Richard Zann

🌐 KYC and Identity Verification Requirements in Australia: Are You Compliant? Understanding Australia's KYC (Know Your Customer) and identity verification regulations is crucial for businesses, especially in the financial sector. Ensuring compliance with these requirements helps protect your organization from fraud, ensures transparency, and strengthens your relationship with clients. In our latest blog, we dive into the current guidelines, the importance of KYC, and how businesses can navigate these regulations efficiently. Don't miss out on essential tips and updates to stay compliant! ✅ Read More: https://lnkd.in/g3ExfrTQ #KYC #IdentityVerification #Compliance #AustraliaBusiness #Fintech #AML #BusinessRegulations #FraudPrevention #CustomerOnboarding #LinkedIn

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In our latest blog, we explore key aspects of creating and submitting quality Suspicious Matter Reports (SMRs) to AUSTRAC. We cover: - The vital role of SMRs in financial crime prevention - How automation can enhance efficiency and reduce errors in SMR processes - The importance of maintaining high data quality and integrity - Tips for ensuring timely and compliant SMR submissions - How Jade ThirdEye can transform your SMR reporting process Read the blog for more insights: https://lnkd.in/ggm2fvMW #AUSTRAC #AMLCTF #AMLCompliance #FightFinancialCrime

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Pepper Money ANZ is transforming lending through innovative fraud detection and automation solutions, making approval processes faster, protected, and more reliable.   In collaboration with Fortiro, they’ve streamlined verification processes and are preventing document fraud - enhancing the customer experience and reducing risk.   Do you want to see how Pepper Money is setting a new standard in lending? Read our Success Story with Pepper Money's Andrew Gamble to learn more. #DocumentFraud #FraudDetection #Verification #LendingInnovation #FraudPrevention #SecureLending #FraudProtection #CustomerExperience

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Insurance fraud investigations are a balancing act between catching fraudsters and respecting privacy laws. With regulations like the Privacy Act 1988 in Australia and GDPR in Europe, investigators must follow strict guidelines when handling personal data. Here are some key practices: • Data Minimisation – We only collect information necessary for the investigation. • Consent - We ensure we have proper consent where applicable for data collection and use. • Transparency - We keep claimants informed about what data we’re collecting and why. • Secure Storage - We protect sensitive data with strong encryption and secure storage methods to avoid breaches. Ethical investigations not only protect us from legal consequences but also uphold the trust that is central to the insurance industry. Reach out today at [email protected] to learn more about our insurance investigation services. #FraudAwareness #InternationalFraudAwarenessWeek

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Are multiple #fraud tools leaving your fraud team stretched and vulnerable this month? Free up your fraud investigators’ time and reduce your levels of fraud through adopting a single #RiskOrchestration platform. Many #lenders are still using seven or eight different systems, leaving their fraud teams stretched and exposed to high levels of fraud, simply because they are over reliant on multiple disparate tools that are unconnected and don’t compliment the workflow. Learn how the LexisNexis® RiskNarrative® platform is helping lenders like you today: ➡️ https://splr.io/6046mYtvy

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🔥 Don’t miss this Powerhouse Debate on tackling the truth about Open Banking fraud, covering regulation, risk landscape and security tactics at the Smart Data Show, with speakers from obconnect, UK Finance, the New Zealand Banking Association and PayPoint plc. This insightful and engaging panel debate will consider the new techniques and types of fraud risks being used by scammers across the Open Banking landscape 💳🔐 🎤 Moderated by Simon Lyons, chief strategy officer at obconnect, this panel will hear from Paul Maskall, Duncan Robertson and Jo Toolan, as they discuss: ✔️ Fostering and updating security in an 'open' ecosystem while balancing legacy fraud strategies ✔️ Innovating fraud prevention efforts through secure technical standards and tech advancements ✔️ New liability regulations and tackling unauthorised financial access amid vast transaction volumes ✔️ Evolving legacy detection systems to ensure Open Banking continues to grow and thrive 📢 Want to join the conversation? 🎟️ Get your ticket to Open Banking Expo UK & Europe 2024 at the Business Design Centre in London on 15-16 October 👉 https://lnkd.in/dsMKcmSR #OpenBanking #SmartData #FraudPrevention #BankingSecurity #scams #fraudstrategy #payments

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Insurance Business Australia writes that industry stakeholders have significantly increased their commitment to combatting cyber risks, quoting Stefanie Luhrs who is part of our growing team: "A rapid increase in the scale and severity of cyberattacks, coupled with a renewed focus on enforcement activity by the Australian Privacy Commissioner, means that the long tail regulatory and claims risk in the wake of a cyber incident is also set to increase", Stefanie says. She adds that more than before, firms need access to teams that can manage cyber risks “throughout the lifecycle of an incident and assist with mitigating future claims risk which may not yet be known”. Stefanie highlights that, generally speaking, Australian firms are significantly underinsured against cyberattacks, and small to medium-sized businesses are particular targets. Read the full story here 👉 https://lnkd.in/gQk7Usdu #cyber #insurance #regulatory #risk #privacy #data #databreach #cyberbreach

