ARGO’s Post

Account takeover and executive impersonation fraud are serious threats to ACH processing. Banks need strong monitoring of incoming and outgoing transactions to stay protected. #Banking #FraudPrevention #ACH https://hubs.la/Q02YqLyt0

For more than a decade, the popularity of ACH transactions has been on the rise. 📈 In 2023, the ACH Network handled 31.5 billion payments valued at $80.1 trillion 💰– and of those, Early Warning® helped manage the risk of 2.1B payments. As usual, criminals are paying close attention to banking trends, and they continue to devise new #fraud schemes that target ACH transactions. In response to rising ACH fraud threats, Nacha, is proposing a series of updates to its rules and regulations.💡Check out our latest blog to learn how the new rules will impact your financial institution!

Building an Unbreakable Shield: A Comprehensive Guide to Fraud Prevention for Banks! Our latest blog dives into banking fraud trends, what is needed in a fraud prevention framework, and how AI can help banks prevent fraud. Read now- https://lnkd.in/gwaERruc #fraudprevention #AIinfraud #banks #finance

Rippleshot exists to help our partners, like CPI Card Group, help their customers become strategically resilient to fraud by proactively stopping credit and debit card fraud. This Finnovate article dives into how our risk score-based reissuance approach helps financial institutions minimize customer impact and reduce fraud losses: https://lnkd.in/geh88zJE #banking #fraudmitigation #fraudprevention #cardfraud #banks #financialinstitutions

Real-time payments: A risk or a necessity? Banks often worry about fraud, but Tyler Brown shares why those fears could be holding back progress. Discover how to balance innovation with security. #RealTimePayments #FraudPrevention #CCGCatalyst Is Fear of Real-Time Payments Fraud Misplaced? https://lnkd.in/gDTwe4Z7

Problem statement is clear and that is, not all Fraud situations are created equal and hence no standard solution applies. Key question is how much time did bank have between customer initiating the “Lock” and topping up of Wise wallet? In that time did bank try to reach out to customer and understand what happened or were they just happy updating a slide inidicating number of fraud they had helped preventing. And yes, intentionally said “how much time did bank have”. Often customers are left to fend for themselves in these situations with questions like whom did they inform and when. It is the banks that earn from the privilege of managing money, it is for banks to prevent these fraud as the last resort specially once they are informed when client triggers “Lock” feature. #banking #bankingfraud

When merchants , wallets and banks just convey to victims of financial fraud that the amount has been lost and utilised and cannot be recovered due to otp compromise or hacking etc. , they stand to lose a potentially genuine customer who would have otherwise given good business in the near future.... The cardholder or customer is very likely not want to do further business with neither the bank as well as the wallet and merchant and worse off say that they will never recommend card from the bank or business with the merchant ....Once the customer conveys ....the message review spreads like wild fire Just saying utilised to cardholder has serious long term negative implication on continuity of business in terms of B2C One and only way is to make genuine effort from both merchants and banks to hold and freeze unusual amounts and verify critical credentials and steps to reverse the amount back cardholders accounts .... Reversing fraud amounts back to the account is key essential in restoring back the faith in cardholder and preventing the cardholder from saying anything negative about both the bank and merchants.... One can easily see that merchants who had stopped preventing fraud are facing business loss and also reputation... Similarly banks who also let fraud happen on large scale with little reversal will also see decline in usage of credit card usage .... Sales of cards cannot be fully acknowledged without a healthy and genuine usage of credit and healthy way of paying back .... Allowing fraud money to seep in and holding cardholders accountable because of otp .... will gradually or rapidly indicate a decline in business .... Reputation risk has serious implications and cannot be undermined....

With check fraud on the rise, it’s important to take steps to protect your account. This new text alert service from Commerce Bank notifies customers about suspicious check activity, so they can keep their money safe. Features like this are key to stopping fraudsters and can provide some peace of mind when paying by check.

Fraudsters are becoming more sophisticated and basic validation methods may not be enough to protect against these evolving threats.  #cyberfraud #creditcardfraud #banking #digitalpayments #creditcardprocessing #merchantservices #fraudprevention

With check fraud on the rise, it’s important to take steps to protect your account. This new text alert service from Commerce Bank notifies customers about suspicious check activity, so they can keep their money safe. Features like this are key to stopping fraudsters and can provide some peace of mind when paying by check.