company names mentioned herein are for identification and educational purposes only and are the property of, and may be trademarks of, their respective owners.
This document provides a summary of fraud in banks. It discusses various types of fraud including fraud by insiders like rogue traders and fraudulent loans. It also discusses fraud by outsiders through methods like forged documents, check kiting, and credit/debit card fraud. The document notes that fraud is difficult to investigate due to its faceless and international nature. It concludes by providing security tips for banks to protect against fraud through strong passwords, risk-based authentication, integrated security solutions, mobile banking security, and application security management.
The document discusses bank frauds in India. It notes that over 53,000 fraud cases have been reported by banks from 2008-2019, involving over Rs. 2 trillion. The number and amount of frauds have increased substantially in recent years. Common types of frauds include account opening fraud, cheque fraud, loan fraud, and online frauds like phishing and SIM cloning. The document provides safety tips for bank customers and concludes that frauds can significantly impact banks and undermine economic stability, presenting challenges for investigation agencies.
This document provides an overview of various banking services including mobile banking, debit cards, safety lockers, travellers cheques, telegraphic transfers, ATMs, credit cards, seven day banking, gift cheques, and electronic funds transfer. It describes each service and its key features. Mobile banking allows customers to conduct financial transactions remotely using a mobile device. Debit cards can be used instead of cash for purchases and are deducted directly from the user's bank balance. Safety lockers provide secure storage of valuables. Travellers cheques minimize risk when traveling. Telegraphic transfers electronically transfer funds between accounts. ATMs provide automated access to accounts. Credit cards allow purchases to be paid later. Seven day banking offers banking
Frauds in Indian Banking: Aspects, Reasons, Trend-Analysis and Suggestive Mea...inventionjournals
Frauds (basis amount of money involved) in Indian banking have seen a rising trend over the last few years. The statement is just basis the cases reported by member banks in India; the unreported figures could be still higher. Against this backdrop and coupled with rising NPAs and more usage of alternate technological modes of baking, it is essential that banks relook at the time and amount of attention that they normally have been giving to frauds and proactive measures to prevent the same. This paper discusses the various aspects of frauds in Indian banking system. It evaluates the statistics involved with fraud basis secondary data available from reliable sources and also analyses the same. Each of the types namely KYC related, loan related and technological aspects are discussed in details along with the reasons. At the end, some suggestions are placed for banks to practice.
Analysis of Spending Pattern on Credit Card Fraud DetectionIOSR Journals
1) The document proposes using hidden Markov models to analyze credit card transaction patterns and detect fraudulent transactions. It examines spending profiles of cardholders to identify anomalies compared to normal usage.
2) The key aspects of the proposed system include modeling the different types of purchases as hidden states and transaction amounts as observations in an HMM. The HMM can then detect fraudulent transactions based on deviations from a cardholder's typical spending pattern.
3) Preliminary results show the approach can effectively identify a cardholder's spending profile based on historical transactions and flag transactions inconsistent with that profile as potentially fraudulent.
The document discusses bank frauds in India. It defines bank fraud and outlines some common types of offline and online bank frauds such as cheque fraud, payment card fraud, forgery, money laundering, and phishing. It provides tips for preventing fraud and recent examples of reported bank fraud cases in India totaling hundreds of crores. The conclusion states that fraud undermines trust in banks and the economy, so prevention through education and technology is important.
This document provides a summary of fraud in banks. It discusses various types of fraud including fraud by insiders like rogue traders and fraudulent loans. It also discusses fraud by outsiders through methods like forged documents, check kiting, and credit/debit card fraud. The document notes that fraud is difficult to investigate due to its faceless and international nature. It concludes by providing security tips for banks to protect against fraud through strong passwords, risk-based authentication, integrated security solutions, mobile banking security, and application security management.
The document discusses bank frauds in India. It notes that over 53,000 fraud cases have been reported by banks from 2008-2019, involving over Rs. 2 trillion. The number and amount of frauds have increased substantially in recent years. Common types of frauds include account opening fraud, cheque fraud, loan fraud, and online frauds like phishing and SIM cloning. The document provides safety tips for bank customers and concludes that frauds can significantly impact banks and undermine economic stability, presenting challenges for investigation agencies.
This document provides an overview of various banking services including mobile banking, debit cards, safety lockers, travellers cheques, telegraphic transfers, ATMs, credit cards, seven day banking, gift cheques, and electronic funds transfer. It describes each service and its key features. Mobile banking allows customers to conduct financial transactions remotely using a mobile device. Debit cards can be used instead of cash for purchases and are deducted directly from the user's bank balance. Safety lockers provide secure storage of valuables. Travellers cheques minimize risk when traveling. Telegraphic transfers electronically transfer funds between accounts. ATMs provide automated access to accounts. Credit cards allow purchases to be paid later. Seven day banking offers banking
Frauds in Indian Banking: Aspects, Reasons, Trend-Analysis and Suggestive Mea...inventionjournals
Frauds (basis amount of money involved) in Indian banking have seen a rising trend over the last few years. The statement is just basis the cases reported by member banks in India; the unreported figures could be still higher. Against this backdrop and coupled with rising NPAs and more usage of alternate technological modes of baking, it is essential that banks relook at the time and amount of attention that they normally have been giving to frauds and proactive measures to prevent the same. This paper discusses the various aspects of frauds in Indian banking system. It evaluates the statistics involved with fraud basis secondary data available from reliable sources and also analyses the same. Each of the types namely KYC related, loan related and technological aspects are discussed in details along with the reasons. At the end, some suggestions are placed for banks to practice.
Analysis of Spending Pattern on Credit Card Fraud DetectionIOSR Journals
1) The document proposes using hidden Markov models to analyze credit card transaction patterns and detect fraudulent transactions. It examines spending profiles of cardholders to identify anomalies compared to normal usage.
2) The key aspects of the proposed system include modeling the different types of purchases as hidden states and transaction amounts as observations in an HMM. The HMM can then detect fraudulent transactions based on deviations from a cardholder's typical spending pattern.
3) Preliminary results show the approach can effectively identify a cardholder's spending profile based on historical transactions and flag transactions inconsistent with that profile as potentially fraudulent.
The document discusses bank frauds in India. It defines bank fraud and outlines some common types of offline and online bank frauds such as cheque fraud, payment card fraud, forgery, money laundering, and phishing. It provides tips for preventing fraud and recent examples of reported bank fraud cases in India totaling hundreds of crores. The conclusion states that fraud undermines trust in banks and the economy, so prevention through education and technology is important.
