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Bank Groups Call for Swift, Secure Transition as Treasury Phases Out Paper Checks

Fintech Finance

According to a FinCEN study examining reports from February to August 2023, mail theft alone resulted in $688 million in losses. By the Numbers: Check fraud accounted for about 32% of all fraud losses in 2024, according to Federal Reserve data. Many of these checks are acquired through mail theft.

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FinCEN Warns Of COVID Scams Targeting FIs, Consumers

PYMNTS

The Financial Crimes Enforcement Network (FinCEN) issued a press release warning financial institutions (FIs) and consumers about pandemic-related scams, including some connected to cryptocurrency. FinCEN warns that bad actors “are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic.”

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FinCEN Director Talks Digital Identity And Fraud Protection

PYMNTS

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth A. FinCEN is seeing around 5,000 account takeover reports each month involving approximately $350 million,” he said. There are also a lot of illegal activities involved with wire, credit card and automated clearing house (ACH) fraud. “By

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Today In Digital-First Banking: Oracle Rolls Out Cybersecurity Apps For FIs; The ACH Reports Rise In Q3 Activity

PYMNTS

Surge in Commercial Payments Pushes ACH Payments Volume up 9 Pct in Q3. To that end, the ACH Network saw 6.8 Fed Reserve, FinCEN Seek Input on Bank Secrecy Act Rule Changes. However, FinCEN has complete authority for the travel rule and will make its own proposals for amendments.

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Key learnings from 2024’s biggest financial crime fines

The Payments Association

billion penalty from the Financial Crimes Enforcement Network (FinCEN) and a $1.8 Key issues included: Deficient transaction monitoring and reporting : TD Bank failed to monitor significant transaction types, such as Automated Clearing House (ACH) transfers and peer-to-peer (P2P) platforms like Venmo. billion settlement with the U.S.

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How to Streamline Your SaaS Clients’ Merchant Underwriting Process—and Improve Adoption Rates

Stax

Your SaaS clients will need to have a master merchant account if they want to facilitate ACH, debit cards, eChecks, and credit card payments for their sub-merchants. You may already know some of those FinCEN requirements, depending on your type of application,” says Richard. “So

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The Role Of Reputation In Managing Risk

PYMNTS

The rule mandates that financial firms originating ACH transfers must identify and register their third-party sending customers with NACHA. The Consumer Financial Protection Bureau (CFPB) also has its value as a risk-monitoring source, she commented, as do state and local government agencies.

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