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FRAML Why Machine Learning Is FIs’ Greatest Weapon

Fraud, Practical Solutions, Special for the Web, Tech Scope

FRAML: Why Machine Learning Is an FI’s Greatest Weapon

September 22, 2023April 26, 2024 /Leave a comment

What do songwriting, coding, stand-up comedy and fraud have in common? Humans take hours or even days to do them well. It takes ChatGPT less than a second to do the same. To illustrate, I asked generative artificial intelligence (AI) to write a three-verse song...

AFC Challenges, Fraud, September – November 2023

Health Care Payments: The Challenges and Risks

September 13, 2023April 26, 2024 /Leave a comment

Recent trends have highlighted a troubling reality: Criminals are becoming aware of a new gold mine in the health care payments industry, and many health care providers are ill-equipped to stop them. There are more than 900 operating businesses in the U.S. that are paying...

Fraud Alert

Forged Endorsement

September 5, 2023 /Leave a comment

What is happening with check fraud? Fraudsters are stealing business’s checks from the mail. They then open a fake business account as the payee on the check and deposit. These items have an extended return window. Banks have taken multiple losses of over $100k with...

Fraud Alert

Multi-Bank Fraud and Passport Fraud

September 5, 2023April 22, 2024 /Leave a comment

How are fraudsters defrauding financial institutions (FIs)? Fraudsters open accounts at multiple banks using fraudulent or stolen passports. Fraudsters send checks and Zelle transfers from one FI to another to build a relationship and balance. Fraudsters then send items that do not have a balance...

Fraud Alert

Mobile Deposits Fraud

September 5, 2023 /Leave a comment

Look out for banking apps: Customers are depositing official checks into a bank’s mobile app without restrictive endorsements. They then deposit the paper item at another financial institution. Long-term Solution: Do not allow official items in the mobile channel. Short-term Solution: Set up a team...

ACAMS Connection, Ask the AFC Guru, Career Guidance, Exclusive, Fraud

Ask the AFC Guru: Sanjeev Menon—Staffing Solutions

August 17, 2023April 29, 2024 /Leave a comment

Anti-financial crime (AFC) guru Sanjeev Menon, managing director of Madison Davis’s Legal and Compliance Practice Area, specializes in executive recruitment and provides staffing and workforce solutions to compliance and anti-financial crime (AFC) clients. Menon, who is an ASA Certified Staffing Professional and holds a Society...

Fraud Alert

NFC ATM Attack

July 28, 2023 /Leave a comment

This attack takes place where there is more than one ATM in a location. The fraudster jams the card reader at one of the ATMs and waits at the other ATM for someone to attempt a transaction at the machine with the inoperable card reader....

Fraud Alert

Enumeration Attack

July 28, 2023July 28, 2023 /Leave a comment

Credit cards are susceptible to attacks via a number of avenues. A recent type of attack is called “enumeration attack,” where fraudsters employ automated trial-and-error authorization attempts on credit card numbers at unwitting merchants. The attack roughly follows this pattern: The attacker attempts a low...

Compliance, Fraud Alert, World Digest

Crypto Conspiracy

June 30, 2023August 2, 2023 /Leave a comment

Editor’s note: This article is the second in a two-part series by the author on cryptocurrency and fraud. The first article, “Crypto Kaleidoscope,” is available on ACAMSToday.org. As every amateur guitar player comes to realize, volume and reverberation are allies when it comes to countering...

Compliance, Fraud Alert, June – August 2023

Partnerships Are Key in the AFC Combat

June 8, 2023August 2, 2023 /Leave a comment

Law enforcement (LE) in the U.S. is aware that financial crimes are increasing yearly and is taking a proactive approach through collaborative efforts such as private-public partnerships and partnerships between LE agencies. Ceasing the efforts of financial criminals is an uphill battle. In order to...

ACAMS Today

The Magazine for Career-minded Professionals in the Anti-Money Laundering Field

Seizing Assets So That Crime Doesn’t Pay, With Molly Moeser

Three Ways AI Is Augmenting AML Programs

Enlisting AI in the Fight Against Financial Crime, With Jennifer Shasky Calvery

Assembly Chatter with ACAMS Today: Sanjeev Menon

Giles Thomson on U.K. Sanctions Priorities and Enforcement

Four Questions: Advice From a BSA/OFAC Officer

Fraud

FRAML: Why Machine Learning Is an FI’s Greatest Weapon

Health Care Payments: The Challenges and Risks

Forged Endorsement

Multi-Bank Fraud and Passport Fraud

Mobile Deposits Fraud

Ask the AFC Guru: Sanjeev Menon—Staffing Solutions

NFC ATM Attack

Enumeration Attack

Crypto Conspiracy

Partnerships Are Key in the AFC Combat