Finosec’s Post

In August 2021, the FFIEC Authentication Guidance update marked a crucial move towards strengthening authentication and security measures across financial institutions. Read our latest blog to learn how leveraging our User Access Reporting solution helps FIs increase efficiency and effectiveness of access reviews to meet regulatory expectations. https://lnkd.in/djf-HUu3

You’ve chosen your equipment and selected the monthly payment that works for you, so you’re ready to start your agreement! But wait, the digital document sent is requesting your personal information. But why? 🤔 Digital signatures are being leveraged more and more across the financing and banking industry as it helps simplify and expedite the signing process for all parties. Along with this, KBA (Knowledge-Based Authentication) is more commonplace than ever! Below is a quick article that breaks down several common questions about this unique security feature! #equipmentfinancing #digitalsignature #KBA

Even if your financial institution has a Customer Identification Program (CIP) in place, it's still a good idea to revisit the requirements to ensure your processes and procedures are in full compliance. #amlcompliance #complianceofficers #financialinstitutions

Dear Careem I have been a consistent user of Careem and have valued the services provided, trusting the brand with my commuting needs. However, I regret to say that my experiences have been marred by repeated unauthorized debit card charges totaling around 500 something pkr. I have not availed of any services corresponding to these charges, and I possess all necessary proof to validate this claim. This incident is not isolated. Previously, a similar unresolved charge left me entangled in a month-long correspondence, ending with the claim being dismissed as ‘too old’. The recurrence of such unauthorized transactions is not only distressing but also shakes the trust I once had in Careem. I find myself, yet again, caught in the labyrinthine process of awaiting responses from higher management, with no clear resolution in sight. This protracted uncertainty is alarming and raises severe concerns about the integrity and customer commitment of Careem. Additionally, I have been approached to share confidential banking information, a practice that flouts all norms of privacy and security. It is disheartening to witness the representative downplaying my concerns, citing the disputed amount as 'insignificant'. It's not the monetary value in question but the principle of legality, trust, and respect for customer rights that is at stake. I strongly urge Careemq to expedite the resolution of this serious concern. It is imperative that stringent measures are implemented to ensure the security of user data and financial transactions, and to reinstate the waning trust of your user base. Any further delay in resolving this issue will compel me to escalate this matter, and I sincerely hope it does not come to that. I look forward to an immediate and positive response, confirming the reversal of the unauthorized charges and assuring that such incidents will not recur.

Today, FinClusive officially submitted our response to the Financial Crimes Enforcement Network, US Treasury (#FinCEN) request for feedback on modernizing the Customer Identification Program (CIP) Requirement. Our submission supports FinCEN’s initiative to modernize the CIP Rule in alignment with today's technological advancements that enable greater efficiency in client engagement, verification, and ongoing monitoring. Updating the CIP Rule to accommodate new technological capabilities will not only streamline compliance processes but also improve the inclusivity of financial services. Here are some key highlights: ➡️ Partial SSN Verification: Enhancing the rule to include the collection and verification of partial Social Security numbers, verified through trusted third-party sources, will not only improve the efficiency and inclusivity of the financial services industry but also maintain the robust security standards necessary for effective #AML efforts. ➡️ Digital Identity Tools: Digital identity is central to financial crimes compliance and data privacy. Allowing the use of modern digital identity tools, including those that embed compliance/KYC/KYB processes into shareable forms of identity verification, will enhance privacy protections while advancing the efficient and secure verification/validation of unique identifiers associated with financial services clients. We look forward to ongoing discussions with FinCEN and are eager to contribute our expertise towards creating a more secure, efficient, and inclusive financial services ecosystem. Read our full submission here: https://bit.ly/4507lFS

Your financial safety is one of our top priorities. We do our best to get to know our customers personally, but there may be instances that we would like to verify your identity. While it’s nice to provide a copy of your ID, we also understand that not everyone carries that with them all the time – or maybe you’re calling in for assistance over the phone. To help us keep your financial information safe, but still being able to assist you with your needs there is a few things we collect at the start of our relationship with you: 🛡Customer Profile- We’ll collect personal information that isn’t common knowledge, that helps us better verify your identity. 🛡Security Questions- Online banking has customizable security questions. This assists us should you call in regarding your online banking or to reset your password. 🛡Collecting a Signature: When you open each account we’ll collect a “wet” signature. This is so we can compare your signature should an unusual check be presented or activity outside of your typical banking activity. Checking IDs and asking these questions is how we try to prioritize our client’s safety and security.

