Early Warning®

Minimize losses,💸 maximize growth 🚀 See how Predict New Account Risk can help your bank or credit union make informed, real-time account opening decisions that get good customers quickly in the door while shutting fraudsters out. 🔎 Learn more about how it works: https://bit.ly/4cNQJDR

Our Chief Data Officer, Francesca La O, discusses the power of sharing information to protect the financial system and how Early Warning helps fight fraud using consortium data. 💡 Check out her recent article featured on About Fraud!

How can the mundane act of mailing a check turn into a half-million-dollar heist? In Milwaukee, a group that allegedly referred to themselves as the Scamily mastered this dark art. Our latest episode reveals how this gang operated - from the initial theft of mail 📬 using stolen arrow keys to the sophisticated laundering of checks 🫧, to using chemicals to wash and rewrite them for vast sums. 🤑 But every scheme has its cracks. Law enforcement's breakthrough came with an accumulation of evidence, leading to dramatic raids and the eventual arrest of the Scamily. 🔐 This story isn't just about the cunning tactics of a criminal gang; it's a cautionary tale of how old-school fraud techniques are evolving and persisting. 🎙️Tune in to Nickel & Crime now! https://lnkd.in/gNgRpdYV #financialcrime #truecrime

Many FIs rely on tools that use consumer data 📊 to inform risk assessments - and although such tools are valuable, they can add another layer of complexity. When consumer data comes into play, FIs need to make sure they're managing the data responsibly, in compliance with the Fair Credit Reporting Act (FCRA). 📝 So, what is the FCRA? When can your FI use a non-FCRA vs. an FCRA risk assessment solution? And what are the benefits? 🤔 💡 Swipe through for the answers to all this and more and read our recent blog for the full breakdown. https://lnkd.in/gctCJANq

There’s no question about it: Artificial intelligence is booming. 📈 Fraudsters are often early adopters of new technologies, so it should come as no surprise that they’re already exploiting generative AI to devise new tactics. But it's not all doom and gloom. FIs can fight fire with fire 🔥and use AI to improve their own #fraudprevention strategies. 🔍 Check out our latest blog to delve into the growing risks, as well as the prime opportunities AI presents.

How do you convince a complete stranger to hand over their entire life savings? With a few pieces of personal information, 📝 a fake government identity, 🪪 a terrifying story, 📖 and a lot of confidence.🕺 In this episode, we examine the reality-twisting, psychological trickery of this particularly cruel scam and how two highly educated, sensible people fell victim. A college professor lost her entire life savings during a four-month ordeal of being regularly contacted by con artists, and a respected financial writer found herself under the spell of several scammers for one afternoon and lost $50,000. 💸 🎧Tune in to Nickel & Crime now! https://lnkd.in/d-YAHZ4u #financialcrime #truecrime

Early Warning has partnered with HackerOne to offer a public bug bounty program where all valid high and critical vulnerabilities found are paid out 1.5 times of eligible bounty payouts, and up to $15,000 for each valid submission. Find vulnerabilities on our websites, portals, web services, and mobile app within scope to earn rewards. Promotional campaign is valid now through June 30, 2024. Visit our program page to learn more!

We’re excited to share the recent article featured on About Fraud from our Chief Data Officer, Francesca La O. She delves into how FIs are coming together 🤝 to protect the U.S. financial system using shared insights from consortium data 🌐 – check it out below.

Bank transfers and wire transfers were two of the top payment methods most impacted by fraud in 2023 with losses amounting to more than $1.8 billion according to the Federal Trade Commission. Account validation is a critical step for preventing fraudulent ACH and wire transactions and can help raise the red flag on suspicious transactions before it’s too late. Understanding the methods and options for validating external accounts will help you find the right solution for your organization: ❌ Micro deposits ❌ Credential login ❌ Mailing voided checks ✔️ Real-time account validation using consortium data 💡 Read how your FI or corporate organization can enable safer transactions with real-time account validation in our newest guide!

🏦 Banks and credit unions are facing a tough yet critical challenge: figuring out how to bolster their #fraud controls while continuing to provide the fast and easy experiences people have come to expect from digital banking channels. As vulnerabilities in traditional fraud management systems continue to be exposed, the need for data-driven fraud detection has become evident, and consortium data sharing is a pivotal tool for data-driven fraud detection. 🌐 🔍 Explore our latest blog for 5 things financial institutions should know about consortium data for fraud prevention!