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Welcome to News & Events

Published on June 22, 2020, by in Industry News.

Welcome to The Fraud Practice’s FraudBlog; your source for updates on current events, commentary and best practices related to the eCommerce CNP payments and fraud industry.

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The Fed and FinCEN Propose to Lower Reporting Threshold on International Transfers to $250

The Financial Crimes Enforcement Network (FinCEN), along with the Board of Governors of the Federal Reserve, recently proposed new rules related to the Bank Secrecy Act (BSA) and anti-money laundering regulations requiring financial institutions to collect and report information related to international transfers. The proposed changes would lower the threshold requiring when this information is collected from $3,000 to $250. The proposal also broadens the reporting rules to apply to digital or cryptocurrencies.  The proposed rule changes are currently open for industry comments through November 27.

The Bank Secrecy Act requires financial institutions to collect and retain information on certain funds transfers and transmittals of funds, with the additional requirements being defined in the USA PATRIOT Act and Anti-Money Laundering Act.

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Nacha Approves Amendments to Operating Rules Focused on Supporting More Technologies and Handling Unauthorized Payments

Nacha, who enables Automated Clearing House (ACH) payments, has approved eight amendments to their Operating Rules focused on infrastructure around improving Same Day ACH and providing a framework for authorizing consumer ACH payments that can be applied to the growing channels and technologies consumers want to use to make digital payments. Additional new rules pertain to handling unauthorized payments and ACH reversals.

The new rules will take effect throughout 2021 as Nacha continues to expand Same Day ACH to become a more competitive payment choice for consumers and businesses.

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Refinitiv Acquires GIACT to Build Holistic Fraud, Identity, AML and Cybercrime Solution

Bank account authentication, funds confirmation and KYC provider GIACT will be acquired by Refinitiv, a financial technology and data vendor owned by London Stock Exchange Group. GIACT’s data and technology will complement Refinitiv’s due diligence, risk and compliance services while broadening the company’s digital fraud prevention and identity services.

The acquisition of GIACT both strengthens Refinitiv’s existing service offerings with stronger US data assets and broadens their service offerings and capabilities to additional industries.

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Click here to create your FREE account to our Online Fraud Training content library. It’s available for members only and we are adding new material every day.

 

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Press Release: Kevin Sprake Named Managing Partner at The Fraud Practice

Payments and risk industry veteran Kevin Sprake joins The Fraud Practice as the company’s new Managing Partner where he will continue to expand client relationships and advance the online learning and professional certification programs created specifically for the eCommerce payments and fraud prevention industry.

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Who Will be Displaced by Amazon’s New Fraud Detection Service?

Fraud solution providers need to be prepared to competitively position and message against the new Amazon Fraud Detector risk modeling services. Here’s what risk vendors and sales professionals need to know about Amazon’s new risk management service offering and how to prepare for prospects or current clients considering this new service.

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Fraud This Holiday Season Could be Even More Difficult to Detect as Fraud Rings Expand Mule Networks

Fraudsters use money mules for laundering as well as to receive and reship goods purchased with stolen identities. A large mule network provides more low risk shipping addresses for fraudsters to utilize as well as more options for strategically chosen shipping locations less likely to trigger fraud detection systems. A down economy and millions of people out of work makes it easier for fraudsters to recruit money mules with work-from-home schemes.

Money mules range from knowingly complicit to those duped by fraudsters. Whether they believe they are a holiday gift wrapper or know they are aiding and abetting fraud, these mules become more willing to participate in activity they know, or even think might be, illicit when out of work or when times are tough.

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Number of Disclosed Data Breaches Down 50% but Exposed Records Up 400% in First Half of 2020

While there are some questions around the number of data breaches thus far, 2020 is shaping up to be a record year in terms of number of records compromised at least. According to a study on data breaches and compromised data during the first six months of the year, there have been just over 2,000 data breaches but 27 billion records exposed, which is 12 billion more than the number of records compromised in all of 2019.

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Keeping Up with the New Normal in eCommerce, Fraud and Payments

A common theme throughout 2020 has been the acceleration of digital adoption across both businesses and consumers. We take a look at the lingering impacts on payments and risk across multiple studies and reports comparing consumer and fraudster activity between 2019 and 2020.

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