SIBS’ Post

🌍 In the global fight against fraud, the UK's experience provides valuable lessons, according to Bottomline's Frederic Viard and Erez Nounou. They explain the value of pre-verification and fraud checks, standardisation and interoperability, such as SEPA Inst and ISO 20022. Read this article👇 first published in our 'Rising to the Fraud Challenge 2024' report, in association with Bottomline https://lnkd.in/dZzHQePX Download the report here: https://lnkd.in/euJ9X-td Zhenya Winter Omri Kletter Ruud Grotens, CFCS Mark Bish #fraud #fraudprevention #payments #fraudsolutions #openbanking

Delving into critical issues at the Future of Financial Services New Zealand, Jeremy Williams - CAMS, CGSS and Julie Wilton from ASB Bank presented a compelling joint keynote on "The Future of Fraud and Financial Crime in New Zealand’s Financial Services." They discussed the escalating threat of financial crime, fraud, and scams, which undermine customer trust amid global connectivity that amplifies opportunities for manipulation and impersonation. ASB Bank emphasised its commitment to seamless customer experiences, and offering round-the-clock support. They highlighted ongoing customer education to combat evolving fraud trends despite complexities and costs. Jeremy and Julie also addressed media scrutiny on fraud and the need to learn from global models, while acknowledging regulatory hurdles and banks' voluntary fraud reimbursement efforts. Thank you, Jeremy Williams - CAMS, CGSS and Julie Wilton, for your insights into safeguarding financial services against fraud and crime. #FOFSNZ #FSTMedia #FraudPrevention #FinancialSecurity #CustomerTrust

The HKMA is delighted to announce the launch of the Anti-Scam Consumer Protection Charter 2.0 to further enhance public awareness of safeguarding their financial and personal information, as part of the collaboration with The Hong Kong Association of Banks. Under the Charter 2.0, more than 230 participating financial institutions and merchant institutions in Hong Kong joined hands to further assist the public in guarding against credit card scams and other digital frauds by: ·      Committing not to send any instant electronic messages to customers with embedded hyperlinks to acquire bank, credit card, investment, insurance and MPF account or other key personal information online; ·      Raising public awareness of credit card scams and other digital fraud, including conveying the message of “Beware of scams” to the public; ·      Providing contact information on their channels for customers to make enquiries about received messages and to verify the authenticity of the messages and their senders; and ·      Training their frontline staff to ensure they are able to handle customer enquiries and convey anti-scam education messages as appropriate.   We are proud to have the full support of authorities including the Airport Authority Hong Kong, Consumer Council, Hong Kong Police Force, Insurance Authority, Mandatory Provident Fund Schemes Authority (MPFA), Securities and Futures Commission (SFC), and Travel Industry Authority 旅遊業監管局.   Learn more about the Charter 2.0 here: https://lnkd.in/gFysWG64.   #AntiScam #HKMAprotects #DataSecurity #ConsumerProtection #Charter

Just Released: Nacha's voting membership approved 15 revisions to the Nacha Operating Rules. Most of the changes focus on reducing the incidence of frauds, such as #BusinessEmailCompromise (BEC), that make use of credit-push payments. While the new rules do not shift the liability for #ACH payments, for the first time, receiving financial institutions (RDFIs) will have a defined role in monitoring the ACH payments they receive. “All participants in the ACH Network have a part to play in reducing the incidence of fraud, and recovering when fraud has occurred,” said Jane Larimer, Nacha President and CEO. Stay tuned for additional communication from UMACHA, including webinars, to help break down the changes to ensure you understand your obligations within the #ACHNetwork. In the meantime, check out Nacha's Media Release: https://lnkd.in/dvC_RK5j

Unauthorized access is a major concern in the banking sector, leading to costly data breaches. With Kytes, you have control over who can view and forward your documents, ensuring your financial data is secure. Track every action, manage access, and protect your information with Kytes. Start securing your bank’s future— discover Kytes today. #ShareSecurely #LeadConfidently #Compliance #BankingWithKytes

Find out why adoption of the Euro Banking Association (EBA)'s Fraud Taxonomy will be a crucial step in the introduction of fraud data sharing solutions, for which European regulators are currently preparing the ground. In the article ‘A pan-European fraud taxonomy: Do you speak fraud?’, recently published in the Journal of Payments Strategy & Systems (Henry Stewart Publications), my colleague Annick Moes and I argue that for the era of shared fraud intelligence to be a success, PSPs need to be speaking the same language, such that data can be compared at a pan-European level to provide actionable insights in the fight against fraud.   The EBA Fraud Taxonomy offers a standardised way to identify: - How a fraudster first contacted the victim - What trick the fraudster applied to obtain the victim’s money or credentials - Who initiated the payment transaction affected by the fraud   #paymentfraud #fraudfighting

To prevent aeps fraud we suggest to implement BC bio auth on every transaction. #aeps #npci #digitalpayments

Stay tuned for these important, and timely, changes to the ACH rules!

🚨 Protect Yourself from Scams with the Scam-Safe Accord! 🚨 The Australian Banking Association (ABA) has launched the Scam-Safe Accord, designed by leading banking experts and implemented by banks nationwide, to protect Australians from financial scams. Key initiatives include: 🔍 Enhanced Detection Systems: Advanced tech to block fraud. 📚 Consumer Awareness Campaigns: Learn to spot and avoid scams. ⚡ Swift Response Mechanisms: Rapid support for scam victims. 🤝 Collaboration: Unified efforts with banks, government, and law enforcement. Stay informed, stay vigilant, and report any suspicious activity to your bank immediately. Learn more: https://lnkd.in/gCBWrkFr #ScamSafe #Banking #FinancialSafety #ConsumerProtection #StayVigilant #Australia

Financial Crimes Enforcement Network, US Treasury uses the Bank Secrecy Act (BSA) data to quantify and feed back to industry how bad actors exploit identity-related processes during account opening, access, and transactions (“identity processes”) to perpetrate crimes. We condensed their recently published report on identity-related suspicious activity into the attached slides for your swift overview of the most crucial information. This content is pertinent to the general public, especially financial institutions and organisations engaged in identity processes and crime prevention. Calvins Otieno Brigit Demba CRC, AMLS,CCFC Rhodah Muthoni, AMLS,CCFC,CRC Philip Otieno Samuel Musembi CRC, CCFC, Bright Teyie, AMLS, CCFC Jack Muricho, AMLS Victor Mutua, CCFC, CRC Vincent Bokoo Dennis Namunwa, CCFC, CRC, CCIE Grace Nkirote, CRC #banking #fintech #cryptoexchanges #gamingindustry #identitytheft #identityverification #fraud #antimoneylaundering #cybercrime #ofac #fincen #kyc #onboarding #duediligence #risk #riskmanagement #compliance