement.

Cybersecurity 134

Cybersecurity Transactions 134

SAP Credit Management

AUGUST 30, 2023

(Jana Subramanian serves as APJ Principal Cybersecurity Advisor for Cloud Security and a Fellow of Information Privacy (FIP), awarded by the International Association of Privacy Professionals (IAPP). By leveraging the Cyber Fusion Center, SAP is well-equipped to navigate the ever-changing landscape of cybersecurity threats.

Cybersecurity 184

Cybersecurity Default Transactions 184

Abrigo

AUGUST 5, 2024

Any signs of tampering, like altered, eradicated, or erased information, suggest the check might be counterfeit. This minimizes fraud risk and helps maintain the integrity of financial transactions. Missing or mismatched MICR numbers, bank routing numbers, or check numbers likely indicate a counterfeit check.

Credit Unions 78

Credit Unions Cybersecurity CECL Credit Risk 78

Abrigo

MARCH 24, 2023

However, the credit union 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/CFT software daily, and provides a quarterly process to review all international wires. plying any management or risk mitigation tools.

Credit Unions 78

Credit Unions Cybersecurity Credit and Collections Transactions 78

Abrigo

JANUARY 24, 2024

Takeaway 3 Credit unions seeking to prepare for FedNow transactions can take actions that will put them on track for optimal readiness for fraud across the institution. FedNow supporters envision many ways to use it for more efficient and more accessible business and financial transactions. million stolen.

Credit Unions 88

Credit Unions Credit and Collections Transactions Cybersecurity 88

Abrigo

DECEMBER 27, 2022

Ransomware is a form of malware targeting both human and technical weaknesses to access critical data and extort money in exchange for not sharing proprietary information. If the victim responds to the email or clicks on an embedded link, confidential account information could be leaked, or malware could infiltrate your company network.

Credit Unions 78

Credit Unions Cybersecurity CECL Credit and Collections 78

Abrigo

FEBRUARY 22, 2024

keep me informed Download infographic 67% of institutions said resources and team capacity were the main hurdles keeping them from prioritizing check fraud defense Fraud teams are often overwhelmed by the volume of checks and other transaction types that need their attention.

Credit Unions 78

Credit Unions Cybersecurity Transactions 78

Abrigo

SEPTEMBER 21, 2023

Takeaway 2 Stay informed of trends in mobile fraud as well as internet bank fraud. That means that there are possibly 5-7X the number of IP addresses for an account that did nothing transactional other than a balance inquiry. Balance inquiries make up a serious chunk of IP addresses vs. money movement transactions.

Cybersecurity 78

Cybersecurity Transactions 78

Abrigo

MARCH 7, 2022

Takeaway 2 Planning ahead and informing management of expected changes will help financial institutions adapt to anticipated rules and guidance. The reputational risk alone is significant to your institution if you let a sanctioned Russian transaction fall through the cracks. 2022 Regulatory Focus.

Credit Unions 78

Credit Unions Cybersecurity 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. An excellent place for information is FinCEN History of AML Laws. Keep Me Informed. Financial Cybersecurity.

Cybersecurity 78

Cybersecurity Transactions 78

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 78

Cybersecurity Credit Unions Transactions Credit and Collections 78

Abrigo

JULY 10, 2023

Takeaway 3 Inform your customers of the latest AI fraud trends and give them best practices to avoid it. The rise of AI Understanding AI fraud schemes Integrating artificial intelligence (AI) presents promising opportunities and daunting challenges in today's ever-evolving world of financial transactions and digital advancements.

Credit Unions 60

Credit Unions Cybersecurity Credit and Collections Transactions 60

Abrigo

MAY 20, 2022

Fraud processes should involve multiple lines of defense, and when you can stop the transaction from processing, it's a good sign that your program is strong. Keep me informed. Financial Cybersecurity. Financial Cybersecurity. Cybersecurity Advice for Banks & Credit Unions Amid Russia-Ukraine Situation.

Cybersecurity 78

Cybersecurity Credit Unions Transactions 78

Abrigo

MAY 11, 2020

title insurance companies, their subsidiaries, and agents, to determine the beneficial owners (natural person) behind certain entities used in “covered” residential real estate transactions, including cashier’s checks, certified checks, traveler’s checks, personal checks, business checks, money orders, funds transfers, or virtual currency.

Insurance Companies 78

Insurance Companies Cybersecurity Transactions 78

Abrigo

NOVEMBER 1, 2021

BSA investigators use historical transaction data, looking at unusual patterns. This number includes all cybercrime or cyber fraud from the basic definition and any illicit act transacted using a computer. keep me informed. Financial Cybersecurity. Financial Crime (FinCrime) experts are not IT experts. That's significant.

Cybersecurity 78

Cybersecurity Transactions Small Businesses 78

Abrigo

NOVEMBER 17, 2023

It extends far beyond the potential monetary losses associated with each fraudulent transaction. The first pillar is the overall hard dollar loss rate experienced from illicit transactions. Fraud risk The three pillars Leaders within financial institutions are frequently tasked with understanding the full scope of fraud's impact.