Fraud in banking can take several forms and be perpetrated by both insiders and outsiders. The document defines bank fraud and discusses the Reserve Bank of India's role in monitoring fraud cases in the banking sector. It also outlines some common types of fraud committed by insiders, such as deposit account frauds, purchased bill frauds, and loan frauds. Fraud by outsiders is also discussed, including bill discounting fraud, forgery of altered checks, and accounting fraud. The causes of banking fraud are described as well as the banker's responsibility to protect against deception and loss.
This document summarizes a research article about the acceptability of cash loading systems for online purchases and transactions. The study surveyed 257 respondents about their familiarity with and views on cash loading accounts. It found that while most respondents were familiar with cash loading, only a minority had accounts. Interestingly, those without accounts viewed cash loading more favorably than account holders. In general, respondents displayed moderate acceptability of cash loading despite cybersecurity concerns, rejecting the hypothesis that people largely reject such systems. Cash basis users surprisingly had high acceptability of cash loading. The study provides insight into perceptions of emerging digital payment methods.
Cybercrime poses a significant threat to financial institutions, as criminals use phishing, pharming, and malware to gain sensitive customer information and commit fraud. For consumer accounts, financial institutions are generally liable for losses from unauthorized transactions, unless they had reasonable authentication methods in place. For business accounts, liability depends on whether the bank's security procedures were commercially reasonable and used in good faith. Courts have found banks liable for losses where they failed to properly monitor for suspicious transactions or implement recommended security features declined by customers. Financial institutions can help mitigate risks by using multiple authentication factors and keeping customers informed of security best practices.
A data mining framework for fraud detection in telecom based on MapReduce (Pr...Mohammed Kharma
The outputs of this research is a design and implement a model using data mining to detect fraud cases targeting telecom environment where a huge volume of data should to be processed based on cloud computing infrastructure we will build using the most popular and powerful cloud computing framework MapReduce. We will use Data obtained from call details record (CDR) in billing repository and the result is subscriber subset that classified as fraudulent subscription in near online mode. This will help to reduce time in detecting fraud events and enhance revenue assurance team ability to identify fraudulent cases efficiently.
Banking Frauds - An analysis of Banking Frauds, causes and possible preventiv...Dinidu Weeraratne
- Nordea Bank AB experienced an online phishing scam in 2007 where fraudsters stole around $1.1 million from customer accounts. The fraudsters targeted customers with emails containing a Trojan that stole login credentials when customers tried to login to their online banking.
- In 2012, a NatWest customer had over £7,000 stolen from his account through malware installed on his computer. The malware recorded his keystrokes and redirected him to a fake banking website when he tried to login.
- In 2008, a former HSBC employee tried to steal £72 million by transferring funds without authorization to accounts in the UK and Morocco. The fraudulent transfers were detected and frozen due to a double transaction being flagged in Malaysia
Today commerce face many challenges as they collect user data and their card details. Fraudsters are attacking bot big and small merchants anywhere in the world. The slides are about identifying fraud and fighting against it.
The document provides information and steps for identity theft victims. It discusses how identity theft occurs through various methods like stealing personal information from businesses, stealing mail, dumpster diving, or using skimming devices on ATMs. It outlines immediate steps victims should take, including placing fraud alerts on credit reports, closing any fraudulent accounts, and disputing any unauthorized charges. The document also discusses ongoing monitoring and prevention of further identity theft.
Credit card fraud involves stealing credit card information through hacking websites, payment processors, or banks. This information is then sold on black markets. Buyers use the stolen cards to purchase goods, targeting payment gateways with lax security checks. Mules are employed to receive shipments of goods purchased fraudulently to then resell them for cash. Hackers, skimmers, phishers and cashiers each play a role in the process and receive a cut of the profits. The schemes outline real examples of how fraudsters have stolen credit card numbers, verified funds, bypassed security measures and laundered money from the illegal activities.
Understanding the Card Fraud Lifecycle : A Guide For Private Label IssuersChristopher Uriarte
With credit card fraud dramatically on the rise, particularly in the form of card-not-present (CNP) fraud across Internet and Mail Order/Telephone Order (MOTO) channels, it is important for private label issuers to understand the depth of this problem and how it affects their merchant portfolio and their ability to accept private label cards. Private label cards were often considered to be “low risk”, relative to traditional bank cards, but our current analysis has shown the contrary: fraudsters are increasingly using private label cards as the payment instrument in CNP channels and merchants are at great risk if specific strategies are not put in place to stop it.
What is Payment Tokenization?
Tokenization enables banks, acquirers and merchants to offer more secure (mobile) payment services.
It is the process of replacing card data with alternate values.
The original personal account number (PAN) is disconnected and replaced with a unique identifier called a payment token.
The ‘mapping’ between the real PAN and the payment tokens is safely stored in the token vault.
With tokenization the original PAN information is removed from environments where data can be vulnerable.
Why tokenization?
Tokenization heavily reduces payment fraud by removing confidential consumer credit card data from the network.
The original data stays in the bank’s control. External systems have no access to this.
Tokens are not based on cryptography and can therefore not be traced back to the original value.
How does tokenization work?
Step 1: A payment token is generated from the PAN for one time use within a specific domain such as a merchant’s website or channel.
Tokens are sent to the token vault and stored in a PCI-compliant environment which does not allow merchants to store credit card numbers.
Step 2: Tokens are loaded on the mobile device.
Step 3: The NFC device makes a payment at a merchant’s NFC point-of-sales (POS) terminal.
Step 4: The POS terminal sends the token to the acquiring bank, which sends it to the issuing bank through the payment network.
Step 5: The issuer de-tokenizes the token to the real PAN and, if in order, approves the payment.
Step 6: After authorization from the card issuer, the token is returned to the merchant’s POS terminal.
Payment tokens perform like the original PAN for returns, sales reports, marketing analysis, recurring payments etc.
20. How can I issue tokens?
In order to use tokenization, a bank or merchant should become a token service provider (TSP).
