Fraud - Alloya Insights

Image showing levels of risk and a finger about to push a button to assess risk.

Conducting Risk Assessments: What are the minimum best practices?

By Neil Kumar | June 15, 2023

Time out! Have you read this blog entry: “Mitigating Real-Time Fraud: What are the minimum best practices?” If not, we recommend starting there to ensure you’re seeing the multi-layered big picture of fraud prevention strategies. This blog post will provide a step-by-step approach to conducting a comprehensive fraud risk assessment and why that’s critical for preventing fraud, especially when deploying a new product offering such as real-time payments.

OFAC Sanctions Screening for FedNow℠: What are the obligations of participating financial institutions?

By Neil Kumar | May 23, 2023

Up until recently, it’s been unclear whether FedNow℠ instant payments will face OFAC (Office of Foreign Assets Control) sanctions screening. Financial institutions anticipated FedNow℠ instant payment would face similar regulations as The Clearing House’s RTP® network, where financial institutions are required to integrate to sanctions screening in real time. However, Operating Circular No. 8 – “Funds Transfers Through the FedNow℠ Service” – includes clarification on sanctions screening obligations for FedNow℠ participants.

Image of partial keyboard with methods of authentication showing.

Authentication: What are the minimum best practices?

By Neil Kumar | March 13, 2023

Before we begin, quick pulse check. Have you read this blog entry: “Mitigating Real-Time Fraud: What are the minimum best practices?” If not, start there! This blog entry takes a deep dive into authentication, but the above-linked entry provides a bird’s-eye view of nine unique real-time fraud mitigation strategies to keep in mind.

One hand holding a lit bomb and another hand cutting the wick.

Mitigating Real-Time Fraud: What are the minimum best practices?

By Neil Kumar | January 31, 2023

Let’s start with the obvious: real-time payments will continue to revolutionize the way money is sent and received, making it faster and more efficient than ever to get funds from Point A to Point B. But with convenience and speed comes increased risk of fraud.

pile of gray question marks with one highlighted gold one

Payment Fraud: Is it different for real-time payments?

By Deb Hoster | August 16, 2022

Some things never go out of style. Like thank you notes, martinis, denim and red lipstick. While these among others have stood the test of time for good reason, others have lasted with less commendable motives. One example: payment fraud.