Top five fraud prevention tactics for credit unions

first_imgOne of the largest stressors facing financial institutions today is the inability to accurately predict which of the various types of fraud attacks will be the next one to rear its ugly head: Will it be one of the many data breaches performed with stolen cards or card number? Will it be an illegal account transaction or transfer of funds performed with a consumer’s account number? Or will it be a phishing attack performed by tricking a consumer to give up private information?With the many different types of fraud today, it is no wonder we are all worried about these attacks! That is why understanding how to best prevent fraudulent acts is critical in mitigating these exposures. While there are numerous ways financial institutions can help reduce the risk fraud, there are certain prevention tactics that are critical to preventing fraudulent attacks, no matter how they are performed.Fraud Prevention Best Practices:Closely monitor accounts to help identify any suspicious or unusual activity. Act immediately on any suspicions!Educate consumers about the warning signs of fraud. Consumer awareness and education is an essential form of fraud prevention, and will continue to be as the payment types continue to transform and modernize.Employ multiple layers of proven card protection technologies, such as chip technology, tokenization, and biometrics.Implement beginning-to-end card data encryption, like tokenization, to protect the card information throughout the transaction process, from initiation to authorization.Utilize multiple, secure identification measures, like fingerprint recognition, to properly authenticate account holders when authorizing transactions.Remaining aware of recommended internal controls and prevention best practices will keep your financial institution better protected from the various fraud types that face our industry, while also assuring your consumers that you are doing all that you can to keep them safe from these growing risks.Visit www.alliedsolutions.net to find out more about the products and services Allied Solutions offers to help protect financial institutions from fraud risks. 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Ann Davidson Ann assists credit unions in identifying areas of risk in their operations and recommends sound loss control measures to help reduce loss exposures.Davidson has over 40 years working with … Web: www.alliedsolutions.net Detailslast_img read more

Betsson AB seeks to bolster group efficiencies following turbulent 2017 trading

first_img Related Articles StumbleUpon Despite recording a strong end-of-year, Stockholm-listed online gambling group Betsson AB has reported full-year 2017 declines in operating income and earnings, as governance moves to streamline company operations.Publishing its 2017 results, Betsson would record, improved Q4 2017 group revenues of SEK 1,25 billion boosted by favourable sporting results recorded during the Q4 trading period.However, Betsson has had to adjust to tougher market conditions combined with higher corporate expenses, as the operator moves to expand its services and enter new markets.Expansion costs, combined with negative currency impacts and increased betting duties would see Betsson governance declare a 7% decline in operating income to SEK 882.2 million (€88 million).Despite recording increased full-year group revenues of SEK 4.7 billion (FY 2016: SEK 4.1 billion), combined with improved player KPIs, tough trading conditions would see Betsson declare a 10% drop in net income to SEK 786 million (€79 million).Entering 2018, Betsson governance has moved to implement a series of ‘efficiency measures’ which will reduce corporate net costs by SEK 50-60 million per annum.In its full-year statement, Betsson governance revealed that it would move to create a ‘flatter organisation’ which it believes will enable its operations to become more efficient in the long term.Commenting on the corporate update, Pontus Lindwall Group CEO of Betsson AB, stated;  “We have identified and started to implement a number of improvements on both the product and the marketing side. The launch of the new front-end system for Casino and Sportsbook on desktop and apps should be completed during 2018. Betsson will focus marketing spend on key markets with the ambition to achieve a higher return on investment. As an example, we have scaled back on marketing volumes for the UK.”“When I stepped in as CEO in September, my first action was to analyse the situation the company was in and together with management set a plan on how to bring Betsson back to higher growth and earnings. It will take some time until I am satisfied, but we are systematically implementing actions to improve performance and expect to see results towards the end of the year.” Ray Wilson, AMLGS: Industry deserves praise for its reaction to a new normal July 23, 2020 Genesis to appeal UKGC’s ‘disproportionate suspension’ July 23, 2020 Share Share Submit TVBET passes GLI test for five live games in Malta and Italy August 25, 2020last_img read more