Abrigo

MARCH 7, 2022

AMLA Preparation With the passing of AMLA on January 1, 2021, the most sweeping regulatory changes since the USA PATRIOT Act were put into motion. A joint interagency statement issued in June 2021 made it clear that regulators had no immediate expectations for financial institutions to act until rules and guidance are released.

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Abrigo

DECEMBER 10, 2021

Takeaway 1 The December 2021 update affects four sections of the existing FFIEC BSA exam manual. The Federal Financial Institutions Examination Council (FFIEC) periodically updates its BSA Examination Manual, with the most recent update on December 1, 2021. Would you like other articles like this in your inbox? Need to know.

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Nonprofit Organizations Cybersecurity 78

Abrigo

DECEMBER 27, 2022

billion to fraud in 2021, a 70% increase over the prior year. Financial Cybersecurity. Banking cybersecurity & cybercrime: Protecting banking customers starts with you. According to the latest data from the Federal Trade Commission , consumers lost more than $5.8 That represents almost 2.8 million fraud victims. Whitepaper.

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Credit Unions Cybersecurity CECL Credit and Collections 78

Abrigo

FEBRUARY 28, 2023

billion to fraud in 2021, a 70% increase over the prior year. In 2021 the FTC logged 378,119 fraud complaints about unwanted text messages, including fraud attempts. Double check texts from your employer: A report by the cybersecurity company Proofpoint found that 81 percent of organizations surveyed faced smishing attacks.

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Abrigo

JULY 13, 2023

billion in 2021. Scammers build up a victim’s trust and gain access to their online account information, sometimes “fattening the pig” by soliciting more investment in cryptocurrency before “slaughtering the pig” and stealing the cryptocurrency. The analogy is crude but accurate. billion in 2022, a 127% increase from $1.45

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Abrigo

JULY 16, 2021

FinCEN Releases 8 AML/CFT Priorities These priorities were published June 30, 2021, highlighting several areas of heightened risk for the U.S. These priorities were published June 30, 2021, highlighting several areas of heightened risk for the U.S. financial system. Would you like others articles like this in your inbox?

Credit Unions 78

Credit Unions Cybersecurity CECL Credit Risk 78

Abrigo

NOVEMBER 1, 2021

You might also like this whitepaper, "The 2021 BSA/AML and Fraud Staff Survey: Top Issues for FinCrime Fighters". Financial Cybersecurity. DOWNLOAD. . Takeaway 1 BSA and fraud functions have historically been siloed, and IT has been external to compliance. Talk to a specialist to learn more. BSA Training. Financial Elder Abuse.

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Cybersecurity Transactions Small Businesses 78

Abrigo

AUGUST 22, 2022

The 2021 AFP Payments Fraud and Control Survey reported 66% of fraud activity included check fraud in 2020. Financial Cybersecurity. “Novel” Risk Management for Banking Leaders in 2021. According to the ABA’s 2019 Deposit Account Fraud Survey Report , banks identified $25.1 Fraud Prevention. Fraud Trends. Learn More.

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Cybersecurity CECL Transactions Credit Risk 78

Abrigo

FEBRUARY 25, 2022

The year 2021 saw a continuation of pandemic policies and changes, a new administration in Washington , and regulatory reform from the Financial Crimes Enforcement Network ( FinCEN ). According to a 2021 Crypto Crime Report ? published by Chainalysis, 55 percent of all cybersecurity crime is comprised of just 270 deposit addresses.

Credit Unions 78

Credit Unions Credit and Collections Cybersecurity 78

Abrigo

NOVEMBER 11, 2021

The June 2021 release of the Financial Crimes Enforcement Network ( FinCEN) Priorities makes this clear in naming cybercrime as one of the eight national anti-money laundering and countering the financing of terrorism (AML/CTF) priorities. Financial Cybersecurity. financial institutions. Learn More. Learn More. Fraud Prevention.

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Transactions Cybersecurity Credit Card Payments Credit Unions 78

Abrigo

NOVEMBER 11, 2021

The June 2021 release of the Financial Crimes Enforcement Network ( FinCEN) Priorities makes this clear in naming cybercrime as one of the eight national anti-money laundering and countering the financing of terrorism (AML/CTF) priorities. Financial Cybersecurity. financial institutions. Learn More. Learn More. Fraud Prevention.