A TSP manages the entire lifecycle of payment credentials including:
1. Tokenization: replaces the PAN with a payment token.
2. De-Tokenization: converts the token back to the PAN using the token vault.
3. Token vault: establishes and maintains the payment token to PAN mapping.
4. Domain management: improves protection by defining payment tokens for specific use.
5. Clearing and settlement: ad-hoc de-tokenization during clearing and settlement process.
6. Identification and verification: ensures the original PAN is legitimately used by the token requestor.
Thinking of issuing payment tokens to e.g. secure mobile payments or secure your online sales channel? Bell ID can help: www.bellid.com – info@bellid.com
Martin Cox – Global Head of Sales
The document discusses money laundering, including defining it, describing the process, and providing case studies. Money laundering is defined as disguising illegally obtained money to make it appear legitimate. The process typically involves three stages: placement, layering, and integration. Placement involves putting dirty money into the financial system. Layering involves separating the money from its source through transactions. Integration makes the money appear clean. Case studies show how professionals like lawyers and accountants can be used to launder money through techniques like shell companies and structured transactions. Estimates suggest $600 billion to $2 trillion may be laundered annually, impacting economies and banking systems.
Application of Data Mining and Machine Learning techniques for Fraud Detectio...Christian Adom
This document provides a summary and comparison of two academic papers that apply machine learning techniques to credit card fraud detection. It discusses how one paper uses a Hidden Markov Model (HMM) to model credit card transaction sequences and detect anomalies. The other paper uses a neural network to model transaction sequences. Both papers aim to detect fraudulent transactions while keeping false positives low. The document analyzes and compares the techniques, results and performance of the two papers to evaluate their effectiveness in addressing credit card fraud.
The document discusses the rise in card-not-present (CNP) fraud and its effect on the pre-paid gift card market. It notes that over 50% of fraud is now CNP fraud, and fraud related to gift card purchases has increased significantly. Fraudsters are attracted to gift card fraud due to factors like the ability to easily resell stolen gift cards and delays in chargebacks. Existing prevention methods can help reduce fraudulent gift card purchases but dynamic, end-to-end solutions are still needed.
International Journal of Computational Engineering Research(IJCER) ijceronline
The document proposes using a Hidden Markov Model to detect credit card fraud. It summarizes how HMMs work and their advantages for fraud detection. Specifically, it models credit card transactions as a stochastic process with states representing purchase categories and observations representing spending amounts. K-means clustering is used to categorize amounts into low, medium, and high values to generate observations. The HMM is trained on a cardholder's normal spending patterns, and new transactions are compared to detect anomalies indicating potential fraud. Experimental results show the HMM approach effectively detects fraud while keeping false alarms low.
White Paper: Tokenization, Credit Card Fraud Prevention, Beyond PCI MeasuresNisum
This white paper covers the importance of data security, how credit card processing works, why relying on PCI Compliance is not enough, and the risk involved in not employing other techniques beyond PCI.
An Enhanced Automated Teller Machine Security Prototype using Fingerprint Bio...Eswar Publications
The steady growth in electronic transactions has promoted the Automated Teller Machine (ATM) thereby making it the main transaction channel for carrying out financial transactions. However, this has also increased the amount of fraudulent activities carried out on Automated Teller Machines (ATMs) thereby calling for efficient security mechanisms and increasing the demand for fast and accurate user identification and
authentication in ATMs. This research analyses, designs and proposes a biometric authentication prototype for integrating fingerprint security with ATMs as an added layer of security. A fingerprint biometric technique was fused with personal identification numbers (PIN's) for authentication to ameliorate the security level. The prototype was simulated using a fingerprint scanner and Java Platform Enterprise Edition was used to develop an ATM application which was used to synchronize with a fingerprint scanner thereby providing a biometric authentication scheme for carrying out transactions on an ATM.
AN OVERVIEW OF THE BANK FRAUD AND ITS DETECTION TECHNIQUES THROUGH DATA MININGijmnct
Using modern methods of the electronic commerce in daily life transactions is increasing because of the
growth and the comfortable access of the people to the internet and social networks. The electronic
payment systems are one of the most important electronic commerce methods and the electronic payment
fraud is a major problem.For example, the credit card fraud loss increases every year and is regarded as
one of the important issues in the credit card institutes and corporations. Therefore, fraud detection is
considered as an important research challenge. Fraud reduction is a complicated process requiring a body
of knowledge in many scientific fields. Based on the kind of the fraud the banks or the credit card institutes
face, different measures may be taken. This paper compares and analyzes the available recent findings on
the credit card fraud detection techniques. The objectives of the present study are first to detect different
credit card and electronic commerce fraud and then to investigate the strategies used for the purpose of
detection.
AN OVERVIEW OF THE BANK FRAUD AND ITS DETECTION TECHNIQUES THROUGH DATA MININGijmnct
Using modern methods of the electronic commerce in daily life transactions is increasing because of the growth and the comfortable access of the people to the internet and social networks. The electronic payment systems are one of the most important electronic commerce methods and the electronic payment fraud is a major problem.For example, the credit card fraud loss increases every year and is regarded as one of the important issues in the credit card institutes and corporations. Therefore, fraud detection is considered as an important research challenge. Fraud reduction is a complicated process requiring a body of knowledge in many scientific fields. Based on the kind of the fraud the banks or the credit card institutes face, different measures may be taken. This paper compares and analyzes the available recent findings on the credit card fraud detection techniques. The objectives of the present study are first to detect different credit card and electronic commerce fraud and then to investigate the strategies used for the purpose of detection.
A fair exchange & customer anonymity protocolIJNSA Journal
The rapid development of technology and the reach of such technologies at affordable costs has made it
possible for all people across the world to make purchases at a click of the mouse and at their
convenience.Electronic commerce technologies and protocols facilitate the processing of online
transactions. Trust plays a major role in e-commerce transactions and various protocols help establishing
this trust by providing fair exchange and anonymity.
The research aims at designing and developing a protocol that provides both fair exchange and anonymity,
thus avoiding the need to have manual dispute resolution. It takes into account the technical flaws
researched and overcomes those by implementing methods to ensure that confidentiality and integrity of the
messages are maintained by making sure that the Trusted Third Party does not have the authority to view
or modify the messages but can only verify the authenticity of the other two parties.
This document provides instructions on how to properly manage and use a checking account. It explains the key parts of a check, how to correctly write checks including spelling out numeric amounts, the importance of avoiding writing checks to cash, how to record checks in a check register, how to reconcile the register with bank statements each month, how to endorse checks, and what overdraft protection is and how it works to protect against insufficient funds.