🔍 FinCEN Seeks Input on Customer Identification Program Requirement! 📢 The Financial Crimes Enforcement Network (FinCEN) has opened a window for comments regarding the Customer Identification Program (CIP) Rule. They are particularly interested in your insights on the requirement for banks to collect a taxpayer identification number (TIN) from customers before opening an account. At present, banks are mandated to gather a full Social Security number (SSN) from individual U.S. customers. However, FinCEN is exploring the possibility of allowing banks to collect partial SSN information and then using reputable third-party sources to obtain the full SSN. Your feedback is vital in evaluating the risks, benefits, and safeguards associated with this potential change. Learn more: 📰 News Release: https://lnkd.in/ehMnESDu 📄 Federal Register Notice: https://lnkd.in/egGCs7RQ Make your voice heard! Comments will be accepted for 60 days after publication in the Federal Register. 🤝 Partner with Phyton Consulting to take a proactive stance against financial crime and safeguard your institution. #CustomerIdentification #CIPRule #FeedbackWelcome

There are many reasons to attend SOAR 2024, but here are the top four making this year’s conference a high-flying opportunity, June 21, 2024:   1. Premier education. Learn practical strategies with sessions that cover everything from payments policy and fraud prevention to AI and faster payments.    2. Innovative insights. Hear from forward-thinkers who are changing the way we move electronic payments.   3. Valuable networking. Contribute to conversations advancing our industry when you participate in Q&As. Your next great connection is always around the corner!   4. CE Credits. Earn up to 6 CE credits from the convenience of your home or office.   SOAR 2024 is a virtual event, accessible from anywhere in the world! Secure your spot: https://lnkd.in/efEgGX2e! Agenda: Washington Insider: Payments Policy & Politics William Sullivan, Nacha   Elevating Your Fraud Prevention Strategies Diana Kern, SHAZAM Network - ITS, Inc.   Third-Party Relationships: Risk Management. What All Banking Organizations Need to Know Nanci McKenzie, Independent Consultant   Nacha’s Risk Management Portal – Redesigned to Work for You Jeanette Fox, Nacha   The Intersection of Payments and Artificial Intelligence Patricia Mullin, CCM, Independent Consultant Mark J. Dixon, CTP, AAP, APRP, NCP, NEACH - New England Automated Clearing House Association   Where Are We Now? RTP and FedNow Services 2024 Update William Bradley Wilkes, Open Payment Network Dan Gonzalez, Federal Reserve Financial Services Debbie Smart, CTP, NCP, Q2 #PaymentsPolicy #FraudPrevention #RiskManagement #ArtificialIntelligenceInPayments #RTPandFedNowUpdate #Payments

Hello LinkedIn Community!!! Let's discuss Policies and Rules today Policies and rules are crucial for businesses, especially financial banks, because they provide a structured framework that ensures consistency, accountability, and ethical behavior. They help to: Ensure Compliance: Policies and rules help businesses adhere to legal and regulatory requirements, reducing the risk of penalties or legal issues. Mitigate Risks: By outlining guidelines for operations, risk management, and financial practices, policies help minimize potential risks and losses. Maintain Consistency: Policies create a uniform approach to decision-making and customer interactions, fostering trust and predictability. Enhance Transparency: Clearly defined policies promote transparency, making it easier for employees and customers to understand how the bank operates. Prevent Fraud and Misconduct: Policies set standards for ethical behavior, reducing the likelihood of fraud, corruption, and unethical practices. Protect Reputation: Adhering to well-established policies and rules helps protect the bank's reputation, which is crucial in the financial industry. Guide Employee Behavior: Policies provide employees with guidelines on how to handle various situations, ensuring a consistent and professional approach. Support Strategic Goals: Policies can align with the bank's strategic objectives, helping to achieve long-term success. In the case of financial banks, where handling sensitive customer information and managing financial transactions are paramount, having well-defined policies and rules is essential to maintain trust, security, and operational efficiency. follow me for more complaince related information ♥️ Happy to connect with All !!!

Discover the Power of Real-Time PAN Card Verification! 🔍 Are you tired of the hassle of manual PAN Card verification processes? Look no further! Our latest blog post sheds light on the easiest and most efficient way to verify PAN Card details and check their status in real time. 📖 Read the blog here: https://lnkd.in/g94iHAqi In a world where time is of the essence, our PAN Card Verification API comes to the rescue. 🕒 With lightning-fast speed, accuracy, and security, you can seamlessly integrate our API into your applications and systems. Ready to transform your verification process? Explore the blog, and if you're interested in the PAN Card Verification API, hop on to the link below in the comment section. #PANVerification #API #RealTimeVerification #DigitalTransformation