Remove Audit Remove Procedures Remove Third Party Vendors
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FBI Warns Banks About Widescale ATM Cash-Out Scam

PYMNTS

“Historic compromises have included small to medium-[sized] financial institutions [FIs], likely due to less robust implementation of cybersecurity controls, budgets or third-party vendor vulnerabilities.

FBI 58
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Strengthening Payment Security: Government Fraud Detection for Compliance Managers and Auditors

Core

3 Prevalent Types of Government Payment Fraud Government fraud detection and prevention begins with understanding the primary ways in which payment fraud occurs: vendor payments, payroll, and procurement. Strengthening Internal Controls and Segregation of Duties Internal fraud prevention relies on strong internal controls.

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How to Use AI in Bank Statement Processing

Nanonets

  Bank statement processing is essential for accurate reconciliation , auditing, and financial reporting. Maintain an efficient audit trail for future retrieval. Regularly train staff on adjustment procedures to minimize errors. Ensure all statements are properly scanned and readable.

Process 52
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Data Dive: Expanding Efforts — Good, Bad And Unpredictable

PYMNTS

“Historic compromises have included small to medium-[sized] financial institutions [FIs], likely due to less robust implementation of cybersecurity controls, budgets or third-party vendor vulnerabilities.

FBI 40
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What is the procurement process?

Nanonets

The operation of any business hinges on the procurement of essential goods and services from third party vendors.  While Large businesses often have a centralized procurement department with its own employees and procedures.  Record-keeping is also essential for reference, auditing, and budgeting purposes.

Process 52
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 Data Dive:  Expanding Efforts, Good, Bad And Unpredictable

PYMNTS

“Historic compromises have included small to medium-[sized] financial institutions [FIs], likely due to less robust implementation of cybersecurity controls, budgets or third-party vendor vulnerabilities.

FBI 40
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The payments regulation roadmap: Q2 2025

The Payments Association

Under this provision, large organisations can be held criminally liable if they do not have reasonable procedures in place to stop fraud committed by their employees, agents, or subsidiaries where the intent was to benefit the organisation or its clients.