Customer fraud protection products for banks and credit unions

Baby Steps Can Lead To Big Online Banking Fraud

Posted by Deborah Peace on Aug 15, 2018 9:30:00 AM

Fraudsters go where the money is, which means financial institutions are a ripe target. In fact, 80 percent of financial institutions with more than $50 million in assets experienced payments fraud attempts and financial losses in 2016, according to a survey released earlier this year by the Federal Reserve Bank of Minneapolis. Fraudsters’ tactics seem to be effective too, as Javelin Strategy & Research revealed that $16.8 billion total was stolen from victims last year.

Even the very media that covers the industry isn’t safe. Royal Media, the company that produces Bank Innovation, was recently the victim of a heist. Not the kind that involves ski masks and getaway drivers, but the type that is perpetrated by faceless fraudsters who take a little bit here, a little bit there, hiding their thievery through small withdrawals. By the time it was all said and done, Royal Media was out $50,000, and there was nothing they could do about it.

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Topics: Online banking fraud

Arming Customers with Actionable Online Banking Systems Supported by Real-Time Fraud Prevention Tools

Posted by Deborah Peace on Aug 8, 2018 9:30:00 AM

Today’s online banking systems boast extensive capabilities, from opening an account to setting up automatic bill payments, mobile check deposits and more. Despite these comprehensive feature functionalities, the fraud detection and dispute process remains antiquated for many financial institutions. While online banking systems offer visibility over transactions for account holders, these systems do not allow account holders to take action and protect themselves against suspicious activity.

For instance, when a customer logs into their online banking portal, they can view all of their transactions, including checks, ACH, wire, internal transfers and debit card transactions. However, if the customer notices an unfamiliar charge, like an ACH debit, they can only see the amount and the company that initiated the transaction with no additional details about what the charge was for. From there, the customer must call their financial institution to research the transaction. After the institution researches the transaction, the customer may choose to dispute it. In order to dispute the transaction, the customer must visit the branch and complete a dispute form. After filling out the form, it may be ten days before the customer’s money is back in their account.

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Topics: Fraud Prevention

Five Things to Ask When Choosing a Fraud Detection Solution

Posted by Deborah Peace on Aug 1, 2018 9:30:00 AM

For businesses across the U.S., it is not a matter of if their organization will fall victim to payments fraud, it is a matter of when. A majority of organizations experience payments fraud each year and in 2017, 78 percent were hit, which is a record high according to this year’s AFP Payments Fraud Survey. The banks and credit unions that serve these businesses recognize this growing issue and the industry’s need for a better approach to fraud prevention, but selecting the right fraud detection and prevention solution can be challenging.

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Topics: Fraud Detection

Helping Business Members Protect Their Hard-Earned Money with an Interactive Fraud Detection Solution

Posted by Deborah Peace on Jul 25, 2018 9:30:00 AM

In cities across the U.S., small and medium-sized businesses play vital roles in their local economies, generating employment opportunities and revenue for the community. Credit unions recognize this and as a result, are focused on attracting and serving more commercial and business members.

However, these members face distinct challenges when it comes to payments fraud. The Association of Certified Fraud Examiners reveals that small to medium-sized businesses lose a median of $200,000 or an estimated five percent of their annual revenues to fraud each year. To make it worse, these fraudulent transactions can easily go undisputed due to regulations that require businesses to report fraudulent activity within two days, compared to the 60 days allotted to consumers, meaning it is unlikely the business owner will recover the stolen funds.

To help business members protect their hard-earned money from online banking and check fraud, credit unions must offer the right treasury management tools and educate members on trending tactics used by fraudsters. Doing so will empower members with greater control and visibility over the funds in their account.

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Topics: Fraud Detection

A Layered Approach to Fraud Prevention: How Voice Biometrics Improves the Customer Experience & Secures High Risk Transactions

Posted by Deborah Peace on Jul 18, 2018 9:30:00 AM

Each week, it seems as if there is a new organization that has fallen victim to cybercrime. The relentless pace at which fraudsters attack financial institutions, businesses and consumers has significantly impacted the security landscape within the U.S., resulting in initiatives like the National Institute of Standards and Technology’s (NIST) Cybersecurity Framework. Even the Office of the Comptroller of the Currency (OCC) has issued guidance to help protect financial institutions and the account holders they serve. The OCC now expects institutions to have dynamic risk management programs, including adequate customer authentication processes and layered security controls.

Following this guidance is more important than ever, as fraudsters stole $16.8 billion from U.S. consumers last year, according to research from Javelin Strategy. One of the ways fraudsters accomplish this is through tactics like account takeover, which has reached a four-year high.

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Topics: Biometric Authentication

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