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In the banking industry, AML/KYC (Anti Money Laundering and Know Your Customer) was previously a very slow, methodic process — the government would put out their lists of sanctioned bad guys (hostile governments, drug kingpins, organized crime organizations and affiliates, etc.) and compliance teams would then carefully (and manually) check onboarding customers to make sure…
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In the third annual edition of its “The Best Bank for You” report, Kiplinger identifies top picks among national, regional, and internet banks, as well as credit unions, that offer the best combination of high rates, low fees, and a customer-friendly focus. Many of these institutions are customers of OrboGraph, so it’s is great to…
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An article from Digital Transactions finally quantifies the relationship between payments fraud and terrorism! Startling facts in this report show that, outside of pure fraud losses, there is a crucial national security component to fraud prevention. Information-security firm Terbium Labs, in its “The Next Generation of Criminal Financing: How Payment Fraud Funds Transnational Crime” report,…
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PYMNTS.COM takes a look at the implementation of Artificial Intelligence solutions in Financial Institution fraud departments — or, rather, the stunning lack thereof: AI systems are unique, can process large volumes of data in real time and can “learn” to quickly identify suspicious financial activity. Yet, few FIs leverage this technology in their anti-fraud efforts…
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We’ve noted here before that there is a Millennial and sub-Millennial generation for whom checks are a bit of a novelty. Still, they will need to use checks more than they may expect or desire, so it’s important that they learn how to use them properly. Fraud is becoming easier and easier to overcome in…
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A Special Guest Host Blog Post by Bob Frimet, CAMS Millions of Americans depend on banking services each and every day, for everything from writing checks and paying bills to wiring money. But when was the last time you thought about the millions of “under-banked”? Where does that customer go? There are many reasons why…
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Bank fees have been in the news lately, particularly with the ramp up of 2020 presidential candidates. Not only is the aggregate number, $15B, in question, but so also is the issue of whether or not fees are unfairly targeting persons with lower incomes. From WashingtonExaminer.com: One of the Democrats vying to run against President…
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Pymnts.com reports on JP Morgan Jamie Dimon’s latest shareholder letter (which appeared on April 4) noting that AI and Machine Learning are mentioned prominently. Why is this important? Dimon’s shareholder letters are closely read and parsed for nuggets of insight regarding the economy, the investment climate, and even revelations about America’s standing in the world.…
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Let’s face it — even as Machine Learning and Artificial Intelligence (AI) solutions become more and more mainstream and attainable, they are multi-layered concepts that are not entirely intuitive. For the lay person, it could be about as close to trying to understand rocket science as we can get… (present company included!) A McKinsey Quarterly…
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Saturday Night Live debuted in 1975, meaning that if you were a member of the generation that watched the first seasons of the show, you’re in “the demographic that clings to checks.” according to the pundits. This past weekend, SNL enlightened viewers as to a few exaggerated benefits of “cheques” that we normally don’t promote…
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