Scott Zoldi

Financial institutions deploy teams who spend most of their time working across different systems, trying to determine if an alert should be investigated or discarded as a false positive. In this blog, Francisco Mainez discusses changes on the horizon that can help these investigators drive efficiencies, lower costs, enhance decision-making, and effectively manage risk. Read the Blog: https://lnkd.in/eUVbnpqd #monitoring #financialcrime #investigations #KYC #AML #alertmanagement

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Fake ID data can be accurate data. In case you missed it...in our August #FreedomFromFraud episode https://okt.to/ihQ0GY reformed fraudster Alexander Hall explained the important difference between implied and authoritative accuracy in identification data. And if you like this one, tune in on Sept. 26 for a new episode all about protecting your banking customers from fraud. Register early here: https://okt.to/2f6T7k #freedomfromfraud #dataprotection #fintech #banking #fraudprotection

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New BAI Guide on Check Fraud Prevention BAI has released a must-read guide titled "Identifying and Preventing Check Fraud," packed with essential strategies for combating both traditional and electronic check fraud. Key highlights include: 1) Understanding check structure and negotiation 2) Identifying common check fraud tactics and fake check scams 3) Descriptions of check fraud types: paperhanging, check washing, check kiting, forgery, counterfeit checks, and electronic check fraud Advanced prevention methods recommended by BAI: 1) Transactional/Behavioral Analytics 2) Image Forensic AI 3) Payee Positive Pay 4) Consortium Data 5)Dark Web Monitoring Employee training is emphasized as critical, particularly for tellers, who serve as the front-line defense against fraudulent checks. The guide is an invaluable resource for financial institutions aiming to enhance fraud prevention measures. Review the guide and learn more about integrating these strategies and technologies in today's blog post!

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🚀 Just Launched: NICE Actimize 2024 Fraud Insights - First Edition What Are the Biggest #Fraud Challenges for Financial Institutions? Find out in the 2024 Fraud Insights, First Edition report from NICE Actimize. The latest Fraud Insights report pinpoints the greatest risks facing your institution and customers. Leverage NICE Actimize’s collective intelligence to enhance your fraud prevention strategy with controls proven to work, combat increased fraud attempt volumes, and thwart rising threats like authorized fraud. Download the report: https://lnkd.in/eGPk6ver #antifraud #fraudprevention #fraudinsights

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Consumer Financial Protection Bureau (CFPB) subjecting large payment apps to the same supervision and regulation as banks, what specific areas will the CFPB monitor, and how might payment apps respond to these new regulations? Areas the CFPB Will Monitor: Privacy and Surveillance: The CFPB will ensure that large payment apps comply with regulations  regarding data collection and sharing. Consumers must be able to opt-out of certain data practices and be informed about how their data is used. Errors and Fraud: The CFPB will monitor how payment apps handle transaction disputes and fraud. Apps must manage disputes internally rather than shifting them to banks or credit card companies. Debanking: The CFPB will oversee how payment apps handle account closures and freezes. Ensuring that consumers do not face unexpected disruptions in their ability to make or receive payments is a priority. How Payment Apps Might Respond: Compliance Enhancements: Payment apps will have to pul their socks and invest in improving their compliance frameworks to meet the new regulatory requirements. This includes better data privacy measures, robust fraud detection systems, and efficient dispute resolution processes. Operational Adjustments: Companies may need to adjust their operational procedures to handle disputes internally and avoid relying on external financial institutions. This could involve upgrading their customer service capabilities and dispute management systems. Lobbying and Legal Challenges: Big Tech companies might lobby against the new regulations, arguing that they are overly burdensome or unnecessary. Legal challenges could also arise, potentially delaying the implementation of the rules. In my opinion this approach can be implemented by the regional and local regulatory bodies such as #Central #banks The regional  and local regulators could adapt similar regulatory measures to oversee large payment apps in the region. Establishing a Regulatory Framework: Developing a comprehensive regulatory framework specifically for payment apps. Defining clear guidelines and standards for data security, consumer protection, and compliance. Creating a Dedicated Oversight Body: Establishing a dedicated department within the governing body to monitor and regulate payment apps. Implementing Compliance Requirements: Requiring payment apps to adhere to AML, KYC, and other financial regulations. Mandating regular audits and reporting to ensure compliance. Promoting Transparency and Consumer Rights: Ensuring payment apps provide transparent information to consumers about their services. Protecting consumer rights by enforcing fair practices and efficient dispute resolution mechanisms. By adopting these measures, the local regulator can ensure that payment apps operate in a secure, transparent, and consumer-friendly manner, similar to the objectives of the CFPB. #CFPB Central Bank of Oman Mala'a #payments #privacy #Surveillance #Debanking #Compliance

