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How Long Should You Give Your Customers to Report Fraud?

If one of your customers gets their bank card, checkbook, or account details stolen, a thief may make purchases or draw money out of the account. Legally, you have to absorb some of these costs, but it depends on the type of transaction and when your customer reports the issue. However, in some cases,... (more...)

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Make Sure Your Customers Know About These 5 Scams

In many cases, your customers are the gateway through which scammers target your bank. As a result, when you educate your clients, you protect your entire enterprise. To safeguard your financial institution, you may want to make sure your clients know about the following popular scams. 1. Phishing Scams Phishing... (more...)

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How Automated Check Image Analysis Works

Examining checks manually takes a lot of time and effort, but thanks to automated check image analysis, you no longer have to worry about that wasted time or money. Wondering how it works? Here’s a look at the process. Reading the Magnetic Ink As you know, most checks use magnetic ink, and check... (more...)

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How to Create a Culture That Reduces Internal Theft and Fraud

In 2015, a bank teller in White Plains, New York was at the helm of a group that stole $850,000 from multiple bank accounts. Two Chase bankers in Brooklyn took almost $400,000 from customer accounts, and a teller in Chicago took nearly $2 million. While banks seem to focus most of their anti-fraud efforts... (more...)

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Working Together to Fight Bank Fraud

Banking can be a competitive industry where you’re always contending with the bank on the other side of town or even on the other side of the country. However, when it comes to fraud, banks need to work together. To reduce fraud in your institution and to help other banks in the progress, check... (more...)

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Transaction Analysis: A Primer for Bankers

Transaction analysis is the process of examining bank transactions to look for fraud or other issues. To reduce fraud, banks need to analyze checks, ACH payments, loan transactions, debits, and credit card payments. Some of this happens manually, but software is beginning to play a larger role. Here’s... (more...)

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How to Do a Risk Assessment of Your Financial Institution

When you run a financial institution, you need to safeguard your resources and your clients from threats. That often starts with a risk assessment. To help guide you in the right direction, here’s a very brief overview of what needs to happen during a financial institution risk assessment. Make... (more...)

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Fraud Prevention vs. Loss Recovery – Why Humpty Dumpty Can’t Be Put Back Together Again

An ounce of prevention is worth a pound of cure, a stitch in time saves nine, and you can’t put Humpty Dumpty back together again. There are countless sayings about the importance of proactive, preventative measures, and they often underscore how repairing damage is more time consuming and challenging... (more...)

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What Is Spoofing?

Spoofing refers to a range of fraudulent practices where scam artists use email addresses, URLs, or phone numbers that mimic the email addresses, URLs, or phone numbers of a trusted person or business. All of these practices are ultimately designed to get money out of the victim’s bank account... (more...)

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Essential Controls to Minimize ACH Fraud

Thieves attempt to steal close to $100 million in ACH fraud every year, and according to the FBI, the majority of the attempted fraud is on accounts from local community banks and credit unions. In 2017, with the rise in popularity of same-day ACH processing, the threat is even bigger—some analysts... (more...)

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