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New bill targets crypto money laundering
Sen. Elizabeth Warren on Wednesday announced bipartisan legislation to crack down on cryptocurrency money laundering with a bill called the Digital Asset Anti-Money Laundering Act of 2022. Get the details at: Tech Talk.
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FIs must collaborate to beat identity fraud
In 2021, adults 60 and older were nearly five times as likely as their younger counterparts to report losing money to a technology support scam and twice as likely to report losses to a prize, lottery or sweepstakes scam. The “Digital Identity Tracker®” explores how firms use digital identification to slow online fraud and mitigate the harm it causes. Get the details at: Tech Talk.
Combatting fraudsters is a ‘cat-and-mouse’ game
Fraudsters attempt to scare or help customers through scams, one of the techniques they use is what Zwijnenberg, chief information security officer at ING, calls “social engineering”. The bank aims to educate customers about the different methods that scammers use so they can avoid them. Get the details at: Tech Talk.
Facial recognition: A top challenge/opportunity for ATMs
Although banks are beginning to adopt facial recognition at ATMs, the technology still has to overcome customer's distrust. Facial recognition is not a thing we only see in science fiction movies anymore. It has already found its way into our lives and considering the growing popularity of self-service equipment reliant upon its use, it's important to discuss the matter of its responsible use. Get the details at: Tech Talk.
Embedded finance to fuel SMB ambitions
Efficiency is the name of the game when it comes to digital payments. Merchants expect digital payments from their customers to be processed swiftly and seamlessly, and to have the money in their accounts without any complications on the front or back end.
Get the details at: Tech Talk.
Turn ecosystem banking turns into real-time intelligence
As corporations rationalize the number of accounts they hold, demand greater visibility, and look to new providers for functions like virtual account management, banks need to step up their digital transformation efforts. Here, we look at the risks and rewards for banks looking to rethink their corporate proposition. Get the details at: Tech Talk.
Charges, arrests over multi-million-dollar cybercrime schemes
The US Department of Justice has announced the arrest of four individuals for their alleged roles in a fraud scheme targeting businesses, banks, and individuals. As part of these attacks, the defendants targeted employees in charge of making payments on behalf of their businesses with fraudulent email messages that asked them to make wire transfer payments to bank accounts under the attackers’ control. Get the details at: Tech Talk.
CFPB proposes registry of nonbank lawbreakers
A regulator has proposed creating a registry of nonbank financial lawbreakers to detect “repeat offenders.” A central repository of such nonbanks would allow the CFPB to track and mitigate the risks posed by repeat offenders, monitor all lawbreakers subject to agency and court orders, and share this information with other regulators and law enforcement agencies, according to the press release. Get the details at: Tech Talk.
Banks might dump Zelle due to fraud refund scheme
Banks may choose to drop partnerships with instant payments apps, like Zelle, if they have to reimburse scam victims. The seven banks that own Zelle recently launched a plan to reimburse scam victims if the scammer is pretending to be a bank employee, according to a report by Washington Post. Get the details at: Tech Talk.
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