Effectiv

"My head accountant stole 𝙝𝙪𝙣𝙙𝙧𝙚𝙙𝙨 𝙤𝙛 𝙩𝙝𝙤𝙪𝙨𝙖𝙣𝙙𝙨 from me, right under my nose... 👉 As one of the higher-ups in my company, I naturally trusted the guy. I had no reason not to 🤷 𝐎𝐧𝐞 𝐝𝐚𝐲, I heard about a company whose head accountant had been siphoning company money into his personal account 𝐒𝐨, I decided to check my books 📖 I soon found out that my 𝗼𝘄𝗻 head accountant was doing the same By creating a shell account with a nearly identical name, The accountant was able to siphon from company accounts... 🧠 all without anyone's knowledge." Insider fraud accounts for roughly 𝟏𝟖% of all reported fraud cases... 🫡 𝗗𝗢𝗡'𝗧 be naive; stay alert and protected

🗣 Pressure, Opportunity, and Rationalization… 𝗧𝗛𝗔𝗧'𝗦 𝗜𝗧 These are the three leading factors in how a fraudster is made, 𝙇𝙚𝙖𝙙𝙞𝙣𝙜 𝙩𝙤 ⬆️ A 28% increase in cost of fraud for North American financial institutions. For every $1 of fraud, it now costs FIs $4.41 (compared with $3.49 in 2022) Let’s break this down 👇 When all three factors 𝗰𝗼𝗻𝘃𝗲𝗿𝗴𝗲, an individual is at a high risk of engaging in fraudulent behavior For example: Pressure -> The person is financially unstable Opportunity -> Access to comprised user data on the dark web Rationalization -> Values or ethical standards are non-existent Factors like these are costing FIs lots of 💰💰 every year How, then, do FIs and Fintech companies protect themselves? 💬 Use multiple best-of-breed data services during KYC 📱 Always check the user’s device for suspicious activity during onboarding and at the time of transaction 🗺 Map user data on a network graph and apply distant rules to fraud transaction strategies ✖ Leverage allow/deny lists with known bad addresses, devices, IP, and email ⏰ Alert your review team in real time 🫡 Stay safe and be proactive

⚠️ Beware the Business Email Compromise Scam! ⚠️

𝐓𝐑𝐔𝐒𝐓 - {𝒏𝒐𝒖𝒏} - firm belief in the reliability, truth, or ability 🏗️ Building trust among employees, shareholders, and especially customers is paramount to the success of a company BUT... 🤷♂️ What happens when these groups become too trusting? Greed and corruption most likely Wirecard, for example, leveraged the trust of 👇 👤 𝗦𝗵𝗮𝗿𝗲𝗵𝗼𝗹𝗱𝗲𝗿𝘀 🕵️ 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝘀𝗽𝗲𝗰𝗶𝗮𝗹𝗶𝘀𝘁𝘀 🏛️ 𝗚𝗲𝗿𝗺𝗮𝗻 𝗴𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 to commit unprecedented amounts of fraud... What is there to learn from this catastrophic collapse? -> That regulatory and compliance fraud is still prevalent -> That checks and balances are an essential part of business 💳 While Wirecard is an example of internal fraud, FinTech companies deal with frustrating amounts of external fraud each year as well... ...$51 Million worth 𝗽𝗲𝗿 𝗰𝗼𝗺𝗽𝗮𝗻𝘆, to be exact ⬇️ Common external fraud types include ⬇️ Payment fraud Loan fraud -𝙖𝙣𝙙 𝙤𝙛 𝙘𝙤𝙪𝙧𝙨𝙚- Account takeover fraud Leveraging the best tools in the marketplace to combat the top FinTech fraud methods can legitimately turn that $𝟱𝟭,𝟬𝟬𝟬,𝟬𝟬𝟬 number into nearly $𝟬. Best practices and strategies can be found by following the link in the comments👇

👏 Welcome to the team Chris, Swati, Rajneesh, and Abhishek!

🗣 Counterfeiting a check is much easier than one might think Taking a ✅ PROACTIVE instead of a ❌ REACTIVE approach by using real-time monitoring solutions can significantly improve the security of your customer's accounts Do not be naive in thinking your customer's bank information is 100% secure❗

Let's hear them 👇

🤖 Whether you’re an FI or fintech, no one wants to be the target of a cyberattack Such attacks are not only costly but damage years and years of customer trust 🤝 What's worse is that it's often one small mistake—such as an employee clicking a malicious link—that causes the breach… …and can lead to thousands of customer records hitting the dark web, and ultimately 👇 -> An uptick in synthetic identity fraud -> Unauthorized account takeover 🧠 As fraudsters arm themselves with more data, fraud fighters need to arm themselves with tools to stop bad actors How? 📱 Device behavior checks at the time of onboarding AND transaction 📩 Step-up liveness and document verification checks for medium and high-risk applicants 📈 Graph networks to detect anomalous behavior, such as geo-location distance between devices used at the time of application to the time of transaction Those are just a few… Just make sure the tool and team you’re working with is as passionate about stopping fraud as a dog is about chasing squirrels 🐶

🎉 Exciting News! We're proud to announce our partnership with pave.dev! Pave's real-time cashflow analytics + Effectiv's risk decisioning = smarter, more accurate underwriting decisioning❗ 👇 Put simply by the Pave Team 👇 With Effectiv + Pave.dev, lenders can: ✅ Backtest and optimize credit decisions with cashflow-driven champion-challenger models. ✅ Dynamically change rules using Pave’s Attributes and Scores within Effectiv’s drag-and-drop UI. ✅ Combine financial data from diverse sources to predict repayment behavior. 🔗 Link to read more is in the comments

🤔 Have you ever wondered how fraudsters turn synthetic IDs into real cash? With hundreds of thousands of account details leaked in the Evolve Bank & Trust data breach It is important to understand how fraudsters take advantage of this unfortunate opportunity 👇 #databreach #fraudsters #syntheticID