According to a recent report by Forbes, “financial institutions worldwide have reported a staggering increase in fraud attempts, with 25% of those surveyed reporting losing over $1 million in the past 12 months alone.” Proactive fraud detection has become absolutely critical for preventing significant damage down the line. With fraudsters constantly innovating and pivoting to new tactics, we’re curious what the most prevalent fraud attacks are at your financial institution this year. Tell us in the poll below. 👇https://lnkd.in/eKxStM6d

We’re happy to welcome our new Chief Partnerships Officer, Eric M. Hoffman! In his new role, he will oversee sales and partnerships across all products. Eric joins Early Warning with vast experience in financial services including a key role at Apple where he led payment partnerships for Apple Pay in the Americas, and he currently serves on the Board of Directors of the Electronic Transactions Association (ETA).

Fraudsters see application fraud as a low-risk, high-reward endeavor – it's relatively easy to pull off and can be extremely lucrative. With losses amounting to $5.3 billion in 2023 alone, financial institutions are taking action to improve their application fraud controls. But the wrong controls can also slow bank growth and applying rigid “yes” or “no” decision criteria can mean blocking potentially legitimate customers. Luckily, achieving this balance can be easy if you have the right tools in place. Read our three best practices for effective application fraud prevention: https://bit.ly/4ehmVAB

Is your bank or credit union part of a consortium? Whether you’re a big bank or a local credit union, 🏦 participating in a consortium means you don’t have to rely just on your own internal data 📊 to evaluate the risk of taking on a new customer or processing a transaction – you can inquire into a shared database with fraud data contributed by over 2,500 institutions to make an informed risk assessment. 🌐 Consortia are incredibly powerful for defending against fraud. At Early Warning®, our consortium, the National Shared Database℠ , has been around for over 30 years. It covers 65% of all demand deposit accounts (DDAs) in the U.S. and can provide responses for, on average, 94% of payment and deposit inquiries, helping financial institutions to prevent billions of dollars in fraud losses every year. 🔍 Learn more about Early Warning and how it works: https://lnkd.in/gcFcsCuN

🎙️ In our final episode of Nickel & Crime Season 2, we’re looking back at the pyramid schemes, tech takeovers, deep fakes, good old fashioned analogue check-fraud, and more to examine how scammers exploit their victims’ deepest fears. We’re dissecting the common tactics and psychological swindles of fraudsters and scammers, and the ways they use stories, trust, and tech to hold a person hostage… because knowledge is power when it comes to avoiding becoming the next victim. 🎧Tune in to Nickel & Crime now: https://bit.ly/3APVCyT

Payment fraud is nothing new, but the sheer volume and escalation of attacks is. 📈 ACH fraud losses increased 47% between 2021 and 2023. 🔝 It’s a top concern for FIs, with 33% of organizations reporting they experienced ACH debit fraud activity and 19% of organizations reporting ACH credits fraud activity. 💰 Of the organizations that were victims of payments fraud attacks, only 41% were successful in recouping most of the funds. This has to stop — and thankfully, proactive payments fraud prevention can help. 💡 Keep reading to understand why nine out of 10 of the nation’s largest FIs use predictive intelligence from Early Warning® to spot and stop payment fraud: https://bit.ly/4eamHLt

Extending a huge congratulations to our summer intern class! 🎉

Expand financial inclusion at your bank or credit union with transparent insights that help open doors to a more diverse population of customers. 🧑🎓🧑🌾👩🎨👩💼 https://bit.ly/4cFqgIw

How could an attempt to sell a timeshare property result in a loss of more than half a million dollars before the property is even sold? 💸 Unfortunately, for one victim of the “Planet Travel” Mexican timeshare scam, that’s exactly what happened. And they weren’t alone. This scheme defrauded over 100 victims across the US, Canada, and South America, 🌎 with total losses exceeding $10 million. For victims of this scam, what was supposed to be their dream vacation property turned into a nightmare that siphoned their savings and left them devastated. This story is a reminder that a healthy dose of skepticism is never a bad thing when it comes to offers that sound too-good-to-be-true. 🎧Tune in to Nickel & Crime now: Tale as Old as Time: https://bit.ly/3WARREo

💡 Educating consumers is one of our top priorities. This #FinancialAwarenessDay, dive in to explore how we’re helping consumers stay one step ahead of financial scams ⬇️