Javelin Strategy & Research’s Post

Financial fraud is transforming faster than ever with increasingly sophisticated fraudsters driving a complex interplay of traditional and tech-driven schemes. Join Vishlesha Patil from Early Warning, Jim Mortensen from Datos Insights, and Christy Lillie from JPMorganChase to explore how fraud is evolving in the digital banking environment and how your FI can stay one step ahead. ✅ REGISTER NOW! https://bit.ly/3VHZ0U7 In this live discussion and Q&A, we’ll dive into 🚨 Emerging threats and trends driving fraud in digital channels ⚖️ How to balance prevention with customer experience 🛡️ Actionable insights and solutions on how to combat fraud effectively

https://lnkd.in/g6JvM_Kj Featurespace released a brilliant report on the issue of #scams, highlighting key insights from polling scam victims and institutions. One of the standout findings is particularly eye-opening. Following a scam event, 50% of victims consider switching banks, and 30% follow through. As a result, they expect the following measures to be implemented. Most banks only do the 8.5% below but no need to worry, we can help with the rest! Customers and members of banks and credit unions have spoken in a recent survey. They want action via #proactive products and services on the fraud and scam space. Education and awareness are great, but it’s NOT cutting it on its own anymore. We provide those services and much more, and at an incredibly affordable price. Contact us to differentiate your institution in the marketplace today. www.rmfreibergcpa.com [email protected]

#bankingexecutives, With the digital age running through our businesses, the days of masked bandits wielding guns are fading into history. In this 21st century battleground, a new breed of criminals has emerged, armed not with weapons but with keyboards and code. These modern-day bank robbers operate in the shadows, targeting financial institutions and executives with unprecedented audacity and sophistication. Their weapon of choice is not a getaway car, but a stealthy network intrusion. As the boundaries of our world expand, so do the risks. We recently helped a mid-sized #bank address their growing fraud risk concerns and we realized these strategies are not talked about in this level of the banking industry. We mention the most impactful time and cost saving strategies in our FREE e-book. Download Your Copy Today: https://lnkd.in/edNCjzGd

#bankingexecutives, With the digital age running through our businesses, the days of masked bandits wielding guns are fading into history. In this 21st century battleground, a new breed of criminals has emerged, armed not with weapons but with keyboards and code. These modern-day bank robbers operate in the shadows, targeting financial institutions and executives with unprecedented audacity and sophistication. Their weapon of choice is not a getaway car, but a stealthy network intrusion. As the boundaries of our world expand, so do the risks. We recently helped a mid-sized #bank address their growing fraud risk concerns and we realized these strategies are not talked about in this level of the banking industry. We mention the most impactful time and cost saving strategies in our FREE e-book. Download Your Copy Today: https://lnkd.in/gbQ8Dg-Q

☎I recently received a call from someone claiming to be from my bank, informing me that the call was being recorded. The first question she asked was: ❌ "Can I ask you some security questions, starting with your date of birth?" Feeling cautious 🚩🚩🚩, I hung up and immediately called my bank directly. It turns out the initial call was genuine!!! This experience highlights a critical issue: the lack of mutual authentication 🔒🔒🔒. From my perspective, the caller could have been anyone asking for personal details. It's alarming that a bank would initiate a call and expect sensitive information without first establishing their identity to the customer. Authentication should be a two-way street ⇌ ⇌ ⇌. Financial institutions must ensure that their customers can confidently verify the legitimacy of a call before any personal information is requested. Given that some banks don't grasp this basic premise, it's no wonder they are often compromised. 

☠️ [80% of data breaches are caused by passwords]☠️ ❎Yet, more than 50% of online users reuse passwords across multiple accounts. That's why FIs are spending a big chunk of their budget on digital identity authentication, according to the Datos Insights 2024 Trends in Fraud report. ✔️Update your outdated password technology and start decreasing digital banking fraud today. 🎓Learn how: https://bit.ly/48GWq48

Valley Bank is leading the charge in protecting their customers from #checkfraud with our Intelligent Customer Outreach platform and the results speak for themselves: 💸 $200K+ in fraudulent transactions stopped in just 30 days ⚡ A blazing 24-second median response time for digital inquiries 📈 81.7% response rate—and 71.6% within just two hours Check fraud doesn’t stand a chance when customers respond in seconds. Our approach empowers customers to take an active role in stopping fraud before it happens, making them more engaged than ever. Is your fraud #prevention strategy keeping up? Read our latest #casestudy and learn how we’re helping banks protect their customers faster and smarter >> https://lnkd.in/d8vfvK2v

Money muling is a complex issue with complex causes. But the risk from current accounts is crystal clear…   📈 This year, banks reported a 21% jump in mule-related activity within safely boarded current accounts. Plenty of activity comes from voluntary fraudsters.   🔰 But transactions are made by victims, too – vulnerable and unknowing consumers.   You can make the fraudster’s task more difficult and protect good customers by sharing data and continuously screening on-book customers.   More on that below with our #FraudWeek data insights. 👇

🛡️ How Enriched Payment Data is Fighting Financial Fraud? Fraud detection is one of the most crucial applications of financial data enrichment. With payment data enrichment, banks can proactively address emerging threats. By incorporating context into transactions—such as accurate merchant name, logo, category, location, and contact details - they can quickly identify suspicious activities. This capability ultimately helps safeguard customers from financial loss. See Snowdrop's API in action! Try our demo today: https://lnkd.in/dd3tCe9r Get more insights here: 💡 https://lnkd.in/d7i_kJrZ #TransactionDataEnrichment #PaymentData #Banking

A recent The Wall Street Journal article shed light on the rising challenges of check fraud, uncovering how scammers exploit the continued reliance on paper checks in the U.S. Financial institutions are racing to adapt, but the stats are alarming—check fraud surged nearly 400% last year alone. Our friend Frank McKenna (FrankonFraud), Chief Strategist at Point Predictive, provided crucial insights into this growing threat. His analysis highlights how fraudsters are leveraging platforms like Telegram to share tips and target banks with precision. At Refine Intelligence, we understand the strain this places on fraud teams and the need for proactive solutions to stay ahead of these evolving schemes. Read the full article here and share your thoughts below. > https://lnkd.in/g3cgbVRS