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What Is Check Kiting?

Also called flagging, check kiting is a form of check fraud. It uses float (the time it takes for a check to clear) to make use of non-existent money in a checking account. In essence, kiting turns bad checks into a form of unauthorized credit, and that’s bad news for banks. Kiting cycles can continue... (more...)

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Are Biometrics Safe?

Biometrics are increasingly replacing traditional security options, such as usernames, passwords, single-use tokens, and dual-factor authentication. Some mobile phones come with iris scanners, residential door locks feature fingerprint reading technology, and MasterCard is working on a mobile pay system... (more...)

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Steps to Report Fraud

When you run a financial institution, fraud is always at the top of the priority list. Even with the most up-to-date security tools in place, fraud can still occur. To minimize losses, you need to help your customers report fraud. Making It Easy to Report Fraud If your customers suspect fraud, they should... (more...)

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The WiFi Pineapple: What You Need to Know

The WiFi pineapple looks simple and unassuming, and it’s about the size of a cell phone. Hackers use this little tool to turn off drones, track commercial aircraft, and play practical jokes, but sometimes, the actions are much more serious. Contrary to its icon (the pineapple is a traditional symbol... (more...)

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How to Choose a Fraud Protection Partner

When it comes to fraud protection, there are many tools and solutions. With so many options on the marketplace, it can be hard to know what you need. Ideally, to protect your financial institution, you should work with a company who is committed to being your partner and guiding you toward the right... (more...)

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Credit and Debit Card Fraud

Globally, credit and debit card fraud leads to $21.84 billion in losses annually. On average, card issuers bear 72% of those losses, and unfortunately, the United States experiences a disproportionate number of losses. Although the U.S. processes just 22.9% of the world’s total credit and debit... (more...)

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Essential Safeguards Against Card-Not-Present Fraud

EMV chips made credit and debit cards safer, but unfortunately, the built-in security of these cards is only useful for in-person transactions. Because of that, fraud related to card-not-present (CNP) transactions has increased substantially over the last few years. In 2016 alone, CNP fraud increased... (more...)

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ATM Instruction Manuals Are Online: Here’s How to Protect Yourself

In 2006, a man reprogrammed an ATM to make it dispense $20 bills instead of $5 bills. He got the instruction manual online. Eight years later, most ATMs were no longer dispensing $5 bills, but manuals were still online, and two 14-year-old Canadians hacked an ATM in Winnipeg. Now, it’s 2018, and... (more...)

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How to Advertise Your Fraud Prevention Efforts Without Showing Your Hand

According to the Bureau of Justice Statistics, seven percent of Americans over the age of 16 face at least one incidence of identity theft every year. That means that over a five-year period, over 35 percent of the country’s adult population is likely to be affected. Dealing with identity theft... (more...)

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Making the Leap to Digital: An Overview for Financial Institutions

While many businesses are scrambling around trying to figure out how to get rid of their file cabinets and replace them with digital records, banks are going a step further. Brick-and-mortar banks and credit unions are offering an increasing number of digital services to their clients, and all-digital... (more...)

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