RMAi Blog

FEBRUARY 3, 2023

As background, § 1033 of the Consumer Financial Protection Act, a/k/a, the Dodd-Frank Act, generally allows a consumer access to transactional information that a business holds related to products or services that were provided to the consumer. The information shall be made available in an electronic form usable by consumers.

Cybersecurity 100

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Abrigo

SEPTEMBER 23, 2024

Critical practices for individuals and organizations to protect their data The National Public Data breach serves as a reminder to all of us that proactive measures are necessary to safeguard our personal information. billion records containing highly sensitive personal information. Stay up to date with cybersecurity threats.

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Cybersecurity Credit Unions Credit and Collections Default 78

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. Having a single source of information under the money transmitter act would provide a clear set of standards across state lines.

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Abrigo

JANUARY 22, 2024

However, AML investigators identify many fraudulent transactions and patterns. Especially when introducing new products at your bank or credit union, AML, fraud, and cybersecurity teams must collaborate. An informed and vigilant community is a powerful deterrent against fraud.

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Cybersecurity Credit Unions 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.

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Cybersecurity Credit Unions Transactions Credit and Collections 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.

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Insurance Companies Cybersecurity Transactions 78

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.

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Abrigo

SEPTEMBER 6, 2024

The subjective nature of real estate pricing makes for easily manipulated transactions. It excludes personal transactions, which are more transparent and pose less money laundering risk. It also does not cover commercial real estate (CRE) transactions, although FinCEN is expected to address CRE at a later date. real estate.

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Cybersecurity Transactions Credit Unions 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

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

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.

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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.

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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.

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Cybersecurity Credit Unions Transactions Credit and Collections 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.

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Credit Unions Cybersecurity Transactions 78

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 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.

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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.

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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

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

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.

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Cybersecurity Credit Unions Transactions 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

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

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.

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RMAi Blog

MARCH 14, 2023

Invitations to staff at the CFPB and FTC have been extended for the always-informative Federal Regulators Panel. New York SB 5010 – This bill would expunge all debt associated with consumer credit transactions at the expiration of the statute of limitations. Comments are due on April 3rd. RMAI has a registered New York lobbyist. ]

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Collector Law Firms Credit and Collections Debt Collections 100

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

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.

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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.

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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 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.

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Cybersecurity Credit and Collections Transactions Credit Unions 52

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

MARCH 27, 2020

If so, take reasonable steps to obtain information relevant to assess and mitigate money laundering risks associated with the foreign banks; Determine the identity of each owner of the foreign bank and the nature and extent of each owner’s ownership interest. Financial Cybersecurity. Artificial Intelligence. BSA Software. Learn More.

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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

MARCH 24, 2020

Digital Transactions : The lockdown is forcing people to conduct financial transactions digitally through online banking and payments, even those who may otherwise be less disposed (e.g., Stay informed during these unprecedented times. Financial Cybersecurity. the elderly). learn more. Implications for the rest of us.

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Abrigo

NOVEMBER 12, 2021

The regulations require that covered financial institutions ensure their enhanced due diligence programs include steps to: Conduct enhanced scrutiny of correspondent accounts to guard against money laundering and to identify and report any suspicious transactions following applicable law and regulation. Financial Cybersecurity.

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Cybersecurity 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. Fraud Prevention. Top 5 Regulator Hot Topics During COVID-19 and Beyond.

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Cybersecurity Credit Risk Transactions 78

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

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?

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Cybersecurity Credit Unions Transactions 78