Chris Sibila of Elements Financial Credit Union says thwarting socially engineered schemes waged against call centers as well as debit fraud linked to card breaches spurred the financial institution to hire its first full-time fraud investigator, who's already helping to curb fraud losses.
High-pressure. Fast-paced. Threats coming from all directions. The battle against payment fraud isn't unlike the game of basketball. Wire fraud and ACH fraud are on the rise, and financial institutions cannot be slow on the defense - to win, they must detect fraud in real-time.
Banking channels through which...
Same-day Automated Clearing House (ACH) payment processing became a reality. While this represents a terrific opportunity for banks to be responsive to their customer's requirements for faster ACH payments, plus the ability to attract new customers from banks who choose not to offer the same level of responsiveness,...
What if we could stop financial fraud before it took place? That was the question that Webster Bank executives asked in 2011. The bank had numerous security layers, including a sophisticated risk engine that flagged any anomalies with Wire or Automated Clearing House (ACH) transfers.
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NACHA's announcement of same-day ACH (Automated Clearing
House) payments will benefit both businesses and consumers whose
payments are eligible for same-day transaction processing. But it will also
strain banks that need to operate under the new guidelines and protect
vulnerable ACH transactions from...
Who's responsible for the 12 percent uptick in financial fraud losses absorbed by U.S. banks? The American Bankers Association points to retail breaches. But one observer thinks "the ABA has its head in the sand." Read other reactions to the ABA's fraud report.
Financial losses tied to fraud against bank accounts increased about 12 percent from 2012 to 2014, but banks are not to blame. To the contrary, the ABA argues that banks are actually making significant strides in their fraud prevention efforts.
Sophisticated phishing campaigns, increasingly targeted because of social media, are fueling business email compromises - a growing wire fraud scheme that is attacking businesses worldwide, says Jim Hansen of PhishMe.
With NACHA's recent announcement on the implementation of same-day ACH (Automated Clearing House) payments to start in September 2016, banks need to be prepared as the impact on treasury and fraud personnel at a bank will be significant. This will result in lesser time to review and approve suspicious...
FBI Special Agent Charles Gunther says collaboration with FinCEN, international law enforcement and U.S. banks has helped the FBI recover millions of funds stolen from customers via emerging wire fraud schemes.
A $46.7 million fraud scheme that hit Ubiquiti Networks Inc. shows the new & improved face of wire fraud - and just how easy it is for cybercriminals to fool employees into helping to pilfer their own enterprises.
Wire fraud perpetrated via business email compromises has quickly become a top concern for banking institutions. Now one bank fraud executive predicts this type of fraud could exceed $1 billion this year.