SWIFT/BIC codes are used to identify banks in international money transfers. They contain information about the bank, country, and location. An 11 or 8 character code like CHASUS33XXX identifies the bank, country, and branch. International Bank Account Numbers (IBANs) also standardize international bank account identification with country and account codes. Banks involved in a wire transfer, including originating, intermediary, and beneficiary banks, must collect and store details of transactions to comply with regulations and prevent money laundering.
Fraud in banking can take several forms and be perpetrated by both insiders and outsiders. The document defines bank fraud and discusses the Reserve Bank of India's role in monitoring fraud cases in the banking sector. It also outlines some common types of fraud committed by insiders, such as deposit account frauds, purchased bill frauds, and loan frauds. Fraud by outsiders is also discussed, including bill discounting fraud, forgery of altered checks, and accounting fraud. The causes of banking fraud are described as well as the banker's responsibility to protect against deception and loss.
This document summarizes a research article about the acceptability of cash loading systems for online purchases and transactions. The study surveyed 257 respondents about their familiarity with and views on cash loading accounts. It found that while most respondents were familiar with cash loading, only a minority had accounts. Interestingly, those without accounts viewed cash loading more favorably than account holders. In general, respondents displayed moderate acceptability of cash loading despite cybersecurity concerns, rejecting the hypothesis that people largely reject such systems. Cash basis users surprisingly had high acceptability of cash loading. The study provides insight into perceptions of emerging digital payment methods.
Cybercrime poses a significant threat to financial institutions, as criminals use phishing, pharming, and malware to gain sensitive customer information and commit fraud. For consumer accounts, financial institutions are generally liable for losses from unauthorized transactions, unless they had reasonable authentication methods in place. For business accounts, liability depends on whether the bank's security procedures were commercially reasonable and used in good faith. Courts have found banks liable for losses where they failed to properly monitor for suspicious transactions or implement recommended security features declined by customers. Financial institutions can help mitigate risks by using multiple authentication factors and keeping customers informed of security best practices.
A data mining framework for fraud detection in telecom based on MapReduce (Pr...Mohammed Kharma
The outputs of this research is a design and implement a model using data mining to detect fraud cases targeting telecom environment where a huge volume of data should to be processed based on cloud computing infrastructure we will build using the most popular and powerful cloud computing framework MapReduce. We will use Data obtained from call details record (CDR) in billing repository and the result is subscriber subset that classified as fraudulent subscription in near online mode. This will help to reduce time in detecting fraud events and enhance revenue assurance team ability to identify fraudulent cases efficiently.
Banking Frauds - An analysis of Banking Frauds, causes and possible preventiv...Dinidu Weeraratne
- Nordea Bank AB experienced an online phishing scam in 2007 where fraudsters stole around $1.1 million from customer accounts. The fraudsters targeted customers with emails containing a Trojan that stole login credentials when customers tried to login to their online banking.
- In 2012, a NatWest customer had over £7,000 stolen from his account through malware installed on his computer. The malware recorded his keystrokes and redirected him to a fake banking website when he tried to login.
- In 2008, a former HSBC employee tried to steal £72 million by transferring funds without authorization to accounts in the UK and Morocco. The fraudulent transfers were detected and frozen due to a double transaction being flagged in Malaysia
Today commerce face many challenges as they collect user data and their card details. Fraudsters are attacking bot big and small merchants anywhere in the world. The slides are about identifying fraud and fighting against it.
The document provides information and steps for identity theft victims. It discusses how identity theft occurs through various methods like stealing personal information from businesses, stealing mail, dumpster diving, or using skimming devices on ATMs. It outlines immediate steps victims should take, including placing fraud alerts on credit reports, closing any fraudulent accounts, and disputing any unauthorized charges. The document also discusses ongoing monitoring and prevention of further identity theft.
Credit card fraud involves stealing credit card information through hacking websites, payment processors, or banks. This information is then sold on black markets. Buyers use the stolen cards to purchase goods, targeting payment gateways with lax security checks. Mules are employed to receive shipments of goods purchased fraudulently to then resell them for cash. Hackers, skimmers, phishers and cashiers each play a role in the process and receive a cut of the profits. The schemes outline real examples of how fraudsters have stolen credit card numbers, verified funds, bypassed security measures and laundered money from the illegal activities.
Understanding the Card Fraud Lifecycle : A Guide For Private Label IssuersChristopher Uriarte
With credit card fraud dramatically on the rise, particularly in the form of card-not-present (CNP) fraud across Internet and Mail Order/Telephone Order (MOTO) channels, it is important for private label issuers to understand the depth of this problem and how it affects their merchant portfolio and their ability to accept private label cards. Private label cards were often considered to be “low risk”, relative to traditional bank cards, but our current analysis has shown the contrary: fraudsters are increasingly using private label cards as the payment instrument in CNP channels and merchants are at great risk if specific strategies are not put in place to stop it.
What is Payment Tokenization?
Tokenization enables banks, acquirers and merchants to offer more secure (mobile) payment services.
It is the process of replacing card data with alternate values.
The original personal account number (PAN) is disconnected and replaced with a unique identifier called a payment token.
The ‘mapping’ between the real PAN and the payment tokens is safely stored in the token vault.
With tokenization the original PAN information is removed from environments where data can be vulnerable.
Why tokenization?
Tokenization heavily reduces payment fraud by removing confidential consumer credit card data from the network.
The original data stays in the bank’s control. External systems have no access to this.
Tokens are not based on cryptography and can therefore not be traced back to the original value.
How does tokenization work?
Step 1: A payment token is generated from the PAN for one time use within a specific domain such as a merchant’s website or channel.
Tokens are sent to the token vault and stored in a PCI-compliant environment which does not allow merchants to store credit card numbers.
Step 2: Tokens are loaded on the mobile device.
Step 3: The NFC device makes a payment at a merchant’s NFC point-of-sales (POS) terminal.
Step 4: The POS terminal sends the token to the acquiring bank, which sends it to the issuing bank through the payment network.
Step 5: The issuer de-tokenizes the token to the real PAN and, if in order, approves the payment.
Step 6: After authorization from the card issuer, the token is returned to the merchant’s POS terminal.
Payment tokens perform like the original PAN for returns, sales reports, marketing analysis, recurring payments etc.
20. How can I issue tokens?
In order to use tokenization, a bank or merchant should become a token service provider (TSP).