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Transactions Cybersecurity Credit Card Payments Credit Unions 78

Abrigo

OCTOBER 28, 2021

The COVID-19 pandemic no doubt saw an increase in fraud exponentially during 2020, and cyber fraud specifically has continued to increase at the same pace during 2021. The next step in improving an institution’s fight against fraud is to assess its infrastructure and cybersecurity program. Cyber Fraud Increases During Pandemic.

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Cybersecurity 78

Abrigo

OCTOBER 10, 2023

billion to fraud in 2022, $3 billion more than in 2021 and a 166% increase from 2020. Introduction Fraud increases as economic stability decreases According to data from the Federal Trade Commission , consumers lost more than $8.8 The FTC received fraud reports from 2.4

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Cybersecurity Credit Unions Transactions 78

Abrigo

NOVEMBER 2, 2021

With the 2021 change in administration in Washington, D.C., On January 1, 2021, the Senate voted into law the National Defense Authorization Act (NDAA). In 2021 and forward, AMLA brings to top of mind the importance of the culture of compliance. Financial Cybersecurity. BSA Rules and Regulation. Learn More. Learn More.

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Abrigo

MARCH 24, 2023

You might also like this resource , "BSA examination prep checklist."

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Credit Unions Cybersecurity Credit and Collections Transactions 78

Gaviti

APRIL 30, 2023

In one Australian study , false billing was one of the top five fraud tactics reported by businesses in 2021, showing total losses of $221 million. Smaller businesses may lack the appropriate cybersecurity and controls to prevent fraud, while larger ones may house larger data stores that make them desirable targets.

Cybersecurity 52

Cybersecurity Payment Portals Transactions Small Businesses 52

Abrigo

MARCH 4, 2022

billion in financial institution losses in 2021. Customer, Regulatory, Financial. Synthetic identity fraud: Scope and impacts. According to Aite Group, identity theft accounted for an estimated $721.3 In its report, “Synthetic Identity Fraud: Diabolical Charge-Offs on the Rise,” the firm estimates unsecured U.S. billion in 2019 to $2.42

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Credit Unions Credit and Collections Transactions Cybersecurity 78

SAP Credit Management

DECEMBER 19, 2022

1 year since we released the 2021 (nearly) best-selling platinum single GRC Christmas Carol. Finally, in case one GRC Christmas song wasn’t enough, I also pasted below the links to the previous ones: 2021 – GRC Tuesdays: The Famous GRC Christmas Carol version 2021. 1 year already! One of my favourites is… Die Hard 2.

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Abrigo

JANUARY 22, 2024

Banks of all sizes need practical tools to win the fight against fraud, so it should be no surprise that 31% of financial services organizations plan to add new technology systems to fight fraud, compared to 10% in 2021. Historically, the operational functions of fraud and AML/CFT have remained wholly or partially siloed.

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Cybersecurity Credit Unions Transactions 88

Abrigo

JUNE 12, 2023

WATCH NOW Takeaway 1 The number of money transmitters grew by 13% in 2021 in the U.S. According to the Conference of State Bank Supervisors , the number of money transmitters grew by 13% in 2021 in the U.S. Cybersecurity and data protection : Enforce stringent cybersecurity measures to protect customer data and financial transactions.

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Cybersecurity Transactions Credit Risk 78

Abrigo

MAY 12, 2022

Takeaway 2 In 2021, ransomware, business email compromise (BEC) schemes, and cryptocurrency crime were among the top incidents reported. The 2021 publication of the FinCEN priorities lists both cybercrime and fraud as part of the eight national security and illicit finance threats that the U.S. Financial Cybersecurity.

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Due

FEBRUARY 21, 2023

As of 2021, 21% of respondents across all ages used only digital banking, never setting foot in a brick-and-mortar bank when they needed to manage their funds. Cybersecurity breaches are particularly devastating when they involve your hard-earned money. But how safe is this practice, and how can you make it even safer?

Cybersecurity 52

Cybersecurity Credit and Collections 52

Due

FEBRUARY 21, 2023

As of 2021, 21% of respondents across all ages used only digital banking, never setting foot in a brick-and-mortar bank when they needed to manage their funds. Cybersecurity breaches are particularly devastating when they involve your hard-earned money. But how safe is this practice, and how can you make it even safer?

