Survey: Banking outpaces other industries in preparing to combat fraud and corruption
The banking sector is among the most prepared industries to combat fraud, corruption and illicit activity, according to a recent report.
Browsing: Fraud
Fed adds resources to ID fraud mitigation toolkit
As instances of synthetic identity fraud—through which fraudsters create new identities out of pieces of real or fictitious information—become more prevalent, the Federal Reserve updated its toolkit of resources to help banks and consumers mitigate risks associated with these types of fraud.
FDIC, FinCEN recognize digital identity proofing Tech Sprint teams
The FDIC and the Financial Crimes Enforcement Network recognized three teams for excellence in a recent “tech sprint” to develop solutions for banks and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate and verify information about a person.
A Moving Target: Pandemic Impacts on Anti-Money Laundering Compliance
Banks focusing on innovation in their processes, people and technology will be well placed to implement effective BSA/AML compliance programs.
Study: Small, Midsize Business Lending Fraud Rises
Small and midsize business lending fraud in the U.S. increased 6.9% in 2021 from a year earlier, according to a recent study from LexisNexis Risk Solutions.
FTC: Romance Scam Losses Hit Record High in 2021
Romance scams are on the rise, with consumers losing $547 million to them in 2021 alone, according to new data published by the Federal Trade Commission today.
Fed Releases Synthetic ID Fraud Mitigation Toolkit
As instances of synthetic identity fraud—through which fraudsters create new identities out of pieces of real or fictitious information—become more prevalent, the Federal Reserve this week released a toolkit to help banks and consumers mitigate risks associated with this type of fraud.
Survey: Cyber Fraud Tops List of Bank Concerns about Global Economy
A new survey from TD Bank and Strategic Treasurer found that 81% of bank respondents see cyber fraud as the top concern with respect to the global economy.
The Post-Pandemic Fraud War: How to Play Offense
The pandemic has created many new challenges and changed the fraud risk landscape—perhaps permanently. It has also provided a training ground for a new generation of fraud attackers.
Study: Banks See Rise in Fraud Attempts, Associated Costs in 2021
Banks saw more monthly fraud attacks in 2021 compared to the year prior, according to a new study from LexisNexis Risk Solutions. The average volume of monthly fraud attacks for banks earning more than $10 million in annual revenue has increased since 2020 from 1,977 to 2,320, the report found.