A TSP manages the entire lifecycle of payment credentials including:
1. Tokenization: replaces the PAN with a payment token.
2. De-Tokenization: converts the token back to the PAN using the token vault.
3. Token vault: establishes and maintains the payment token to PAN mapping.
4. Domain management: improves protection by defining payment tokens for specific use.
5. Clearing and settlement: ad-hoc de-tokenization during clearing and settlement process.
6. Identification and verification: ensures the original PAN is legitimately used by the token requestor.
Thinking of issuing payment tokens to e.g. secure mobile payments or secure your online sales channel? Bell ID can help: www.bellid.com – info@bellid.com
Martin Cox – Global Head of Sales
The document discusses money laundering, including defining it, describing the process, and providing case studies. Money laundering is defined as disguising illegally obtained money to make it appear legitimate. The process typically involves three stages: placement, layering, and integration. Placement involves putting dirty money into the financial system. Layering involves separating the money from its source through transactions. Integration makes the money appear clean. Case studies show how professionals like lawyers and accountants can be used to launder money through techniques like shell companies and structured transactions. Estimates suggest $600 billion to $2 trillion may be laundered annually, impacting economies and banking systems.
Application of Data Mining and Machine Learning techniques for Fraud Detectio...Christian Adom
This document provides a summary and comparison of two academic papers that apply machine learning techniques to credit card fraud detection. It discusses how one paper uses a Hidden Markov Model (HMM) to model credit card transaction sequences and detect anomalies. The other paper uses a neural network to model transaction sequences. Both papers aim to detect fraudulent transactions while keeping false positives low. The document analyzes and compares the techniques, results and performance of the two papers to evaluate their effectiveness in addressing credit card fraud.
The document discusses the rise in card-not-present (CNP) fraud and its effect on the pre-paid gift card market. It notes that over 50% of fraud is now CNP fraud, and fraud related to gift card purchases has increased significantly. Fraudsters are attracted to gift card fraud due to factors like the ability to easily resell stolen gift cards and delays in chargebacks. Existing prevention methods can help reduce fraudulent gift card purchases but dynamic, end-to-end solutions are still needed.
International Journal of Computational Engineering Research(IJCER) ijceronline
The document proposes using a Hidden Markov Model to detect credit card fraud. It summarizes how HMMs work and their advantages for fraud detection. Specifically, it models credit card transactions as a stochastic process with states representing purchase categories and observations representing spending amounts. K-means clustering is used to categorize amounts into low, medium, and high values to generate observations. The HMM is trained on a cardholder's normal spending patterns, and new transactions are compared to detect anomalies indicating potential fraud. Experimental results show the HMM approach effectively detects fraud while keeping false alarms low.
White Paper: Tokenization, Credit Card Fraud Prevention, Beyond PCI MeasuresNisum
This white paper covers the importance of data security, how credit card processing works, why relying on PCI Compliance is not enough, and the risk involved in not employing other techniques beyond PCI.
An Enhanced Automated Teller Machine Security Prototype using Fingerprint Bio...Eswar Publications
The steady growth in electronic transactions has promoted the Automated Teller Machine (ATM) thereby making it the main transaction channel for carrying out financial transactions. However, this has also increased the amount of fraudulent activities carried out on Automated Teller Machines (ATMs) thereby calling for efficient security mechanisms and increasing the demand for fast and accurate user identification and
authentication in ATMs. This research analyses, designs and proposes a biometric authentication prototype for integrating fingerprint security with ATMs as an added layer of security. A fingerprint biometric technique was fused with personal identification numbers (PIN's) for authentication to ameliorate the security level. The prototype was simulated using a fingerprint scanner and Java Platform Enterprise Edition was used to develop an ATM application which was used to synchronize with a fingerprint scanner thereby providing a biometric authentication scheme for carrying out transactions on an ATM.
AN OVERVIEW OF THE BANK FRAUD AND ITS DETECTION TECHNIQUES THROUGH DATA MININGijmnct
Using modern methods of the electronic commerce in daily life transactions is increasing because of the
growth and the comfortable access of the people to the internet and social networks. The electronic
payment systems are one of the most important electronic commerce methods and the electronic payment
fraud is a major problem.For example, the credit card fraud loss increases every year and is regarded as
one of the important issues in the credit card institutes and corporations. Therefore, fraud detection is
considered as an important research challenge. Fraud reduction is a complicated process requiring a body
of knowledge in many scientific fields. Based on the kind of the fraud the banks or the credit card institutes
face, different measures may be taken. This paper compares and analyzes the available recent findings on
the credit card fraud detection techniques. The objectives of the present study are first to detect different
credit card and electronic commerce fraud and then to investigate the strategies used for the purpose of
detection.
AN OVERVIEW OF THE BANK FRAUD AND ITS DETECTION TECHNIQUES THROUGH DATA MININGijmnct
Using modern methods of the electronic commerce in daily life transactions is increasing because of the growth and the comfortable access of the people to the internet and social networks. The electronic payment systems are one of the most important electronic commerce methods and the electronic payment fraud is a major problem.For example, the credit card fraud loss increases every year and is regarded as one of the important issues in the credit card institutes and corporations. Therefore, fraud detection is considered as an important research challenge. Fraud reduction is a complicated process requiring a body of knowledge in many scientific fields. Based on the kind of the fraud the banks or the credit card institutes face, different measures may be taken. This paper compares and analyzes the available recent findings on the credit card fraud detection techniques. The objectives of the present study are first to detect different credit card and electronic commerce fraud and then to investigate the strategies used for the purpose of detection.
A fair exchange & customer anonymity protocolIJNSA Journal
The rapid development of technology and the reach of such technologies at affordable costs has made it
possible for all people across the world to make purchases at a click of the mouse and at their
convenience.Electronic commerce technologies and protocols facilitate the processing of online
transactions. Trust plays a major role in e-commerce transactions and various protocols help establishing
this trust by providing fair exchange and anonymity.
The research aims at designing and developing a protocol that provides both fair exchange and anonymity,
thus avoiding the need to have manual dispute resolution. It takes into account the technical flaws
researched and overcomes those by implementing methods to ensure that confidentiality and integrity of the
messages are maintained by making sure that the Trusted Third Party does not have the authority to view
or modify the messages but can only verify the authenticity of the other two parties.
This document provides instructions on how to properly manage and use a checking account. It explains the key parts of a check, how to correctly write checks including spelling out numeric amounts, the importance of avoiding writing checks to cash, how to record checks in a check register, how to reconcile the register with bank statements each month, how to endorse checks, and what overdraft protection is and how it works to protect against insufficient funds.
