In recent years, we’ve seen fraud and scams become more sophisticated, but so have the countermeasures - making a dynamic landscape for financial institutions (FIs) to navigate. FIs are ramping up their anti-fraud measures while continuing to offer...
Learn how to help protect your organization against payment fraud and stay compliant with the Nacha WEB debit rule change.
As FIs seek to balance fostering new account openings and growth (often in a faceless environment) with fraud and risk mitigation, we are seeing account declinations related to account abuse significantly decline and the reliance on industry collaboration and advanced technology increase.
New account openings are skyrocketing. Digital banking processes are becoming the norm. And application fraud is wreaking havoc on banks and credit unions.
As the industry landscape continues to shift, fraudsters are successfully exploiting...
In a recently published study, over 40% of FIs in every category with the exception of the largest FIs already offer some type of second chance account.
In February 2016, the Consumer Financial Protection Bureau (CFPB) issued letters to 25 banks and credit unions to encourage the offering and marketing of lower-risk deposit account products (checking accounts or prepaid accounts) to improve consumer access to the banking system on a broader scale.
Watch on-demand as experts discuss the very real problem of application fraud and the importance to catch it at new account opening.
WEB debit entries continue to increase in popularity and have historically been susceptible to fraud. To combat the rising criminal activity, the rule requires businesses to validate a consumer's bank account information when initiating an ACH debit transaction.
Watch this video to learn more about new account fraud and how Early Warning's solutions can help solve for this growing threat.
With digital account opening becoming the norm, financial institutions face pressure to detect fraud at the point of onboarding.
The methodology and the technology that banks use to screen and validate new account applicants should have a dual purpose
Digital account openings are increasing, with 37% of all checking account applications coming through the digital channel in 2022 according to research by Aite-Novarica. But as the industry is shifting to digital, so are fraudsters. Aite’s research...
Picture this: a fraudster writes a check for $5,000 from his account at a credit union and walks over to his local branch of a nationwide bank, depositing the check by scanning it in at the ATM. It’s a large check, so the bank makes half of the funds...