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Payments innovation fuels sophisticated scams! With instant payments on the rise, real-time monitoring is crucial to combat trending fraud. In the past year alone, payment volume surged by 22% and attempted fraud attacks increased by 18%. These year-over-year increases are unsustainable in the long run. Financial institutions (FIs) are grappling with both authorized and unauthorized scams, driven by payment innovation and higher transaction volumes. How can FIs tackle this relentless fraud surge? Dive into the second edition of our 2023 Fraud Insights Report, where NICE Actimize experts revisit findings from earlier this year and share new insights: https://okt.to/pWfstC #FinTech #Fraud #Insights #Scams

For the financially vigilant, the specter of fraud looms large. It's a persistent shadow lurking in the corners of our increasingly digital lives, a constant reminder that even the most secure transactions can be vulnerable. But while our anxieties might be rooted in the old guard of credit card skimming and check forgery, the reality of fraud in 2024 is far more nuanced. It's a shape-shifting entity, constantly adapting its tactics to exploit the evolving landscape of financial interaction. #fraud #risk https://lnkd.in/dDz7Napj

TAFraudSentry was designed to empower community financial institutions in the fight against check fraud. Safeguard assets and reputation with comprehensive check fraud detection, automated signature verification, check stock validation, and real-time capable risk mitigation. #fraudprevention

New Abrigo Fraud Detection platform helps financial institutions fight fraud faster and smarter with AI, reduce mounting losses “Banks and credit unions of every size need transformational tools to fight financial crime amid radically powerful, pervasive, and diverse new threats,” said Jay Blandford, CEO of Abrigo. “Abrigo Fraud Detection offers our 2,400 existing customers, and new customers, enhanced fraud detection accuracy and efficiency. Our mission is to help financial institutions and their communities thrive, and our new platform does that by detecting sophisticated fraud patterns fast and combating financial crimes that cost millions and impact reputation.” https://lnkd.in/eZtgjtz5 Ravikumar Nemalikanti Becki LaPorte, CFCS, FIS Laura Broderick John Roper Emily Larkin Beckett Eisenreich Kep Lee #FFNews #Fintech #Finance #Banking #Paytech #Payments #Insurtech #Insurance

"Mobile money fraud typologies and mitigation strategies" - 2024 Report The GSMA's March 2024 report delves into the intricate landscape of mobile money fraud typologies and effective mitigation strategies, crucial for safeguarding digital financial systems. Key Highlights: 📊 76.47% of survey respondents in key management roles shed light on mobile money fraud dynamics. 🌐 Mobile money fraud poses a significant threat to global development and financial inclusion goals. 📈 Factors post-COVID contribute to a surge in mobile money fraud cases. 💡 Insider fraud and collusion emerge as top concerns, impacting the mobile money ecosystem. 🛡️ Robust anti-fraud measures encompass prevention, detection, and investigative approaches. Ferda K. , Victor Yaromin , Neeraj Malhotra , Benjamin Canova , Jean-Marc Sibaï , Christian Caumont , Fabien FARGES Chamseddine Bessaker #MobileMoneyFraudInsights ,#DigitalFinancialSecurity , #FraudMitigationStrategies , #GSMAReportAnalysis , #FinancialInclusionChallenges, #Fintech , #Fraud

Payments innovation fuels sophisticated scams! With instant payments on the rise, real-time monitoring is crucial to combat trending fraud. In the past year alone, payment volume surged by 22% and attempted fraud attacks increased by 18%. These year-over-year increases are unsustainable in the long run. Financial institutions (FIs) are grappling with both authorized and unauthorized scams, driven by payment innovation and higher transaction volumes. How can FIs tackle this relentless fraud surge? Dive into the second edition of our 2023 Fraud Insights Report, where NICE Actimize experts revisit findings from earlier this year and share new insights: https://okt.to/usZVrX #FinTech #Fraud #Insights #Scams

Payments innovation fuels sophisticated scams! With instant payments on the rise, real-time monitoring is crucial to combat trending fraud. In the past year alone, payment volume surged by 22% and attempted fraud attacks increased by 18%. These year-over-year increases are unsustainable in the long run. Financial institutions (FIs) are grappling with both authorized and unauthorized scams, driven by payment innovation and higher transaction volumes. How can FIs tackle this relentless fraud surge? Dive into the second edition of our 2023 Fraud Insights Report, where NICE Actimize experts revisit findings from earlier this year and share new insights: https://okt.to/hSJCdH #FinTech #Fraud #Insights #Scams

The Invisible Threat - #SuperSynthetic Customers 🚨💳 A staggering revelation from a recent Wakefield report shows that over 75% of US senior fraud and risk executives admit their customer databases are not just filled with real customers, but also synthetic ones. These aren't your run-of-the-mill fake accounts; they're sophisticated, engaging in transactions like deposits and withdrawals, and even availing credit services. The synthetic fraud game has evolved, and it's time our defenses did, too. #SyntheticFraud #RiskManagement https://lnkd.in/gbMMRqk2

Good to see check fraud detection solutions becoming available as a plug and play for community banks. Now they can compete with the "big boys" with the same or better tech.

Payments innovation fuels sophisticated scams! With instant payments on the rise, real-time monitoring is crucial to combat trending fraud. In the past year alone, payment volume surged by 22% and attempted fraud attacks increased by 18%. These year-over-year increases are unsustainable in the long run. Financial institutions (FIs) are grappling with both authorized and unauthorized scams, driven by payment innovation and higher transaction volumes. How can FIs tackle this relentless fraud surge? Dive into the second edition of our 2023 Fraud Insights Report, where NICE Actimize experts revisit findings from earlier this year and share new insights: https://okt.to/oDKJGf #FinTech #Fraud #Insights #Scams