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Small businesses in New Zealand are significantly underestimating their vulnerability to cyber threats, new research from insurer AMI Insurance reveals. https://hubs.la/Q02PD2wc0 #HRInsights #CyberSecurity #SmallBusiness #DigitalRisks

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Black Friday is almost upon us, and staying vigilant during the festive shopping period is more important than ever, for shoppers and banks 🛍️ New research warns about a potential surge in financial scams, what to watch out for and how FIs are prepared to combat scammers. David Excell discusses how fraudsters choose busy shopping moments like this weekend and festive shopping period to target unsuspecting victims. 💥Black Friday is the perfect opportunity for scammers, who lure victims in the noise of other offers. 🛡️With AI as a powerful tool for fraud protection, banks are combating the evolving tactics of fraudsters. Read the full article highlighting the research here 👇 https://lnkd.in/eXezGYin

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A surge in online shopping and payments have also resulted in a splurge in financial crime and payment fraud. A study conducted found that nearly 43% of Australian business fell victim to cyber attacks and data breaches in the last 12 months. Despite the significant increase fraudulent activity only 67% of business have fraud prevention systems. Catriona Lowe, Deputy Chain, ACCC said, "scammers are sophisticated criminals and are becoming more targeted in how they exploit Australian consumers and businesses." Read more to find out how Aussie businesses are losing money in fraudulent payments via the link below. #MerchantWarrior #payments #paymentprotection

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In the wake of escalating online threats, businesses are grappling with the question of whether cyber insurance is not just beneficial but necessary. Australia’s digital business environment is not immune to this global predicament, prompting discussions around the mandatory status of cyber insurance. This guide aims to navigate small business owners and risk management professionals through the intricacies of cyber insurance in Australia. Siege Cyber is an Australian-owned and operated cyber security company focusing on cyber security services. Our goal is to help our customers secure their organisation. www.siegecyber.com.au [email protected] #cyberinsurance #cybersecurity #smallbusiness #australia #dataprotection

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As we start 2024, one thing is clear: protecting your business against the growing scourge of scams and digital fraud requires deep collaboration. And one of the best ways to foster that collaboration is through conversation. That's why Eftsure is introducing On The Defence, a podcast that brings together leaders in finance, security, banking and more. Each episode will explore some of the most urgent topics for security-minded CFOs today. In our first episode, {{linkedin_mention(urn:li:person:PV1D1XAdoE|Richard McBride)}}, publisher and editor of {{linkedin_mention(urn:li:organization:4816179|CFO Magazine A/NZ)}}, joins us to discuss what the future looks like for CFOs. Have a listen here or wherever you get your podcasts - https://lnkd.in/gxDRxSdU #podcast #cfo #cybersecurity #fraudprevention

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🚨 Lesson Learned: Customer Vetting and Monitoring Matter! 🚨 Recently, the Optimum Recoveries team helped a client deal with a defaulting customer, underscoring the need for both thorough vetting and ongoing monitoring of payment behaviours 📊 A credit report revealed critical issues such as ATO debt and various creditor actions to recover past due accounts. This highlighted the risk of not fully understanding a customer’s financial health before extending credit.   We recommend conducting detailed credit reports on all current and potential customers and incorporating a 12-month monitoring plan to stay informed. Remember, trade credit is essentially a loan!   The Australian Taxation Office now offers increased transparency by reporting tax debt information if certain conditions are met, including having an ABN, owing over $100,000 overdue by 90 days, and not managing the debt with the ATO. Use these insights to spot red flags early and make better decisions.   Protect your business by leveraging these tools! 🔍The Optimum team can show you how.   #BusinessRisk #CreditMonitoring #OptimumRecoveries #TradeCredit #ATOTransparency

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Verisk’s Property Claim Services unit confirmed reports it has designated the recent global information technology outage as a cyber catastrophe event. https://lnkd.in/gNYQGJaz With the designation, PCS Global Cyber believes what has come to be known as the CrowdStrike event will cause at least $250 million in insured losses from standalone cyber programs or from cyber coverage existent as part of blended programs. https://lnkd.in/gNYQGJaz

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Mandatory reimbursement for APP scams is nearly here, and with it, the urgent need for FSPs to prevent more APP fraud. This means knowing customers – including on-book portfolios – in greater, and more frequent detail. Many organisations are considering a bulk re-screen outside of standard KYC schedules. Here’s why we support that approach 👇 https://ow.ly/Mj0v50SF1Ri #FraudPrevention

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We love numbers at the Cyber Insurance Academy and these ones certainly pack a punch 📊 At-Bay’s latest InsurSec Report unveils the stark realities of ransomware in 2023 - and many of these statistics might surprise you. Read the full report here >> https://lnkd.in/gqpQTeZK #cyber #cyberinsurance #insurance #ransomware

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Invest in cybersecurity and watch your insurance premiums drop! 44% of Australian IT leaders have seen significant reductions thanks to preventive practices. NSB Cyber offers tailored solutions to enhance your cyber resilience. Find out more: https://lnkd.in/eZuNYxTn #NoStepsBackward #CyberSecurity #AIThreats

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