Euro Banking Association (EBA)’s Post

📢 📢 You still have time to register for the EBA Open Forum on Digital Transformation on 11 July! Join us next week to learn more about industry initiatives and regulation directed toward fraud and cybercrime in financial services. Andrea Radu and Georges Gehchan will kick off the meeting with an overview. Miriam Sinn will take a look at the possibilities of ethical hacking for financial stability. Our expert panel Dr. Boris Hemkemeier, Hays Littlejohn, Álvaro Azofra, Jan Osenegg, David-Jan Janse, Brigitte De Wilde and Joerg Wiemer will be discussing ongoing industry initiatives. Annick Moes and Helene Gertsen will be presenting one of those initiatives - the EBA Fraud Taxonomy - and share insights and best practices. Marcus Columbu will be looking at relevant regulation from a legal perspectives and Roderick Kroon is going to look at the details of the Instant Payments Regulation. David Renault and Ronny Wolf will discuss the status and relevance of Verification of Payee. The last session of the day with Matthias Terlau will be taking a look into the next steps for regulating fraud in payments. The Open Forum will be moderated by Kate Pohl. Check out the agenda and register now https://lnkd.in/eCuUzmfA #fraud #digitaltransformation #payments #financialservices

Fraud fighting is an ongoing battle between banks and cybercriminals. Our objective is to identify compromised accounts as quickly as possible, while cybercriminals aim to cash out the money swiftly. Unfortunately, by the time we protect the account, the damage has often already occurred, as shown in this screenshot. However, it's crucial to remember that breadcrumbs are left behind. By identifying them and enhancing our techniques, we can stay one step ahead for the next encounter. #fraudfighters #fraudprevention #frauddetection #scammers

2024, the GMW theme, “Protect your money, secure your future”, focuses on safe money management and highlights the importance of adopting a responsible and informed approach to personal finances, by being aware of potential risks in the financial sector and protecting one’s hard-earned money. Risks in the financial sector may include financial scams and frauds such as phishing, money muling or online shopping scams, and risks related to data privacy, such as identity theft. Young people are especially likely to fall victims of financial frauds and scams, due to their limited financial literacy and experience. During GMW2024, participating countries and organisations are encouraged to develop activities, workshops, lessons for children and young people that emphasise the importance of safe money management. GMW2024 can be an opportunity for young people to acquire a series of financial competences related to these issues. #GlobalMoneyWeek2024 #GMW2024. #ProtectYourMoney #SecureYourFuture #LearnSaveEarn.

Did you know that check fraud accounted for nearly 20% of Suspicious Activity Reports (SARs) filings in 2023? Unfortunately, this alarming trend shows no signs of slowing down, with experts predicting continued increases in 2024. Thomson Reuters reports a record-breaking 3.8 million SARs submissions last year, driven by pandemic-era fraud, massive data breaches, and evolving tactics like synthetic identity theft and account takeovers. What many in the general public are not aware of is that since SARs are time consuming, many banks are not filling out a report for every case. In fact, there were several major financial institutions that were handed fines related to not filing or delays in submitting SARs. So, while these numbers are a strong baseline, there could be thousands, even millions of incidences that are not filed every year. In an effort to assist the industry, OrboGraph launched its #OrboIntelligence Check Fraud Resources Hub -- amalgamating first and third-party data into a single webpage. This includes industry reports, webinars/videos/podcasts, and blog posts and articles. Explore the full blog post to learn more about the rising trends in SARs filings and what industry experts predict for the future. #CheckFraud #SARs#FraudTrends

📢 We've got a few new resources to share, including the latest on #RefundPhishing from fraud specialist Gregory Lenihan. ✅ If you want actionable steps on how you can get ahead of this emerging fraud risk, here's a quick guide: https://hubs.ly/Q02tQD6N0 ✅ If you want the list of Merchant ID ranges you need to block (for free), then fill out this form and our fraud team will get you what you need: https://lnkd.in/gyz2EYZm ✅ If you want to see what Rules Assist looks like in action, here's how it's helping one FI achieve fraud savings and 7X ROI: https://hubs.ly/Q02tQCbq0 #fraudmitigation #bankriskmanagement #bankfraud #fraudtools #frauddetection #banking #creditunions #phishing #paymentfraud

Our own Tariq Mahmood recently shared insights on how License Plate Recognition (LPR) technology is improving bank security. According to Tariq, LPR systems automatically track vehicles at bank premises, helping to identify threats and prevent fraud like identity theft or ATM skimming. Learn more in the full roundtable discussion. https://lnkd.in/e_iznVtx #LPR #BankSecurity

The GMW2024 theme, “Protect your money, secure your future”, focuses on safe money management and highlights the importance of adopting a responsible and informed approach to personal finances, by being aware of potential risks in the financial sector and protecting one's hard-earned money. Such risks may include financial scams and frauds, including phishing, money muling and online shopping scams, and risks related to data privacy, such as identity theft. Young people are especially likely to fall victims of financial frauds and scams, due to their limited financial literacy and experience. #gobalmoneyweek2024 #protectyourmoney #msb #lpu #secureyourfuture #secureyourmoney #finwin #gmw2024 #learnsaveearn

Global Money Week Day 3: Protecting Your Finances Fraud comes in many forms: Phishing: Watch out for fake emails asking for personal info. Identity Theft: Safeguard your ID and passwords. Investment Scams: Research before investing. Online Scams: Be cautious of suspicious websites and offers. Credit Card Fraud: Monitor statements regularly for unauthorized transactions. Stay vigilant, never share sensitive info online, and verify sources before making financial decisions. Empower yourself with knowledge! #LearnSaveEarn #FraudAwareness #MSB #GMW2024 #FINWIN #LPU

🚨 2024 Fraud Trends Alert 🚨 In a landscape where fraud continually evolves, staying ahead is crucial. In this article, Nina Kerkez, Senior Director of Market Planning at LexisNexis Risk Solutions, sheds some light on pivotal fraud trends for 2024, emphasising the importance of Payment Systems Regulator (PSR) changes, the rise of digital trust, the challenge of synthetic identity fraud, and big tech's role in fraud prevention. As fraud strategies adapt, so must we. Engaging in dialogue, enhancing security measures, and fostering collaboration across sectors are paramount. Let's tackle these challenges head-on, sharing insights and strategies to safeguard our digital and financial ecosystems. #FraudPrevention #DigitalTrust #2024Trends

The trends in application fraud are multifaceted and sophisticated. Fraudsters use a variety of methods, including synthetic identity theft, data breaches, call center attacks, mail interception, and advanced technological tools. These methods involve creating false identities using stolen or fake information, unauthorized access to sensitive data, social engineering tactics, and exploiting technological vulnerabilities. The increase in such fraudulent activities has been significant, with reports indicating a year-over-year growth in application fraud averaging 16% from 2015 to 2019. To learn how we are helping colleges and universities combat fraud applicants in real-time, please visit us at: https://lnkd.in/eif5BYjN