Alloy’s Post

Check fraud is not just a financial threat; it's a gateway to broader schemes. 🔄 After a check is stolen, fraudsters exploit stolen information for account takeovers and more. Sara Seguin shares how Alloy's Identity Risk Solution helps banks stay proactive against evolving check fraud tactics. 🚀 https://lnkd.in/dYs93E-e

🔒 In 2022, consumers lost over $8.8 billion to fraud. Payment security has never been more crucial. Dive into the complexities of online transactions, understand the significance of KYC practices and ISO standards, and learn how to fortify your defenses against fraud. Stay safe and informed. 🌐 #PaymentSecurity #FraudPrevention #StaySecure

SIM Swap-Can your bank protect you against it? While it's primarily duty of your telecom company whose SIM you are using but in case you suffer loss due to SIM Swap, there's little they can do. They use multifactor authentication which can be bypassed through social engineering of the victim and then there's number porting from one telecom company to another. Answer to the above question depends on the bank you are using. Some of them use technology which can alert when a new SIM (E-Sim/Physical SIM) is being used and if they have a strong counter fraud team, they should be able to protect you against such scams, if any of these factors are not present (technology to identify& generate alert and knowledgeable counter fraud team) then you should simply pray and hope that you never become victim of SIM Swap fraud. With the E-sim gaining traction it's easier to obtain it fraudulently then a physical SIM. In case you are interested in discussing about this topic-whether you a customer or an institution wants to protect its customers against SIM Swap fraud, please reach out to me. https://lnkd.in/d76TfXZi #simswap #fraud #fraudprevention #antifraud

Did you know? Nearly half of all Canadians have been recently targeted by fraudsters. This Fraud Prevention Month, recognizing 20 years of fighting fraud, the RCMP, the Canadian Anti-Fraud Centre, and the Competition Bureau are working to ensure Canadians are more aware of fraud attempts. But what about the methods lenders must use to combat this rapidly evolving threat? One key component is orchestrating and integrating disparate data sources. Because the better you get at optimizing your data, the better you get at detecting and preventing fraud - and more confidently growing your business. Check out the infographic for more info. #FPM2024 #FraudPreventionMonth https://lnkd.in/epenNjpE

Uncovering the Hidden Menace in Financial Institutions! A staggering 43% of fraudulent transactions involve authorized fraud, resulting in approximately $1.4 billion in losses annually. Yet, this figure only scratches the surface, as many victims hesitate to report being scammed. Financial institutions are proactively investing in: - AI-driven fraud detection for enhanced risk assessment and swift identification of suspicious activity - Enhanced identity checks through PSD2 and SCA (in EU), making it harder for fraudsters to operate - Real-time monitoring to prevent fraudulent transactions Authorized push payment fraud affects individuals, businesses, and financial institutions alike. A collaborative approach is crucial: - Consumers and businesses: stay informed and vigilant - Financial institutions: leverage available tools and technologies - Industry leaders and regulators: drive effective policy and regulation Share your ideas and experiences on fraud prevention! Together, we can combat authorized fraud and protect the financial ecosystem.

🚨🏦 BANKING NEWS: Citibank Faces Major Fraud Lawsuit! 🚔💼 In a groundbreaking move, New York's Attorney General Letitia James has taken legal action against Citibank, alleging significant fraud-related activities. This lawsuit highlights the ongoing challenges in the banking sector around fraud prevention and consumer protection. 🛡️🔍 Read about it here: https://lnkd.in/eExn5tzF As professionals in the financial and cybersecurity industries, this development is a critical reminder of the importance of robust security measures and ethical practices. Let's use this as an opportunity to reinforce our commitment to transparency and trust in our services. 💡✊ 🌐 For a safer financial future, staying informed and proactive is key. Let's discuss how we can collectively enhance our defenses against such fraudulent activities and protect consumers worldwide. 🌍💬 Didn't someone work out how to do better than this? Read GASA's article about Australia's Scam-Safe Accord here: https://lnkd.in/ebmVDr8k #Citibank #FraudPrevention #CyberSecurity Sheyla Saadat #FinancialEthics #Banking #LegalUpdate

FRAUD STRATEGIES!! We will discussing about the 4 major fraud strategies in we will be starting with the first one today. CONVENIENCE FRAUD: Convenience fraud is a common occurrence where a fraudster utilizes easily accessible information to commit fraudulent activities. This often happens when the fraudster has access to a large amount of information from various individuals, making it effortless for them to test multiple cards or identities. It includes the known fraud technique of “skimming”, or copying a credit card that someone uses. The "convenience" method of fraud enables a fraudster to easily experiment with various types of cards to see which transactions are rejected and which are considered easy targets. - The fraudster can then go deeper into the cards whose banks are the least protected against fraud; For example, a fraudster can “skim” information on 50 different cards in a day, then test them all of them with small false purchases, then use the ones that are not immediately blocked or flagged to perform fraud in bigger transactions.

Insightful piece from Carter Pape for American Banker on the rise of fraud in bank branches and call centers. To address things like check fraud, it's critical that banks implement strong controls in branches, just as they do when onboarding customers digitally. "Last year, Laura Spiekerman, the co-founder and president of Alloy, argued in an article for Forbes that in-branch fraud prevention systems are critical among a rise in fraud targeting branches — particularly check fraud." https://lnkd.in/eX6mVVZu

Fraud will always be a part of the ecosystem and Banks need to invest in tools across all platforms. The challenge is to balance the integration of the fraud mitigation tools with minimal to no customer impact whether online, in branches or via the contact centers.

Fraudsters are having a field day! Banking scams have skyrocketed by a whopping 986% in the last 5 years. That's like robbing a bank every other day (without the jail time, apparently). With 2000+ crores being swindled and recovery rates (@165Cr) resembling a snail's pace, it's clear that prevention is the key to cure. A robust EFRM system integrated with all alternate channels and protection in real time is the only superhero saviour. Let's make fraud a thing of the past! #Clari5 is the superhero at your service. #bankingfraud #cybersecurity #EFRM #financialcrime #RBI #clari5FIRST #FraudPrevention #FraudRiskManagement #FightingFraud #FraudDetection #MitigateFraudRisks #ForensicandFinancialCrime