SWIFT/BIC codes are used to identify banks in international money transfers. They contain information about the bank, country, and location. An 11 or 8 character code like CHASUS33XXX identifies the bank, country, and branch. International Bank Account Numbers (IBANs) also standardize international bank account identification with country and account codes. Banks involved in a wire transfer, including originating, intermediary, and beneficiary banks, must collect and store details of transactions to comply with regulations and prevent money laundering.
This is a presentation made on cheques ,It consists of all the information about : what are cheques,its legal definition, its history, the generalized features, the cheque types depending on the situation we use then and all the security features of cheques and the related case study.
This document provides a summary of fraud in banks. It discusses various types of fraud including fraud by insiders like rogue traders and fraudulent loans. It also discusses fraud by outsiders through methods like forged documents, check kiting, and credit/debit card fraud. The document notes that fraud is difficult to investigate due to its faceless and international nature. It concludes by providing security tips for banks to protect against fraud through strong passwords, risk-based authentication, integrated security solutions, and mobile banking security.
This research paper analyzes ATM fraud, including cash withdrawal fraud, fund transfer fraud, password hacking, and pin misplacement. The paper proposes combining biometric identification like thumbprint scans with PINs to authenticate ATM users and reduce fraud. Currently, fraudsters can use stolen card information and PINs obtained through phishing emails to commit ATM fraud. The paper suggests designing ATMs with integrated biometric scanners without slowing down transaction speeds to strengthen security.
How Do I Replace The Compromised Current Credit Card With My New Card.pdfDecs- We kill Debt
You probably have a couple of credit cards in your wallet at any given time, but what happens if one of those credit cards gets compromised? It’s something that can happen to anyone, and you need to be prepared if it happens to you! This guide will teach you how to replace your current credit card with the new one.
Website - https://decs-wekilldebt.com/
This document provides an overview of various check writing procedures and payment methods, including how to properly write and record checks, stop payment on checks, and types of checks like certified, cashier's, traveler's checks, and money orders. It also discusses electronic fund transfers and direct deposits as alternatives to paper checks.
Fraud in the banking sector is a major concern. The document discusses the types, causes, and extent of fraud based on RBI data. It notes that technology-related frauds make up 65% of cases reported by banks. KYC-related and advances-related fraud are also issues. Nationalized banks account for the largest share (83%) of the total fraud amount. Common fraud types include account opening, cheque, loan, and money laundering. The RBI has issued guidelines to banks on preventing fraud and reporting fraud cases over certain amounts.
Blockchain for Trade Finance: Payment Instrument Tokenization (Part 4)Cognizant
Digitizing payment instruments in post-shipment financing on blockchain prevents invoicing fraud, reduces business risk for financial institutions and lowers overhead when issuing and managing trade receivables.
Methods of payment
This document summarizes various methods of payment including cash, checks, bank transfers, debit/credit cards, and online payments. It discusses the key functions of money as a medium of exchange, unit of account, and store of value. Regarding payment instruments, it describes how checks, bank drafts, direct debits, and wire transfers work. The differences between debit and credit cards are outlined, noting that debit cards deduct funds from your bank account while credit cards provide a line of credit. Finally, it briefly discusses online payment options like PayPal and Bitcoin.
The document discusses various uses of AI in banking, including:
1) Know Your Customer/Client (KYC) and fraud detection using machine learning to analyze transactions and find anomalous patterns.
2) Anomaly detection using time series analysis to detect network issues.
3) Customer churn prediction and credit risk scoring using more complex AI models to analyze individual customer data.
4) Anti-money laundering applications that use time series modeling to detect suspicious transaction networks.
This document provides definitions for common payment terms used in the payments industry. It defines key terms including acquirer, authorization, average transaction size, BIN, capture, cardholder, chargeback, credit card associations, interchange fee, merchant account, mobile payment, payment processor, POS, and transaction fee. Understanding these terms makes working with payment providers and understanding costs easier.
This document discusses various uses of AI in banking, including:
1) Know Your Customer/Client (KYC) and fraud detection using machine learning to analyze transactions and communications.
2) Anomaly detection using time series analysis to flag suspicious transaction patterns in real-time.
3) Customer churn prediction analyzing complex customer behavior data to identify at-risk customers.
Advisory to Financial Institutions on E-Mail Compromise Fraud SchemesRyan Renicker CFA
"The Financial Crimes Enforcement Network (FinCEN) is issuing this advisory to help financial institutions guard against a growing number of e-mail fraud schemes, in which criminals
misappropriate funds by deceiving financial institutions and their customers into conducting wire transfers.
This advisory also provides red flags—developed in consultation with the Federal Bureau of Investigation (FBI) and the U.S. Secret Service (USSS)—that financial institutions may use to identify and prevent such e-mail fraud schemes."
Source: FinCEN Advisory FIN-2016-A003, September 6, 2016
Cash Handling Procedures & Characteristics of a Cheque.pptxArabkamal
This document provides information about cash handling policies and procedures. It outlines how to properly handle, count, and safeguard cash. It discusses recognizing currency, processing payments, balancing cash draws, and following policies for deposits, discrepancies, and protecting against theft or fraud. The document also covers cheque characteristics, types of cheques like personal, certified, and traveler's cheques. It describes common cheque fraud techniques like creating fake cheques, altering details, using disappearing ink, or stealing signed cheques.
Be prepared to deal with fraud for webKatie Farrow
The median fraud loss according to the document was $145,000, with 24% of fraud cases involving losses of at least $1 million. The median duration to uncover a fraud scheme was 11 months. Tips were the most common detection method, accounting for 42% of detections. Targeted fraud awareness training and procedures like reviewing bank statements and mandating vacations can help prevent and detect fraud.
Economic offenses through Credit Card Frauds Dissectedamiable_indian
The document discusses credit card fraud, including types of fraud, statistics, and techniques used. It defines credit card fraud as theft carried out using stolen credit card information. Common methods for obtaining card information include skimming, theft, phishing, and buying/selling stolen numbers online. Fraudsters can then make unauthorized purchases or create cloned cards. The costs of fraud are high both for consumers through higher fees and merchants through chargebacks and lost business.
The document discusses types of credit card fraud, statistics on credit card fraud, and factors that contribute to credit card fraud. It provides an overview of common credit card fraud schemes and techniques used by fraudsters. The document also outlines recommended precautions for merchants to prevent online credit card fraud and detection techniques to control fraud. Glossary terms are defined that describe elements of credit cards and online payment processing relevant to understanding credit card fraud.
