Nacha's new ACH rules require all banks to update policies and procedures to ensure better fraud detection. These changes help banks comply with new standards without relying solely on technical solutions, said Devon Marsh, managing director of ACH network rules and risk management at Nacha.
As ACH continues to dominate U.S. transactions, newer payment rails, including FedNow, are working to make their platforms more secure. One of the ways they are doing this is by implementing a request for payment or RFP. Ani Narayan at Modern Treasury discussed the implications of this move.
Don't click phishy links. Everyone knows that. But are your end users prepared to quickly identify today's tricky tactics being used by bad actors? Probably not. Cybercriminals have moved beyond simple bait and switch domains. They're now employing a variety of advanced social engineering techniques to entice your...
A top U.S. banking lobbyist told a Senate panel Thursday there are limits to what financial institutions can do to stop scammers from draining individual banking accounts and called on regulators such as the Federal Communications Commission to do more to combat caller ID spoofing.
The New York attorney general sued the third-largest bank in the United States over its alleged failure to protect consumers from scammers. "If a bank cannot secure its customers' accounts, they are failing in their most basic duty," said Attorney General Letitia James.
Financial institutions (FIs) are grappling with sophisticated authorized and unauthorized scams that are fueled by payments innovation and higher transaction volumes. With instant payments gaining worldwide adoption, real-time monitoring is the key to stopping trending scams—but that’s not the only trend to plan...
Blue check scams, quishing, tech support, homograph attacks, and travel scams abound this holiday season. Fraud tactics are more personalized and harder to detect, competition is steeper, and regulatory scrutiny is ballooning.
In this eBook, we’ll take a look at how real-time fraud detection and real-time...
PSR shift in liability adds another dimension of complexity for financial institutions (FIs) combatting sophisticated APP fraud scams and new account fraud. Not only is it more challenging for FIs to protect themselves and customers, that liability shift could have deep revenue impact.
Why is NICE Actimize ranked the highest-scoring enterprise fraud management (EFM) vendor on Quadrant Knowledge Solution’s 2023 SPARK Matrix™? Because end-to-end fraud prevention across the entire customer life cycle doesn’t just achieve robust fraud detection and prevention—it improves operational efficiency...
Financial institutions (FIs) are increasing their efforts to combat the alarming rise in fraud cases. A prominent example is the U.K. PSR’s upcoming shift in liability to FIs, especially relating to Authorized Push Payment fraud. With the PSR’s new policy, both the sending and receiving FIs will be responsible for...
An evolution in transaction monitoring is required to accurately detect suspicious activity and truly reduce false positives.
This comprehensive guide helps you quickly assess your program’s current state and identify opportunities for improvement. By updating processes, implementing the right tech, and closing...
Fraudsters are always looking for new ways to shift funds from their schemes into their accounts—that’s where mules come in. Until now, there’s never been a real-time solution for detecting money mule activity. Download this comprehensive guide to uncover the strategies for detecting mule-related accounts,...
Phishing attacks have come a long way from the spray-and-pray emails of just a few decades ago. Now they’re more targeted, more cunning and more dangerous. And this enormous security gap leaves you open to business email compromise, session hijacking, ransomware and more.
Join Roger Grimes, KnowBe4’s...
Banks are facing unprecedented challenges in securing their digital ecosystems while maintaining cost efficiency. With cybercriminals increasingly targeting the financial industry, banks face risks to their reputation as trustworthy partners. With data breach costs averaging nearly $6 million per incident, banks...
Mule accounts have become an increasingly prevalent element of fraudulent schemes, acting as the primary pathway for moving funds from various sources of fraud, such as scams, check fraud, account takeovers, and authorized push payment (APP) fraud, into the accounts of fraudsters themselves. Startlingly, our research...
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