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The FFIEC CAT is retiring; is your bank ready for what’s next? I'll tell you a secret: Most banks and credit unions aren’t. And that’s where the risk lies. For years, the CAT has been the benchmark for financial institutions to measure their cybersecurity readiness. But come 2025, it's gone. The challenge? Regulatory expectations don’t just vanish. They evolve. Here’s what you’re facing: - Shift from checklists to risk-based, adaptable frameworks. - Greater scrutiny over risk management and mitigation. - New expectations for incident response and resilience. Without a clear strategy to replace the CAT, you’re walking into 2025 blind. And auditors? They’ll see right through it. But it doesn’t have to be that way. Imagine being ahead of the curve - confidently mapping your institution's cybersecurity posture to new standards while your competitors scramble to catch up. Even better - positioned to snap up their clients using that posture as a differentiator. That's the difference a proactive, expert-led approach can make. I've been helping banks and credit unions navigate cybersecurity for over a decade. And I'm positioning my clients for success now, not when 2025 arrives and regulators come knocking. Ready to take 2025 by storm? Drop me a DM with the word "Different" to position your security program as a compliance shield and a spear for new business. #Cybersecurity #Banking #FFIEC #Compliance #GuardianTechnologyGroup Take a look at Guardians article and let's be intent on having a great cybersecurity year in 2025. https://lnkd.in/gnggNQvY

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Finezza’s Document Identification Framework makes data entry easier, faster, and exceptionally accurate. It extracts and tags data from verification documents in real time, reduces errors, and automates document validation. But how exactly is this tool helping lending institutions speed up their data entry workflows? Learn more in this guide: https://lnkd.in/dbrMYhWa #DocumentIdentificationFramework #Finezza #Finance #Fintech #LOS #LMS

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To help banks and credit unions decrease the number of non-performing loans while increasing customer or member satisfaction for the products they recommend, Fortimize built a 'Data Cloud Quick Start' for credit score recommendations! By analyzing average credit scores and unifying that data within Salesforce Data Cloud, employees can view a customer or member’s history and anticipate future needs. Einstein 'Next Best Action' enables sales, marketing, and service teams to deliver highly personalized recommendations for lines of credit. By generating intelligent insights and identifying trends, employees can make data-informed decisions about which products to offer customers, ensuring optimal support for their financial well-being. 🏦 💳 Learn more how banks and credit unions benefit from our Data Cloud Quick Start: https://lnkd.in/g6An_Qki #Salesforce #DataCloud #Fortimize #Banking #CreditUnions #CreditScores

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🕵🏻‍♀️Identity verification is a critical piece in preventing identity theft in unemployment & ensuring our customers’ identity and prevent fraud. 3 options available to verify your identity with #NCDES: https://buff.ly/3TEPaAa

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Don't miss the second installment of "AI, What Have You Done For Me Today?" as we explore how AI-driven fraud detection may support financial institutions against digital threats. Read a preview below and check out the full article on our website: https://lnkd.in/eBgGPfUB #AI #ArtificialIntelligence #Finance #AlgerInvest

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Lucinity Partners with Knights Analytics to Elevate AI-Driven Data Quality and Analysis for FinCrime Compliance Commenting on the partnership, Gudmundur Kristjansson - GK, CEO of Lucinity, said, "Partnering with Knights Analytics will take the Luci AI copilot to the next level by enhancing data accuracy, reducing manual analysis, and increasing the reliability of financial crime investigations through advanced data linkage and profile analysis. This integration will unlock new use cases like on-demand entity resolution, enabling AI-driven automations and insights to streamline case investigations." https://lnkd.in/eNN2atef Celina Pablo Alex Ridden CJ Leedy Udi Nessimyan Daníel Pálmason Hjörtur Líndal Stefánsson Adalgeir (Alli) Thorgrimsson Theresa Bercich #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Many FIs rely on tools that use consumer data 📊 to inform risk assessments - and although such tools are valuable, they can add another layer of complexity. When consumer data comes into play, FIs need to make sure they're managing the data responsibly, in compliance with the Fair Credit Reporting Act (FCRA). 📝 So, what is the FCRA? When can your FI use a non-FCRA vs. an FCRA risk assessment solution? And what are the benefits? 🤔 💡 Swipe through for the answers to all this and more and read our recent blog for the full breakdown. https://lnkd.in/gctCJANq

