Matthew Davies’ Post

Did you know that 64% of UK businesses experienced fraud or financial crime in the past two years? In 2022 alone, this cost businesses a staggering £1.2 billion! As digital transactions continue to surge, protecting your payments against fraud has never been more critical. 🔐 Integrated into your payment workflows, our Bank Account Verification platform is the easiest, most secure way to safeguard your payments against fraud. Find out more about our Bank Account Verification platform below. 👇 https://lnkd.in/eaVK7XaW #bankverification #fraudprevention #appfraud #compliance

In an era dominated by digital transactions, secure and efficient payment processes are paramount. Bank Account Verification goes beyond fraud prevention — it enhances operational efficiency, builds customer trust, and protects your digital payments from illicit activities. Learn how you can power more secure and complex payments in our latest blog 👇 https://lnkd.in/e_EReRQH #FraudPrevention #BankVerification #ConfirmationOfPayee #FinancialSecurity #BusinessProtection

F is for Fraud Reduction. With fraud accounting for 40% of reported crime in England and Wales (according to the ONS), it’s a serious issue. And with payment diversion fraud, investment fraud, and cheque, card and online bank account fraud being the most common types, enhancing security in banking is more crucial than ever. Thankfully this is where Open Banking excels! The inherently secure nature of Open Banking Payments significantly reduces the likelihood of fraud. Here’s how: ✅ Strong customer authentication by design ✅ Customer won’t need to share bank account or card details ✅ No need to key in or share account number or sort code Learn more: https://buff.ly/3Y8SAPg #OpenBankingPaymentsAZ #openbanking #payments #A2A #AccountToAccount #instantpayments #securepayments #fraudreduction #security

Financial institutions should adopt scalable solutions to verify bank account information and data as EFT volume rises. This will help reduce fraud, lower NIGO rates, and ensure compliance. 🔒💸 #Fintech #Compliance #FraudPrevention

Wire fraud is rampant. And we think a shift is coming where the liability will be moved from consumers to banks. Why? The Senate Banking Committee just put out a letter to the top four financial institutions saying “Hey, you need to do more to protect your consumers from these types of fraud.” While originating side bank controls are getting better, like the “are you sure” notifications you get ahead of a P2P transaction, controls on the receiving side of the transaction are weak at best meaning the other end of the transaction is a blind spot. Under this new regulatory shift, the receiving bank that supported a fraudulent or money mover account can be held liable for the loss. That will be a massive catalyst for forcing banks to build identity management into a core competency on both sides of the transaction.

Despite technological advancements, 81% of businesses still use paper checks, leading to a significant risk of check fraud. In fact, the AFP reported that 63% of organizations experienced check fraud in 2022. Common fraud tactics include: ☑ Mail fraud ☑ Internal fraud ☑ Misappropriated checks ☑ Multiple deposits ☑ And faux check creation Given the persistent threat of check fraud, it's crucial for banks and credit unions to offer solutions that keep payments online and reduce fraud risk. 💡 That's where Catch!, CheckAlt's electronic lockbox solution, comes into play. By using Catch!, financial institutions can help their clients transition to more secure electronic payments, effectively reducing the reliance on paper checks and minimizing fraud risks. Learn more: www.checkalt.com #Banking #Finance #FraudPrevention #ElectronicPayments #CheckAlt #lockbox #ePayments #checkfraud

Fear can be a powerful motivator, especially where payments fraud is concerned. While financial institutions have a healthy fear of high-profile fraud For daily news and analysis subscribe to the https://lnkd.in/grcK6QEX newsletter. #Payments #Finance #Fintech

Payment Cards (Debit, Credit and Prepaid) have raised the levels of convenience for customers. However, the convenience also comes with a high potential for fraud and funds theft during transactions. Clari5 Payment Card Fraud Management is a comprehensive solution that combats card fraud in real-time. It provides the payment instrument issuer, payment processor or the merchant acquirer the necessary arsenal to monitor, detect and prevent all card frauds including Card-Not-Present (CNP) situations. https://lnkd.in/ghYnmzF4 #getclarified #fraudmanagement #enterprisefraud

Fear can be a powerful motivator, especially where payments fraud is concerned. While financial institutions have a healthy fear of high-profile fraud For daily news and analysis subscribe to the https://lnkd.in/gR8aX8zJ newsletter. #FinTech #Payments #Finance

Fraud is a real threat in our digital world, and it’s crucial to keep your business safe. At First Independent Bank, we understand the importance of safeguarding your financial assets and we’re here to help by providing fraud protection solutions. Here are some of the key fraud protection options we offer: 1️⃣ Secure Online Banking: Our online banking platform used multi-factor authentication to ensure your transactions are secure. 2️⃣ Check Positive Pay: This service matches the checks you issue with those presented for payment, flagging discrepancies for your review. 3️⃣ ACH Block & Filter: Manage and limit the electronic transactions that can be made from your accounts. Don't wait until it's too late—take proactive steps to safeguard your financial future. 🌐Connect with me to learn more about how we can help protect your business from fraud. Stay safe and secure! #Banking #BusinessProtection #FraudPrevention #SecureBanking #BusinessSafety #FinancialSecurity