Early Warning®’s Post

Is your financial institution 🏦 up against #SyntheticIdentityFraud? If the answer is yes, you’re not alone. From using synthetic identities to open money mule 🫏 accounts to committing credit card 💳 and loan fraud 💸, criminals are using them to perpetuate a range of crimes that are causing big losses for banks and credit unions. 🔍 We recently partnered with IDC to survey 100 professionals at financial institutions to better understand the issue – the challenges they’re facing in identifying synthetic identities and quantifying the issue, the investments they’re making to combat it, and the solutions they’re looking to for future prevention. 📝 Get the full report below!

#MoneyMules 🫏 are used to facilitate criminal activity, launder illicit funds, and pose a major risk to financial institutions. 🎤 We’re looking forward to hearing from the experts on how to spot and stop money mule activity at this upcoming roundtable discussion 🔗 Register below!

Early Warning works tirelessly with our partner FIs to ensure that Zelle remains a safe, fast and easy way for people to send and receive money with those they know and trust. Our Chief Fraud Risk Officer, Ben Chance, shares some of the work we're doing and tips to help consumers avoid scams. Click or tap below for Ben’s six tips and more!

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