Sara Seguin

The numbers don't lie☝️ 70% of fraud leaders say the biggest challenge in staying ahead of fraud across organizations is keeping up with new and emerging fraud patterns. That same group of fraud leaders also said coordinated fraud rings are what they identify as the biggest threat in the next 12 months. Fraud rings work together to develop and fine tune their attacks. If we do the math...fraud rings constantly creating new fraud patterns + fraud leaders seeing both those things as a major threat now and in the future = a BIG problem on the horizon. Fraud fighters aren't in the dark though—quite the opposite, in fact. Tracking botnets, emulators, rooted devices, repackaged apps, and long-cycle synthetid IDs can all be revealed through advanced AI and machine learning solutions. But if we go back to the math, we see another big problem. 50% of fraud leaders cite issues reaching internal consensus as the biggest barrier to effectively using AI in their organization. While reaching that consensus is a longer-term challenge, there is another solution right now—putting AI to work against coordinated application frauds, fake account scams, lending frauds, bot-based card attacks, and price manipulation schemes that fraud rings favor. #ai #artificialintelligence #fraudprevention #machinelearning #fraudtech #fraudstrategy #bankingfraud

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The 2023 IC3 Crime Report shows losses to investment scams were $4.57 billion in 2023. That’s a 38% increase from the previous year making it the costliest type of crime tracked by IC3. Learn about Investment Scams to understand why financial grooming is such a threat to your customers. https://buff.ly/4dBgzvs

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Financial Crimes Enforcement Network, US Treasury published a notice for FIs to operationalize threats related to timeshare #fraud and Mexico-based TCOs like CJNG. This was issued jointly with #OFAC and the #FBI. I certainly didn't have a 14 page document re: timeshare fraud and Mexican drug cartels on my 2024 BINGO card, but here we are. See the third point for 6 things you can do right now to act on this Notice. Here are the highlights, more comments in the attached pdf - 1) This notice will primarily be impactful if all #banks, credit unions, #trust companies, investors, brokers, and fiduciaries provide customer education. Pgs. 3-5 offer great keywords to use in your outreach. 2) After customer education, the typologies are pretty limited in operationalability (not a word, I know). This is where I will say again - if your #AML system does not allow you to operationalize advisories and notices from FinCEN, get a new one! 3) It is time to take a temp check of your transactional threat landscape as it relates to this notice - look at the following: a) age of the customer (elderly) and repetitive wires to Mexico; b) wires to Mexico with the terms "fees" and "taxes" in description; c) wires to Mexico going to the same/similar beneficiary but from different 60+ aged customers; d) search beneficiaries of wires to Mexico with the terms "travel", "real estate", "closing", "title", "realty", and "broker" (English & Spanish); e) wires from trust or #retirement accounts to Mexico; and f) internal transfers from trust/retirement accounts to checking then wires to Mexico. 4) Once that exercise is done, you will know how much exposure you have. 5) If there are any positive matches to # 3 above, do additional research on the businesses to see if they are newly formed. 6) Remember to use 314b info sharing with other US FIs! 7) If your #communitybank or CU is based in a large retirement community, you have a duty to at least brief your customers on this risk. Some things I'm confused by - pg. 9 states "U.S. financial institutions to continue to use, and potentially expand, their existing processes to collect and share information with foreign financial institutions in furtherance of investigations that involve cross-border activity"... what?? The reference is a footnote from Gacki's speech in May. But I am not aware of any legal mechanism by which US FIs (not the Tier1s) can share with info with a non-US FI? Please someone tell me I'm wrong. #ifollowdirtymoney

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Hey fraud investigators! If you're headed to the ACFE's 35th Annual Fraud Conference this week, stop by booth 101 to say hello and learn how Case IQ can improve your investigations. #fraudconf #acfe #fraud #fraudinvestigator

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FinCEN estimates it will take roughly 3 hours to prepare and submit a beneficial ownership information (BOI) report for each entity. This does not include time spent on updates for information changes. In case you don't know, the Financial Crimes Enforcement Network (FinCEN) is introducing new reporting requirements as part of the 2019 Corporate Transparency Act to combat money laundering. Effective January 1, 2024, any businesses formed in or after 2024 must file a BOI report within 90 days. Businesses that existed before January 2024 have until January 1, 2025, to submit their BOI report. Penalties for non-compliance are up to $500 each day the violation continues. You're required to submit the following for each beneficial owner in your entity: • Owner’s legal name • Residential address • Date of birth • Unique identifier number from a non-expired passport, driver’s license, state identification card You must also submit amendments to FinCEN within 30 days from the date this information changes. We're helping clients with their BOI reporting compliance so they're ready by the deadline. If you need help with BOI reporting, contact us at www.mbs.cpa! But please note that the earlier you contact us (or any CPA) for BOI services, the better. There is a lot of administrative work that is involved and this is NOT something you want to wait until the last minute for...that $500 fine/day will add up quickly. Contact us to become and stay compliant with BOI! #beneficialownership #boireporting 