The document summarizes cyber threat trends in 2018 according to a Symantec report. It saw a rise in formjacking attacks that steal payment card data, though cryptojacking activity declined along with cryptocurrency values. Ransomware infections decreased overall but rose for enterprises. Living off the land attacks using tools like PowerShell increased substantially. Targeted attacks grew more sophisticated with groups targeting operational systems and destructive malware.
The FBI is the lead federal agency for investigating malicious cyber activity by criminals, nation-state adversaries, and terrorists. To fulfill this mission, the FBI often develops resources to enhance operations and collaboration. One such resource is the FBI’s Internet Crime Complaint Center (IC3) which provides the public with a trustworthy and convenient mechanism for reporting information concerning suspected Internet-facilitated criminal activity. At the end of every year, the IC3 collates information collected into an annual report.
Credit is due to all original authors and no financial gain was made from the blog, Simply sharing an interesting story for educational purposes,
This guide aims to help journalists understand their rights at protests and avoid arrest when reporting on these events. It summarizes the legal landscape and provides strategies and tools to help journalists avoid incidents with police and navigate them successfully should they arise. Credit RCFP.Org
Credit is due to all original authors and no financial gain was made from the blog, Simply sharing an interesting story for educational purposes,
Verizon Publishes 2020 Data Breach Investigation Report (DBIR) With Insights From Thousands of Confirmed Breaches. Verizon's 2020 Data Breach Investigations Report (DBIR) is the most extensive yet, with 81 contributing organizations, and more than 32,000 incidents analyzed (of which 3,950 were confirmed breaches). Credit:Verizon
Credit is due to all original authors and no financial gain was made from the report, Simply sharing an interesting story for educational purposes,
A Resource Guide to theU.S. Foreign Corrupt Practices Act
Credit is due to all original authors and no financial gain was made from the report, Simply sharing an interesting story for educational purposes,
The FTC takes in reports from consumers about problems they experience in the marketplace. The reportsare stored in the Consumer Sentinel Network (Sentinel), a secure online database available only to lawenforcement. While the FTC does not intervene in individual consumer disputes, its law enforcementpartners – whether they are down the street, across the nation, or around the world – can use informationin the database to spot trends, identify questionable business practices and targets, and enforce the law.
Credit is due to all original authors and no financial gain was made from the report, Simply sharing an interesting story for educational purposes,
Below is a list of consumer reporting companies updated for 2019.1 Consumer reporting companies collect information and provide reports to other companies about you. These companies use these reports to inform decisions about providing you with credit, employment, residential rental housing, insurance, and in other decision making situations. The list below includes the three nationwide consumer reporting companies and several other reporting companies that focus on certain market areas and consumer segments. The list gives you tips so you can determine which of these companies may be important to you. It also makes it easier for you to take advantage of your legal rights to (1) obtain the information in your consumer reports, and (2) dispute suspected inaccuracies in your reports with companies as needed.
Advisory to Financial Institutions on Illicit Financial Schemes and Methods R...- Mark - Fullbright
Transnational criminal organizations (TCOs), foreign fentanyl suppliers, and Internet purchasers located in the United States engage in the trafficking of fentanyl, fentanyl analogues, and other synthetic opioids and the subsequent laundering of the proceeds from such illegal sales.
The mission of the IC3 is to provide the public with a reliable and convenient reporting mechanism to submit information to the FBI concerning suspected Internet-facilitated criminal activity, and to develop effective alliances with industry partners. Information is analyzed and disseminated for investigative and intelligence purposes, for law enforcement, and for public awareness.
Credit is due to all original authors and no financial gain was made from the report, Simply sharing an interesting story for educational purposes,
This report is built upon analysis of 41,686 security incidents, of which 2,013 were confirmed data breaches. We will take a look at how results are changing (or not) over the years as well as digging into the overall threat landscape and the actors, actions, and assets that are present in breaches. Windows into the most common pairs of threat actions and affected assets also are provided.
The Federal Trade Commission (FTC or Commission) is an independent U.S. law enforcement agency charged with protecting consumers and enhancing competition across broad sectors of the economy. The FTC’s primary legal authority comes from Section 5 of the Federal Trade Commission Act, which prohibits unfair or deceptive practices in the marketplace. The FTC also has authority to enforce a variety of sector specific laws, including the Truth in Lending Act, the CAN-SPAM Act, the Children’s Online Privacy Protection Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, and the Telemarketing and Consumer Fraud and Abuse Prevention Act. This broad authority allows the Commission
to address a wide array of practices affecting consumers, including those that emerge with the development of new technologies and business models.
Sentinel sorts consumer reports into 29 top categories. Appendices B1 – B3 describe the categories,providing details, and three year figures. To reflect marketplace changes, new categories or subcategories are created or deleted over time.The Consumer Sentinel Network Data Book excludes the National Do Not Call Registry. A separate report about these complaint statistics is available at: https://www.ftc.gov/reports/national-do-not-call-registry-data-book-fiscal-year-2018. The Sentinel Data Book also excludes reports about unsolicited commercial email.Consumers can report as much or as little detail as they wish when they file a report. For the Sentinel Data Book graphics, percentages are based on the total number of Sentinel fraud, identity theft, and other report types in 2018 in which consumers provided the information displayed on each chart.Reports to Sentinel sometimes indicate money was lost, and sometimes indicate no money was lost.Often, people make these reports after they experience something problematic in the marketplace,avoid losing any money, and wish to alert others. Except where otherwise stated, numbers are based on reports both from people who indicated a loss and people who did not.Calculations of dollar amounts lost are based on reports in which consumers indicated they lost between $1 and $999,999. Prior to 2017, reported “amount paid” included values of $0 to $999,999.States and Metropolitan Areas are ranked based on the number of reports per 100,000 population.State rankings are based on 2017 U.S. Census population estimates (Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2017). Metropolitan Area rankings are based on 2016 U.S. Census population estimates (Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016).This Sentinel Data Book identifies Metropolitan Areas (Metropolitan and Micropolitan Statistical Areas)with a population of 100,000 or more except where otherwise noted. Metropolitan areas are defined by Office of Management and Budget Bulletin No. 15-01, “Revised Delineations of Metropolitan Statistical Areas, Micropolitan Statistical Areas, and Combined Statistical Areas, and Guidance on Uses of the Delineations of These Areas” (July 15, 2015). Numbers change over time. The Sentinel Data Book sorts consumer reports by year, based on the date of the consumer’s report. Some data contributors transfer their complaints to Sentinel after the end of the calendar year, and new data providers often contribute reports from prior years. As a result, the total number of reports for 2018 will likely change during the next few months, and totals from previous years may differ from prior Consumer Sentinel Network Data Books. The most up to date information can be found online at ftc.gov/data
A credit score is a three -digit number that predicts how likely you are to pay back a loan on time, based on information from your credit reports.