Credit Unions 78

Credit Unions Cybersecurity Transactions 78

Abrigo

AUGUST 10, 2020

They are poised and ready to use disasters , such as a pandemic, to steal money and/or personal information. On July 30, 2020, the Financial Crimes Enforcement Network (FinCEN) released their third advisory concerning COVID-19 - related fraud typologies of which financial institutions should be aware.

Cybersecurity 78

Cybersecurity Transactions Credit Risk 78

Biz2X

JANUARY 4, 2024

Banks and lenders will invest more in robust cybersecurity measures to protect sensitive customer data. Secure Digital Transactions : Ensuring the security of online transactions will be a top priority, with advanced encryption and authentication technologies.

Cybersecurity 52

Cybersecurity Credit Scoring Transactions 52

Abrigo

APRIL 2, 2020

The victim’s name and other available information should also be included in the narrative, not as a subject of the SAR. Financial Cybersecurity. The Better Business Bureau Senior Medicare Patrol has issued a COVID-19 Consumer Tip Sheet to help protect your customers, family members, and friends who are being targeted by these scams.

Cybersecurity 134

Cybersecurity Transactions 134

Abrigo

NOVEMBER 11, 2021

In some cases, the perpetrators threaten to publish sensitive information, with significant consequences to those being held ransom for losing sensitive, proprietary, or critical information. The advisory is full of important information for financial institutions, focusing on disrupting criminal ransomware actors.

Transactions 78

Transactions Cybersecurity Credit Card Payments Credit Unions 78

Abrigo

NOVEMBER 11, 2021

In some cases, the perpetrators threaten to publish sensitive information, with significant consequences to those being held ransom for losing sensitive, proprietary, or critical information. The advisory is full of important information for financial institutions, focusing on disrupting criminal ransomware actors.

Transactions 78

Transactions Cybersecurity Credit Card Payments Credit Unions 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. AI shouldn’t be secret or proprietary information, especially with BSA software. has a similar transaction history.

Cybersecurity 78

Cybersecurity Transactions 78

Abrigo

JULY 13, 2023

Scammers build up a victim’s trust and gain access to their online account information, sometimes “fattening the pig” by soliciting more investment in cryptocurrency before “slaughtering the pig” and stealing the cryptocurrency. Pig butchering scams originated in Southeast Asia and have escalated significantly in the United States.

Cybersecurity 78

Cybersecurity Credit Unions Credit Scoring Transactions 78

Abrigo

APRIL 25, 2023

This tracking should be used to make informed, risk-based decisions on when exiting the relationship may be considered. Just ensure you check “Initial SAR” on the first page of the SAR form. This will ensure proper tracking of actual continuing activity. Determine criteria for exiting a repeat SAR subject How many SARs are too many?

Cybersecurity 78

Cybersecurity Credit Unions Transactions 78

Abrigo

AUGUST 27, 2020

Be sure that senior management and the Board of Directors remain informed and understand all risks, as they are the fiduciaries of your institution. Financial Cybersecurity. 5 Ways Your Transaction Monitoring System Can Detect COVID-19 Related Fraud. Financial Cybersecurity. BSA Rules and Regulation. Card Fraud.

Cybersecurity 78

Cybersecurity Transactions 78

Due

AUGUST 3, 2023

It is imperative to evaluate individual risk tolerance, investment objectives, and seek guidance from a financial advisor well-versed in cryptocurrency investments to make an informed decision regarding integrating Bitcoin into a retirement strategy. Stay apprised of cryptocurrency market trends and regulatory changes.

Cybersecurity 98

Cybersecurity Transactions 98

Onguard

JANUARY 26, 2024

As we approach Data Privacy Day on January 28th, it’s crucial to reflect on the importance of securing our digital lives in an era where information is more valuable than ever. Employing a VPN like NordVPN, Surfshark, etc, ensures that your connection is encrypted, protecting sensitive information from unauthorised access.

Cybersecurity 40

Cybersecurity Transactions 40

TreviPay

SEPTEMBER 15, 2023

It involves accurately tracking all cash inflows and outflows, maintaining clear records of financial transactions and ensuring that all financial information is up-to-date and accurate. Analysis helps identify periods of positive cash flow or negative cash flow and allows for informed decision-making.

Electronic Funds Transfer 52

Electronic Funds Transfer Days Sales Outstanding Credit and Collections Cybersecurity 52

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. Eventually, the employee sends back secure financial information, allowing the criminal to forge a business check or process a wire transfer.

Cybersecurity 78

Cybersecurity CECL Transactions Credit Risk 78

Abrigo

FEBRUARY 8, 2024

With financial transactions happening at the speed of a click, consumers and members need awareness to avoid scams. Trust matters Protect your relationships from fraud Today’s financial transactions happen at the speed of a click, and the threat of fraud looms more prominently than ever. DOWNLOAD Takeaway 1 U.S.

Credit Unions 78

Credit Unions Transactions Small Businesses Cybersecurity 78