Retail Banking
Pymnts.com features a podcast with Ingo Money CEO Drew Edwards and Karen Webster discussing the new risk of fraud related to remote mobile check deposits. “Mobile check capture fraud is now escalating so badly that some banks are thinking about shutting it off, because the losses just aren’t worth it,” Edwards states. It’s an interesting…
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The Federal Reserve announced last week that it is working on a real-time payments system, the biggest infrastructure upgrade embraced by the government body since the ACH system went online in 1972. At a speech in Kansas City, Mo., Fed Governor Lael Brainard confirmed what the payments industry has long awaited, and she said the…
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It may come as a surprise to those outside of the payments industry, but handling cash — real dollars and cents — is actually not an effortless “default mode” for retail businesses. In fact, as illustrated at RetailSupplyChains.com, handling cash is a complex, potentially expensive process: Where there is a cash, there is a cost,…
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We’re sharing an interesting — and obviously Canadian — ode to “cheques” today. We’ll even maintain the north-of-the-border spelling. Do you know what is common between U.S. and Canadian companies? Both still write lots of checks! See what the Financial Post shares as a bit of esoteric insight: Why do many Canadian businesses insist on…
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Microsoft Corp. will stop supporting its Windows 7 operating system next January, which is a bellwether to both independent operators of ATM machines and large financial institutions — time to update! Digital Transactions reports that independent ATM operators seem to have the upper hand in the conversion race: Independent ATM owners’ decision to eschew Windows…
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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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One reason Financial Institutions don’t jump in the MSB banking ring is the perception that MSB’s don’t have what it takes from a compliance perspective. Au contraire! As an MSB (Money Service Business), these entities have strict guidelines for compliance. Just like financial institutions, the MSB must have a written policy and procedure, on-going training,…
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