Abrigo

NOVEMBER 22, 2024

Evaluating the FRAML approach For years, financial institutions have debated the merits of combining fraud and anti-money laundering (AML) functions into a single department in what's known as a FRAML approach. The idea is simple: bring fraud and AML into one program to boost effectiveness, save costs, and streamline financial crime detection. With fraud rates surging and FinCEN designating fraud as a National Priority , combining these functions under the same umbrella could be a game-changer.

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NOVEMBER 22, 2024

Defense contractor General Dynamics Corp. (General Dynamics) is set to settle a wage investigation and pay workers $1.4M in damages. The workers in question were thirty-six Mexican engineers employed in San Diego by a subsidiary of the defense contract titan General Dynamics. General Dynamics employs over 100,000 people worldwide and has an estimated annual revenue (2023) of $42.3 billion.

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Abrigo

NOVEMBER 22, 2024

Strategies for writing a better SAR narrative With over two million suspicious activity reports (SARs) filed annually, how do you write a SAR narrative that will stand out to law enforcement? AML/CFT analysts can spend hours or days filing SAR reports, but every SAR filed is a tool to help law enforcement connect the dots in broader investigations. To make each SAR count, it's essential to understand what makes a SAR narrative effective.

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NOVEMBER 22, 2024

A Michigan woman has been convicted of $1.4 million Medicare kickback fraud. Mary Smettler-Bolton, 71, of Oakland County, was convicted of illegal activities related to the federal healthcare scheme. According to the evidence presented at trial and court documentation, Smettler-Bolton was accused of referring Medicare “beneficiaries to several Metro Detroit home health companies in exchange for hundreds of thousands of dollars in kickbacks.

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Eastern Credit Management Services

NOVEMBER 22, 2024

Navigating the debt collection process can be complex, especially when dealing with specific legal considerations in Atlantic Canada. Here’s a step-by-step guide to help creditors and debtors understand what to expect. 1. Initial Contact and Demand for Payment The debt collection process typically begins with an initial contact from the collection agency, which may include a written notice or phone call.

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NOVEMBER 22, 2024

Pioneer researcher, architect, and software engineer Punit Gupta has cybersecurity protocols and infrastructure down to an art form. With over 17 years of work experience and 19 patents in cybersecurity, network security, and remote work-enabling technologies holding close to 500 citations, Gupta’s innovations have redefined digital security. His inventions provide critical defenses against cyber threats, protecting thousands of big-name organizations from attacks like DoS, MITM, phishing,

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CreditStrong for Business

NOVEMBER 22, 2024

For new business owners and small businesses with poor or no credit histories, merchant cash advances can be an easy way to gain access to capital. But in most cases, merchant cash advances can do more harm than good to your business. If you’re considering a merchant cash advance, here’s what you need to know about how they work, why you should avoid them, and what you should use instead to get funding and grow your business.

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Eastern Credit Management Services

NOVEMBER 22, 2024

Cash flow is the lifeblood of any small business, but late payments and unpaid invoices can create significant challenges. Professional debt collection services can help maintain financial stability without damaging client relationships. Here’s how. Reduce the Stress of Debt Recovery Debt collection is time-consuming and can strain internal resources.

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CreditStrong for Business

NOVEMBER 22, 2024

When you apply for a credit account, your prospective lender pulls your credit report and initiates a credit check through a process known as a hard credit inquiry. That usually takes points off your score, so it’s best to limit the number of times lenders pull your credit. However, when shopping for a home loan, that doesn’t necessarily apply. If you time them correctly, multiple credit pulls from mortgage lenders count as a single credit inquiry, which minimizes the damage to your score.

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CreditStrong for Business

NOVEMBER 22, 2024

Before you go shopping for a loan, you should know where your credit score stands. The first step is to always check your Experian, Transunion, Equifax FICO scores so you know what you’re getting into. When you know what credit tier you’re in, you’ll have a better idea of how to make it to Tier 1 credit if you’re not there already. The credit tier system is basically how an auto lender knows what money factor to assign if you’re applying for an auto loan.

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CreditStrong for Business

NOVEMBER 22, 2024

Every time someone checks your credit an inquiry is recorded on your credit report. Hard inquiries affect your credit. Soft inquiries do not. Understanding the difference will help you manage your inquiries, protect your credit, and keep track of who is checking your credit. Let’s take a look at hard inquiries, soft inquiries, and how they affect your credit score.

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