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Cashfree launches risk management and fraud prevention tool RiskShield https://lnkd.in/dhEbFMK8 Download Economic Times App to stay updated with Business News - https://lnkd.in/eK4XZsX #riskmanagement #fraudprevention

Leveraging Big Data for Advanced Fraud Detection and Robust Risk Management: This wealth of data presents a double-edged sword. On one hand, it offers invaluable insights into business trends, customer behavior, and operational efficiency. On the other hand, it provides an […] The post Leveraging Big Data for Advanced Fraud Detection and Robust Risk Management appeared first on Datafloq. #DataScince #ArtificialIntelligence #MachineLearning

The ACFE is now part of the Anti-Fraud Collaboration (AFC), strengthening our global efforts in financial risk management. This partnership aims to bolster anti-fraud resources and research, focusing on policies, controls, emerging technology and regulatory updates. Together, AFC partners share the responsibility of maximizing utilization and impact of the Collaboration’s resources across fraud deterrence, detection and risk assessment initiatives. Learn more about the partnership: https://bit.ly/41R7zO4

🔍 New RBI Master Directions on Fraud Risk Management in NBFCs: A Comprehensive Overview Sharing key insights from the recently released "Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) including Housing Finance Companies (HFCs)" by the Reserve Bank of India (RBI). This comprehensive directive, effective from July 15, 2024, marks a significant step towards strengthening the fraud risk management framework within the NBFC sector. Key Highlights: 1. Enhanced Governance Structure: The new directions mandate a robust governance framework, requiring NBFCs to have a Board-approved fraud risk management policy. This policy delineates the roles and responsibilities of the Board, Board Committees, and Senior Management, ensuring a systematic approach to fraud risk management. 2. Framework for Early Warning Signals (EWS): NBFCs in the Upper and Middle Layers are required to implement a comprehensive EWS framework. This framework aims to identify potential fraudulent activities early on, integrating quantitative and qualitative indicators to monitor credit facilities, loan accounts, and other financial transactions. 3. Rigorous Reporting and Accountability: The directions emphasize timely reporting of fraud incidents to Law Enforcement Agencies (LEAs), the RBI, and the National Housing Bank (NHB). Additionally, they outline procedures for independent confirmations from third-party service providers and establish clear staff accountability and penal measures. 4. Independent Audit Mechanisms: To ensure thorough investigation of suspicious activities, NBFCs must engage external or internal auditors. These audits are critical for confirming fraudulent activities, especially when initial reports are inconclusive. 5. Special Committees for Fraud Monitoring: The establishment of a 'Special Committee of the Board for Monitoring and Follow-up of cases of Frauds' is now mandatory. This committee will oversee the effectiveness of fraud risk management and ensure timely remedial actions. 6. Whistle Blower Protection: The directive mandates a transparent mechanism for handling whistleblower complaints related to fraud, ensuring these are examined and concluded appropriately under the Whistle Blower Policy. These directives underscore RBI's commitment to enhancing the resilience of NBFCs against fraudulent activities, safeguarding the interests of stakeholders, and promoting a transparent and secure financial ecosystem. As we move forward, it is imperative for all NBFCs and HFCs to align their operations with these guidelines, ensuring robust fraud risk management practices are in place. This not only protects the institutions but also fortifies the trust and confidence of customers and investors. #NBFCs #HFCs #FraudRiskManagement #RBI #Finance #Compliance #Governance

At Bureau, we have delved deep into the RBI's Master Directions on Fraud Risk Management, going beyond the letter to uncover the spirit of the Directions. Our latest blog discusses the seminal changes brought about by these Directions and provides insights on how financial institutions can ensure compliance. Explore our blog to stay informed about the revised RBI Master Directions and the crucial changes you need to be aware of: https://lnkd.in/gfRNcFU5 Preekshit Gupta Nikhil Jois Rahi Bhattacharjee

This post highlights the BA's role in the broader context of fraud risk management, going beyond just risk assessment. Attached is interesting (2023) article about the blueprint for payment fraud in e-commerce and online transactions. Article: https://shorturl.at/3ryNq BAs are the unsung contributors to fraud prevention. From my own experience with BA tools and understanding of fraud prevention, I came up with my own interpretation of the tool’s BAs could use (obviously not exclusive) to support the 4 pillars discussed. · Fraud governance – data profiling can help define governance policies and BPM can help find governance gaps. · Raud risk assessment – machine learning can accelerate the risk identification and behavioural analysis can form baselines for risk assessments. · Fraud prevention – machine learning and predictive modelling can help with prevention rules, and BPM can help with preventative controls. · Fraud risk monitoring – data profiling can help with finding emerging risks, predictive modelling can help refine detection capabilities, behavioural analysis can help track changes in user behaviour. Would love to know your thoughts on the importance of BAs in fraud prevention! #businessanalyst #fraudprevention #riskmanagement #dataanalysis #changemanagement 

