The Financial Crimes Enforcement Network (FinCEN) has issued Spanish translations of two resources focused on mail theft-related check fraud. The resources include FinCEN’s February 2023 alert to financial institutions highlighting a surge in check fraud schemes targeting the U.S. mail, and its September 2024 Financial...
A British defense/security think tank says the country should pay whistleblowers to prevent fraud. The Royal United Services Institute (RUSI) has published new research arguing that a whistleblower payment program could play a “pivotal role” in combating white-collar crimes. “Having an insider who can provide...
Socure says it has reached a milestone in its collaborative effort to combat “friendly fraud.” The identity verification firm last year formed the First-Party Fraud Consortium, a group of companies that came together to battle the type of fraud — also known as friendly fraud — that...
Federal Reserve Financial Services (FRFS) now helps financial institutions combat check fraud by enabling them to see deposit information and images of potential duplicate items for commercial checks. This ability is enabled by an expansion of the FedDetect Duplicate Notification for Check Services to include...
Financial institutions play an important role in combating elder financial exploitation and in supporting the victims of these crimes, federal and state agencies said Wednesday (Nov. 4). In a joint statement, five federal financial regulatory agencies, the Financial Crimes Enforcement Network (FinCEN) and state financial...
As demand for faster payments grows, so does the risk of fraud. More than 170 million U.S. consumers received at least one disbursement in the past year, highlighting the need for rapid transactions. According to a PYMNTS Intelligence report, “Protecting Accelerated Disbursements From Fraud,” in...
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) said it aims to expand public-private partnerships by joining The National Task Force on Fraud and Scam Prevention. Convened by the Aspen Institute Financial Security Program, the national task force brings together stakeholders from...
With financial institutions (FIs) fortifying their defenses and evolving their strategies against digital payment fraud, criminals are turning to a new weak spot: the customers themselves. Gone are the days of clunky phishing emails riddled with typos. Today’s fraudsters are using advanced social engineering scams...
Transactions have moved more digital, changing the fraud landscape. Financial institutions (FIs) have made real progress in holding off fraudsters attempting to exploit the digital shift. Our multiyear analysis finds that fraud related to more routine digital payments has decreased markedly over the last three...
