Early Warning®

The ACH Network has seen impressive growth in recent years, 📈 handling 31.5 billion payments valued at $80.1 trillion in 2023 alone. As usual, financial criminals are paying close attention to banking trends, and they continue to devise new #fraud schemes and scams that target ACH transactions. To help prevent losses from ACH fraud, 💸 Nacha has proposed a series of updates to its rules that will go into effect later this year. 👉 Swipe through for the details on what the rule changes will be and how your FI can prepare. https://lnkd.in/gb3hrCCZ

The days of paying by check for everyday purchases may be numbered. Some major retailers including Target recently announced they’ll soon stop accepting personal checks from customers. While many retailers do still accept checks, overall usage has been on the decline in the U.S. for years, and rising incidents of #CheckFraud are continuing to make consumers shy away from using them. 💡 Check out this recent article from The Associated Press to get all the details: https://lnkd.in/e4Xa2W2z

Zelle is "becoming the dominant way to move money" according to Bank of America Chair and Chief Executive Officer Brian Moynihan. Learn more stats about Zelle usage at Bank of America in their second quarter financial results in this MarketWatch article.

We are proud to be a part of The Aspen Institute Financial Security Program's Task Force for Fraud & Scam Prevention! We'll work with Aspen FSP and other Task Force members to develop a nationwide strategy aimed at helping to prevent fraud and scams.

For most of us, a mobile phone 📱 is one of our most important belongings. It’s almost like a second brain – it's how we connect to work, family and friends, it’s an assistant, a map, a creative tool, and it’s the key to a flood of personal information. If your phone goes missing, it’s annoying, but replaceable. But what if it’s not your phone that goes missing, but your phone number? 🤔 That’s when everything you do online, including banking and investments, can become vulnerable to hackers looking for big payouts. 🎙️ In this episode of Nickel & Crime, we’re telling the story of SIM-swapping: the theft of mobile phone numbers which hold the key to all our data - and for a lot of us, all our money. 🎧Tune in to Nickel & Crime now: A SIM-ple Plan: The Dark Art of SIM Swapping and Cell Phone Hijacking https://spoti.fi/3Wntsn0

Application fraud at financial institutions is being driven by the prevalence of compromised PII – some of which fraudsters are using to mix and match with falsified info to create synthetic identities. 🎭 These fraudulent identities are then used to facilitate a whole host of financial crimes that lead to losses for FIs, like opening accounts to be used by money mules 🫏 or to commit credit card 💳 or loan fraud 💸. We recently partnered with IDC to survey 100 banks and credit unions about the challenges they’re up against when it comes to #SyntheticIdentityFraud, what they’re currently doing to address the issue, and the future countermeasures the industry is looking towards. 📝 Delve into the full report here: https://lnkd.in/gZkMEc3p

Is your financial institution 🏦 up against #SyntheticIdentityFraud? If the answer is yes, you’re not alone. From using synthetic identities to open money mule 🫏 accounts to committing credit card 💳 and loan fraud 💸, criminals are using them to perpetuate a range of crimes that are causing big losses for banks and credit unions. 🔍 We recently partnered with IDC to survey 100 professionals at financial institutions to better understand the issue – the challenges they’re facing in identifying synthetic identities and quantifying the issue, the investments they’re making to combat it, and the solutions they’re looking to for future prevention. 📝 Get the full report below!

#MoneyMules 🫏 are used to facilitate criminal activity, launder illicit funds, and pose a major risk to financial institutions. 🎤 We’re looking forward to hearing from the experts on how to spot and stop money mule activity at this upcoming roundtable discussion 🔗 Register below!

Early Warning works tirelessly with our partner FIs to ensure that Zelle remains a safe, fast and easy way for people to send and receive money with those they know and trust. Our Chief Fraud Risk Officer, Ben Chance, shares some of the work we're doing and tips to help consumers avoid scams. Click or tap below for Ben’s six tips and more!

Minimize losses,💸 maximize growth 🚀 See how Predict New Account Risk can help your bank or credit union make informed, real-time account opening decisions that get good customers quickly in the door while shutting fraudsters out. 🔎 Learn more about how it works: https://bit.ly/4cNQJDR