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fraud protection

BID Newsletters
Aug 21, 2023
Online fraud is on the rise, along with criminals’ success rate in duping companies out of money. Yet, small businesses are not allocating sufficient funding to fraud prevention. As CFOs begin to step up security investments, a major area they should focus on is their AR & AP processes.
Jun 27, 2023
Money mule activity is on the rise and CFIs need to be aggressive in their efforts to thwart it, both through initiatives to educate consumers about the risks and internal efforts to identify and crack down on the practice. We discuss precautions to take to protect your customers and your institution from money mules.
Apr 21, 2023
Would-be thieves are coming up with more ways to attempt synthetic identity fraud. We delve into some of the schemes you should be on the lookout for, and detail some methods to detect, validate, and minimize losses from such fraud.
Mar 7, 2022
It is not surprising that mobile fraud is surging, as the US has over 294MM smartphone users. Community financial institutions need to stay aware, meticulously authenticate customers’ identities, and communicate the latest scams to their customers to stay out of harm’s way. Here are three of the latest mobile phone scams and how to stay out of trouble.
Oct 5, 2020
Mobile banking has surged. As that trend continues, cyber criminals stand ready to strike. We give you tips to fight back.
Feb 8, 2022
Last year, the FBI reported it had pursued 2x the number of people involved in money mule activities vs. those in 2020. While they were able to recover $3.7MM in fraud funds, money mules are still actively recruited, wittingly and unwittingly. Here are three critical tips to protect your institution.
Jul 21, 2020
FinCEN issued an advisory on pandemic fraud scams and schemes. We give you some of the highlights.
Nov 4, 2021
Senior citizens have often been the target of fraudsters. Yet, 2020 was a record year for this segment who was more isolated physically and more active digitally. Total fraud losses for seniors reached $1B last year and affected over 100K victims. Here are some of the top scams along with key communication points to pass on to your senior customers.
Nov 29, 2021
OTP fraud is a new threat that community financial institutions need to know about. One-time passwords (OTP) are intercepted by cyberthieves allowing them access to financial accounts clandestinely. With two-factor authentication more widespread, cybercrime services have seen entry points and cyberthieves have jumped in. Here is a summary of OTP fraud and what you should do about it.
Feb 14, 2022
The number of SARs filed by depository institutions regarding elder financial exploitation rose 67% between 2017 and 2020. As community financial institutions strive to stem senior financial abuse, this issue will only continue as the population is aging. We explain other factors in play and provide three defenses to combat elder financial abuse.
Mar 20, 2023
Zelle is reworking its refund policy regarding fraud, a change that could potentially prove costly for CFIs. Before jumping ship from Zelle, however, organizations need to be aware of both the benefits and drawbacks of the service and how customers would react to losing the payment service.
Feb 12, 2020
Employee financial crime can happen even in small businesses, such as community financial institutions. We provide some important reminders.
Jul 22, 2019
Banks need to vigilantly train on the signs of elder abuse. We provide additional resources to help.
May 24, 2019
Occupational fraud is the biggest threat facing small businesses. What you and your business customers should know.
Jul 12, 2018
One online payments expert sees fraud growing at an even faster rate than digital sales. With all of this in mind, what can community banks do?
Mar 1, 2018
As banks try to help fraud victims, they may be hampered by the very customers they are trying to protect. Interesting insights your bank could leverage.
Dec 21, 2017
A recent survey found 60% of bank customers who experienced fraud discovered the issue before their banks told them about it. What can banks learn from this?
Feb 3, 2020
Today we answer your questions on fraud detection, branch traffic and CRE lending.
Dec 17, 2020
According to IBM, baby boomers are expected to increase online holiday shopping by 116% this year. We share four ways to keep your senior customers safe from cyber thieves.
May 4, 2020
We answer more important questions today on the coronavirus, including remote customer support, anti-fraud preparation, and PPP assistance.
Jul 7, 2022
Synthetic images have become so sophisticated that people and facial recognition systems are no longer able to tell the difference between AI-generated faces and real ones.
Oct 21, 2022
Organizations with fewer than 100 people account for 22% of all fraud cases and a median loss of $150K. Preventing financial fraud is easier when small business owners and employees know how to spot signs of trouble. CFIs can help their commercial customers by educating them about fraud — we provide several fraud-prevention steps for you to share.
Feb 1, 2023
While fraudsters will try any and all methods across every generation, certain practices for each generation typically bear the most fruit. CFIs should be aware of the types of online fraud that each generation is most susceptible to, then educate their customers on ways to not fall prey.
Feb 21, 2023
Wire fraud is an ongoing problem for CFIs and their customers. Implementing multiple verification methods can help combat this. We explore a variety of options and provide the pluses and minuses of each one.
Mar 14, 2023
The tactics that cybercriminals use are ever-changing. Keeping your customers and your institution protected against cyber fraud requires staying on top of the latest trends and making sure everyone knows what to look out for.
May 13, 2021
Facial biometrics is the latest technology and the financial industry is taking notice. TD Bank has started using it with onboarding, while fintechs and MasterCard are jumping in too. While the technology is in its early stages, we recommend monitoring facial biometrics and tracking the competition to avoid losing customers.
Jun 29, 2021
Does your institution use an interactive voice response system? Most do. While very effective at providing round-the-clock customer service, fraudsters are now using them to infiltrate customer accounts. Scammers love IVRs, so we explore four strategies to help you fight this type of fraud.
Aug 27, 2021
Since COVID-19, fraud has increased threefold, which is causing bankers to work harder than ever to fight fraud. Technologies have helped. Yet, with such large transaction volumes to process, it can be challenging, leading to a zone of uncertainty. We explain what this is and how to reduce this uncertainty with three key steps.
Dec 13, 2021
The pandemic has impacted financial institutions in many ways, especially with the explosion of digital payments. This increase caught the attention of cybercriminals, as eight out of every ten fraudulent transactions entail a card not present (CNP). Here are four steps community financial institutions can take to help prevent CNP fraud.
Jan 20, 2022
According to a Federal Reserve survey, 90% of businesses said they expect faster payments within three years. Many businesses see this as a way to automate operations and satisfy their customers. Community financial institutions should be preparing for faster payments now as competition is intense. Here are four recommendations to prepare for faster payments.
Mar 17, 2022
The use of QR codes has skyrocketed since the pandemic. This year, one billion smartphones are expected to access QR codes globally, according to Juniper Research. This increased use has gotten the attention of cybercriminals. Here are four ways you and your customers can protect yourselves.
Mar 25, 2022
Did you know that 15MM Americans experience identity theft annually? In an effort to help stem this tide, several organizations are using selfie authentication, which uses biometrics to validate a person’s identity along with other information. We outline the growth of this practice, along with consumer pushback, data privacy laws, and more.
Jan 19, 2021
Are you doing everything you can to help your customers fight fraud? We share four ways that your peers are doing this, including text messages, locking and unlocking cards, and education.
Jan 12, 2021
Automation is an important way to stay competitive, according to Fitch Ratings. Automated customer experiences, fraud detection, and wire automation are three key areas for a competitive edge.
Jul 22, 2020
Unemployment benefit fraud is making the rounds. We provide you with a few key reminders to avoid being caught in a fraud snare.
Jul 13, 2020
Fraud during crises is not new. So, we provide you with some important information on PPP fraud protection.
Jan 29, 2020
Faster payments are growing in popularity, but so is the opportunity for thieves. What your institution can do to stay safe.
Feb 15, 2018
Digital payment channels are becoming faster and more convenient but fraud is a big concern. What your bank should know.