Cashfree Payments launches risk management and fraud prevention tool RiskShield “This product is a result of years of Cashfree Payments’ research and analysis of high risk transactions into a set of tools that merchants can now use as a complete risk management solution through which they can curb cybercrime,” chief executive officer Akash S. said. #CashfreePayments #RiskShield #FraudPrevention #PaymentAggregator #Fintech #OnlinePayments #FlowWise #MerchantSolutions #RiskManagement #YCombinator #StateBankofIndia #TechInnovation #RevenueGrowth #FinancialServices #BusinessNews #OnlineMerchants #Ecommerce #PaymentSecurity #AIinPayments #MachineLearning #TechTrends #DigitalTransactions #FinancialTechnology #BusinessInsights #Keralanews  #Kerala #BusinessReviewLive #BRL #Keralabusiness

When it comes to risk environments, depending on the field of operation, this represents 60% of the entire final process. In other words, during my 20 years of work in financial institutions, we often associate risk with invasions, clones, hacks, and so on. However, it’s not just that. This aspect of the procedure is almost standard for any company: preventing and safeguarding data from external influences. Let’s delve into other risk management aspects and explore how to align your team to ensure clarity, transparency, and consistency in the process. When discussing risks in the context of banks, we typically think of fraud, scams, invasions, and secure environments, right? Well, it’s not only that. Nowadays, we need to be vigilant about more sophisticated and discreet forms of crime. I’m referring to money laundering and concealment. Therefore, risk for a bank encompasses invasions, hacks, frauds, scams, extortion, and money laundering. Of course, it also includes all internal processes that must be secure and verified. But where does the conflict arise within the risk management team? Often, conflicts emerge in internal operations. Imagine a situation where irregularities need to be pointed out, and there’s a strong connection with another department. In many cases, the commercial department might suffer due to the closure of a significant suspicious account. This is when competing interests and high-level executives descend from their offices, exerting pressure for approvals or delaying actions. The best, and perhaps least traumatic, approach from a human relations standpoint is to automate all processes handled by risk management. By removing dependency on a single individual or manual approvals, automated processes encounter less resistance (after all, it was the system that detected it!). 🤖💡 Remember, creating a conflict-free environment involves recognizing your team’s efforts, promoting well-being, and adopting practices that enhance the employee experience. "Standardizing procedures, streamlining work methods, depersonalizing decisions, all contribute to minimizing distortions and maintaining a team aligned with best practices and harmonious. Map out all your risk points, both external and internal, and devise your strategy. Good luck! — Marco Spirics, December 19, 2023, 09:09 AM"

#hiring Risk Management Specialist I, San Diego, United States, $38/hr, fulltime #jobs #jobseekers #careers $38/hr #SanDiegojobs #Californiajobs Apply: https://lnkd.in/dpusgJTU OverviewTo assist business unit management in establishing effective department policies, processes, standards, and reporting to balance department goals against financial risk and fraud. Provide recommendations to create, improve and implement effective fraud policies, procedures, and changes to current fraud detection systems and methods. Ensure timely, effective processing and resolution of fraud case management. Build cross functional collaboration and partnerships with business units and Security to ensure solutions and analysis align with strategic business initiatives and achieve desired objectives. Identify training needs for department staff. Work on fraudulent activity issues requiring working knowledge of organizational objectives and priorities. Work under supervision. Participate in basic/routine tasks of limited latitude requiring basic research/review.ResponsibilitiesIdentify patterns of activity indicating possible fraud or account abuseMonitor member account transactions to proactively identify fraudulent activity, suspicious communications, take immediate corrective/protective action, and escalate alerts/cases to the appropriate Security division for in depth investigationManage the review/analysis of potential fraud and forgery cases prior to submission to SecurityTrack and monitor progress of fraud cases; inform related parties of status and actions taken on fraud accountsCommunicate with internal and external customers on fraud and security issues, problem resolution, and account information as defined by internal policies, process and procedureIdentify and analyze opportunities for new and/or improved processes, data, or technology; provide clear picture of possible outcomesServe as subject matter expert concerning fraud trendsSupport projects related to fraud detection, prevention or root cause analysis as assignedCollect, prepare and maintain data for analysis, reports and referenceEstablish incident response standards, related training requirements, and processes and procedures to ensure quality response to various forms of security issues

Protecting Your Business: Explore the diverse examples of modern banking fraud and how financial risk management software is pivotal in mitigating risks across industries. Don't let fraud disrupt your business. Learn how Financial Risk Management Software empowers companies to stay ahead of evolving #cyberthreats. Stay informed, stay secure! Discover more in our latest article! https://shorturl.at/crAHZ Veritis Group Inc #FinancialIndustry #robustsolutions #fraudriskmanagement #bankingandfinancialsectors #fraudmanagementsolutions #fraudmanagementServices #fraudrisks #FraudManagementProcesses #fraudmanagementstrategies #Financialriskassessment #fraudmanagementpractices #ITConsultingServices