Cybersecurity 52

Cybersecurity Credit and Collections 52

Gaviti

MARCH 10, 2024

from 2021 to 2022 – the largest decrease since 1994-1995. Those who do choose to pursue accounting as a degree have options. In addition, the increase in technology and the volume of personal information accounting firms have at their disposal has led to a significant rise in cybersecurity attacks in the industry.

Accounting Firms 52

Accounting Firms Credit and Collections Cybersecurity Invoice to Cash 52

Abrigo

FEBRUARY 8, 2024

billion in 2021. In recent years, the prevalence of pig butchering scams has surged, resulting in significant financial losses for individual investors, sometimes reaching hundreds of thousands of dollars. According to the FBI , victims of this type of investment fraud reported losses of $3.3 billion in 2022, a 127% increase from $1.45

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Cybersecurity Transactions 88

Abrigo

JUNE 4, 2023

In 2021, an $8,000,000 civil penalty was imposed against CommunityBank of Texas N.A. In 2021, a $390,000,000 civil penalty was imposed against Capital One N. These numbers demonstrate the negative consequences of a failure to hire appropriate staff.

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Cybersecurity Transactions 78

Abrigo

AUGUST 27, 2021

In addition, President Biden oversaw the passing of the American Rescue Plan Act of 2021 (also known as the COVID-19 Stimulus Package or American Rescue Plan), which extended employment assistance and waived some federal taxes on unemployment benefits. What can community financial institutions do?

Cybersecurity 78

Cybersecurity Small Businesses 78

Fundera

DECEMBER 3, 2018

trillion in 2021. Just over 32% of all cyber attacks are targeted at ecommerce businesses , which means cybersecurity should be a top priority. of total ecommerce sales in 2017, and that number is expected to rise to be over 50% by 2021. Ecommerce is a great way to expand your customer reach and increase brand awareness.

Small Businesses 69

Small Businesses Credit Card Payments Transactions Cybersecurity 69

Abrigo

FEBRUARY 8, 2024

billion was lost to fraud through social media between January 2021 and June 2023. While interacting with friends and family online can be a fun pastime, social platforms are a feeding ground for fraudsters. According to the FTC , $2.7 Romance scams , fake profiles , and deepfakes are growing at an alarming rate.

Credit Unions 78

Credit Unions Transactions Small Businesses Cybersecurity 78

Fundera

JULY 15, 2019

trillion in 2021. Just over 32% of all cyber-attacks are targeted at ecommerce businesses, which means cybersecurity should be a top priority. of total ecommerce sales in 2017, and that number is expected to rise to be over 50% by 2021. Shopify predicts an increase in worldwide ecommerce sales from $1.3 trillion in 2014 to $4.5

Small Businesses 69

Small Businesses Credit Card Payments Transactions Dashboards 69

Abrigo

JANUARY 30, 2023

The National Association of Realtors estimated that non-financed real estate transactions represented about 19 percent of existing residential sales for 2020 and 2021. billion in 2021, nearly doubling the previous year’s figure. Learn from the experts. The GTOs require U.S. Foreign investment as a share of total U.S.

Cybersecurity 78

Cybersecurity Transactions Insurance Companies 78

Abrigo

JANUARY 31, 2023

Beneficial ownership registry The AMLA was signed into effect in January 2021, paving the way for the first major BSA reform since the PATRIOT Act and encouraging a culture of compliance. billion to fraud in 2021, a 70% increase over the prior year. However, the regulatory movement since then has been slow. That represents nearly 2.8

Cybersecurity 78

Cybersecurity Credit Unions Transactions 78

Abrigo

NOVEMBER 12, 2021

On October 26, 2021, FinCEN issued an advisory referencing the October 2021 Financial Action Task Force (FATF) Call to Action publication. Financial Cybersecurity. Takeaway 3 USA PATRIOT ACT Section 312 obligation s include enhanced due diligence procedures at institutions. . FATF Call to Action. Take the Assessment.

Cybersecurity 78

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RMAi Blog

MARCH 14, 2023

New York SB 4750 – This bill would expand the scope of the 2021 Consumer Credit Fairness Act (CCFA) by replacing the term “consumer credit transaction” with “consumer debt” and thereby bringing debt such as medical and utility under the scope of the CCFA’s litigation requirements.

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