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We asked 2.1k certified #fraud examiners a serial doc fraud question... ...and almost 80% got it wrong. 👀🤔 We’re not saying this to disparage the expertise and knowledge of these #financialcrime professionals. On the contrary, we had an amazing time recently conducting a #webinar on gen #AI and document fraud in cooperation with the Association of Certified Fraud Examiners (ACFE), with over 3.1k fraud experts tuning in live. But even the most skilled professionals can evidently underestimate the seriousness and scope of the threats we at Resistant AI deal with on a daily basis. Case in point – serial fraud and the potential of re-generating tens of thousands of variations of a single document. Our record? For 1 customer and 1 year worth of data, we caught 13,212 variations. 13,212 🚀...this is the document fraud threat potential we’re dealing with. And we’re damn good at it. 😎 Wanna see us in action? Contact us and we’ll make it happen. #startups #innovation #fincrime #riskmanagement #fraudfighters 🧑‍🚒🧯🔥💰

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Are your compliance analysts spending too much time and effort reviewing, triaging and dispositioning false alerts? Now is the time to start helping them shift the focus on the truly suspicious and put high-risk alerts first. Check out this infographic https://lnkd.in/eZC7xche

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⚖️ 💸 FCK : Will new AML rules expose NYC as the Ozarks? Friday Compliance Knowledge Jointly proposed FinCEN and SEC AML rules could modify the definition of "financial institution" under BSA. As highlighted in the linked factsheet provided in the comments, there are number of changes that are on the docket. Verification of customer identity with expanded requirements and procedures is top of the list. #AML #compliance #SEC #proposedrulemaking #BSA

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3 Common Misconceptions on Actions of Federal Banking Regulators Related to BaaS Programs 1. The standards and supervisory expectations for fintechs and banking relationships with fintechs are new and not fully understood. 2. Regulators do not support BaaS programs and similar relationships between financial institutions and fintechs. 3. Third-party risk management is limited to vendors. Read our detailed blog to get the facts straight. Find the full blog here: https://lnkd.in/gDAqtCBT #BaaS #Fintech #RegulatoryCompliance Travis Dulaney Kimberly Hebb David Hadesty Peter Moenickheim, CERP Mae D.

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New Infographic on Positive Pay: The Fraud-Fighting Tool You Need Check fraud continues to rise, but Positive Pay offers a proven solution. Our new Infographic and eBook explore how this tool helps financial institutions and businesses fight fraud before it happens. Learn how Positive Pay is driving measurable reductions in fraud and how your organization can benefit from this effective strategy. Download the infographic today and we will email you the full, complimentary eBook! https://lnkd.in/ez5BVKQe #PositivePay #FraudPrevention #FinancialServices

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📙 The Wolfsberg Group releases new guidance on effective monitoring for suspicious activity 🔝 The Wolfsberg Group is a leading coalition of financial institutions focusing on regulatory compliance issues, has published its latest statement on “Effective Monitoring for Suspicious Activity” (MSA). 💱💰 This document outlines advanced strategies to refine anti-money laundering (AML) and counter-terrorist financing (CTF) efforts across the sector, moving beyond traditional transaction monitoring towards a comprehensive, risk-based approach. 📖 Read the news by following the link in the comments section below ⬇️ #thewolfsberggroup #AML #CTF #fraudprevention

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Have you read our 2024 Trends report yet? According to Tedd Huff, fintech expert and host and producer of Fintech Confidential, it's chock full of "key insights on how to be vigilant and adaptive in this new world of fraud." Download your copy today. Many thanks for your input, Tedd! #saferecommerce #2024trends #payments

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SFF 2024 is just around the corner, and we’re ready to help institutions build consumer trust through real-time fraud prevention. Fraud risks like Account Takeover (ATO) are becoming increasingly sophisticated. For example, a fraudster might access accounts to make high-value transfers at unusual times or from unexpected locations, mimicking legitimate behaviour and making detection harder. These complex scenarios require advanced solutions that go beyond standard monitoring. That’s why we’re bringing Tookitaki FinCense to SFF 2024—combining advanced AI with the collaborative power of the AFC Ecosystem to tackle fraud in real-time. Book a meeting with our experts at Booth 5B23, November 6-8. https://hubs.la/Q02VDgDP0 #SFF2024 #SingaporeFinTechFestival #Fraud #AML #Tookitaki

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Auditing your BSA/AML program encompasses a lot of different requirements. From currency transaction reporting and suspicious activity reporting to beneficial owners and customer due diligence, there is a lot an auditor needs to be aware of. One thing you don’t want to glaze over during an audit are those requirements that have been in place for quite a while that you think are running just as intended, like a well-oiled machine. Once such area is your Customer Identification Program (CIP). It’s not uncommon for us to go into institutions where over the years there have been changes to products and services or the day-to-day procedures but those ultimately were never incorporated into the written CIP. What the policy says isn’t what is actually happening, and this could be a red flag to examiners concerning the management of your overall BSA/AML program. Kevin Edwards explains more in the video. Be sure to JOIN US on June 4, 2024, for our webinar, “Auditing BSA/AML”. Register here - https://lnkd.in/gmPpJxKr #BSA #Audit #Banking #Compliance BCCPlainEnglish #CreditUnion https://bit.ly/4aA5bOm

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