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Many FIs rely on tools that use consumer data 📊 to inform risk assessments - and although such tools are valuable, they can add another layer of complexity. When consumer data comes into play, FIs need to make sure they're managing the data responsibly, in compliance with the Fair Credit Reporting Act (FCRA). 📝 So, what is the FCRA? When can your FI use a non-FCRA vs. an FCRA risk assessment solution? And what are the benefits? 🤔 💡Swipe through for the answers to all this and more and read our recent blog for the full breakdown. https://lnkd.in/gg6YfV7m

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Today, FDATA North America sent a letter to Missouri Secretary of State Jay Ashcroft addressing recent warnings issued to state-registered advisors. The Missouri Securities Division raised concerns about advisors using technology-based tools to access clients' financial information with their consent. In our letter, we emphasized the critical role of allowing financial advisors to access and review clients’ financial information to provide informed recommendations that enhance financial outcomes for Missourians. We also highlighted the potential negative impact of the Division's warning on the use of third-party tools that can significantly benefit clients’ investment and financial strategies. We urged the Missouri Securities Division to consider mandating secure interfaces for consumer-permissioned data access, aligning with forthcoming federal rules by the Consumer Financial Protection Bureau. This ensures consumers can safely share their financial data with third parties. Read our letter here: https://lnkd.in/eTHhP35N FDATA North America also published a press release, which can be accessed here: https://lnkd.in/eh6wzNiD #FinancialAdvice #DataPrivacy #Investment #FinancialServices #Missouri #FDATANorthAmerica #ConsumerProtection

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We talk about "AI" as one big topic so often - it's frequently worth diving into more detailed applications and use cases to really understand the contexts and pressures that may be specific to certain industries or organizations. Even limiting the discussion to "financial services and banking" leaves room for a lot of sub-sections and differing persectives. Our Senior Associate Jey Kumarasamy weighed in with American Banker on the developing use of AI by community banks as a particular group within the banking sphere -- who share the challenges of incorporating Generative AI into their customer-facing services, along with finding other benefits internal to their operations. As always, individual corporate culture and risk tolerance play a key role in determining if, how, how fast new technologies are integrated. Even while those answers may vary by organization, the underlying foundation of thoughtful and responsible AI governance certainly applies to all. https://lnkd.in/e-6QUY77

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Are you looking to enhance your understanding of how to effectively manage models within your institution?   Join us on December 11 for a webinar on model risk management framework. The webinar will provide an overview of a holistic model risk management framework to help you navigate regulatory expectations and industry best practices. Register here: https://lnkd.in/dDwDJYdd   Our colleagues Kim Andersen, René Naarmann and William Dieden Richter will delve into what the Financial Supervisory Authority (FSA) expects when it comes to using models in the financial sector and share Advisense’s insights in these matters.   Key topics include: • Definition of a model  • Model risk  • Model risk management and governance • Model validation  • Case studies

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🚨 Deepfakes Fraud are Here: Are Your Identity Verification Systems Ready? 🚨 As the digital world evolves, so do the threats we face. Identity verification is under siege by sophisticated deepfake technology, posing unprecedented challenges and risks. The rise of deepfake fraud isn't just a looming threat—it's a reality that's already here. 🔍 Did you know? 📈 Up to 25% of businesses have reported being targeted by deepfake fraud in the last year. 💸 $250 million: The estimated annual financial losses due to deepfake identity fraud. 🕵️ 40% increase in deepfake-related scams and attacks since 2022. 🚨 80% of companies are not fully equipped to handle deepfake threats. Our latest blog post dives into how deepfake fraud is challenging remote identity verification. 👀 Read the full article to understand the urgency and explore effective solutions to safeguard your operations and customer trust : https://hubs.ly/Q02CdrCW0 #deepfakes #identityfraud #identitytheft #biometrics #liveness #kyc #facialbiometrics #identityverification

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