Company names mentioned herein are the property of, and may be trademarks of, their respective owners and are for educational purposes only.
Company names mentioned herein are the property of, and may be trademarks of, their respective owners and are for educational purposes only. - Medical identity theft has existed in various forms for decades, but it was in 2006 that World Privacy Forum published the first major report about the crime. The report called for medical data breach notification laws and more research about medical identity theft and its impacts. Since that time, medical data breach notification laws have been enacted, and other progress has been made, particularly in the quality of consumer complaint datasets gathered around identity theft, including medical forms of the crime. This report uses new data arising from consumer medical identity theft complaint reporting and medical data breach reporting to analyze and document the geography of medical identity theft and its growth patterns. The report also discusses new aspects of consumer harm resulting from the crime that the data has brought to light
The FTC takes in reports from consumers about problems they experience in the marketplace. The reports are stored in the Consumer Sentinel Network (Sentinel), a secure online database available only to law enforcement. While the FTC does not intervene in individual consumer disputes, its law enforcement partners – whether they are down the street, across the nation, or around the world – can use information in the database to spot trends, identify questionable business practices and targets, and enforce the law.
Since 1997, Sentinel has collected tens of millions of reports from consumers about fraud, identity theft, and other consumer protection topics. During 2017, Sentinel received nearly 2.7 million consumer reports, which the FTC has sorted into 30 top categories. The 2017 Consumer Sentinel Network Data Book (Sentinel Data Book) has a vibrant new look, and a lot more information about what consumers told us last year. You'll know more about how much money people lost in the aggregate, the median amount they paid, and what frauds were most costly. And you'll know much more about complaints of identity theft, fraud, and other types of problems in each state, too. The Sentinel Data Book is based on unverified reports filed by consumers. The data is not based on a consumer survey. Sentinel has a five-year data retention policy, with reports older than five years purged biannually.
This guide addresses the steps to take once a
breach has occured. For advice on implementing a
plan to protect consumers’ personal information, to
prevent breaches and unauthorized access, check
out the FTC’s Protecting Personal Information: A
Guide for Business and Start with Security: A Guide
for Business.
*Company names mentioned herein are the property of, and may be trademarks of, their respective owners and are for educational purposes only.
Consumer Sentinel Network Data Book for January 2016 - December 2016- Mark - Fullbright
FTC Consumer Sentinel Network Law enforcement's source for consumer complaints.
All information, data, and material contained, presented, or provided on is for educational purposes only.
Company names mentioned herein are the property of, and may be trademarks of, their respective owners.
It is not to be construed or intended as providing legal advice.
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxEduSkills OECD
Iván Bornacelly, Policy Analyst at the OECD Centre for Skills, OECD, presents at the webinar 'Tackling job market gaps with a skills-first approach' on 12 June 2024
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
-------------------------------------------------------------------------------
Find out more about ISO training and certification services
Training: ISO/IEC 27001 Information Security Management System - EN | PECB
ISO/IEC 42001 Artificial Intelligence Management System - EN | PECB
General Data Protection Regulation (GDPR) - Training Courses - EN | PECB
Webinars: https://pecb.com/webinars
Article: https://pecb.com/article
-------------------------------------------------------------------------------
For more information about PECB:
Website: https://pecb.com/
LinkedIn: https://www.linkedin.com/company/pecb/
Facebook: https://www.facebook.com/PECBInternational/
Slideshare: http://www.slideshare.net/PECBCERTIFICATION
How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
2. C
heck fraud affects every financial
institution, every business, and
every individual throughout the
United States and around the world. Industry sources estimate that check fraud and counterfeiting costs our nation between $10 and
$14 billion per year. Some observers are calling it the growth crime of the 1990s.
This brochure offers a look at the various
forms of check fraud and what each of us can
do to prevent it. If you have any questions or
concerns, please contact your local Federal
Reserve Bank.
Forms of check fraud
You and others in your institution may have come in contact with a number of types of
check fraud. Here are some of the more common forms encountered today.
Forged signatures
usually involve the use of legitimate blank checks, with a false
imitation of the payor signature on the signature line. Many cases
of forged signatures are perpetrated by a person known to the
valid payor. “Employees gone bad” are one source of forged signatures. In other cases, signatures are forged on blank checks stolen from the mail while being shipped from the check printer to
the account holder. The theft of blank check stock from the mail
tends to increase following natural disasters when account holders have to replace destroyed check stock.
Forged endorsements often involve the theft of valid checks which are then endorsed
and cashed or deposited by someone other than the payee. Marital partners involved in separation or divorce proceedings are a
common source for forged endorsements. Forged endorsements
can also appear on checks made payable to more than one party
when one party endorses the check for all parties.
Counterfeit checks
are the fastest growing source of fraudulent checks. Check counterfeiters use today’s sophisticated color copiers to copy valid
checks. Exact imitations of genuine checks can be created with
readily available desktop publishing capabilities. Scanning a real
check into a computer, and then using desktop publishing
3. software to change some of the check information, allows the counterfeiter to include many valid check components into the imitation. When this counterfeit check is printed on a high quality
laser printer, extremely authentic looking “bad” checks can be created. Some of these counterfeit checks even include MICR (magnetic ink character recognition) line characters. As computer technology continues to become more widespread, this form of check
fraud has the potential for explosive growth in the near future.
Almost any kind of check can be counterfeited, including cashier’s,
payroll, government, and traveler’s checks.
Altered checks
are defined as valid check stock with certain fields changed. When
the payee name is changed, payment is made to the wrong person. The courtesy and/or written amount can be increased, resulting in overpayment to the payee. Some checks have had the MICR
line altered with bogus information (such as the routing/transit
(ABA) number or the account number) to slow down the clearing/return process. Checks can be altered to include information
that assists the criminal in negotiating the check. For example,
bank officer approval stamps have been lifted from one check and
included on another check of higher value.
Check kiting
requires multiple bank accounts and the movement of monies
between accounts. The check kiter takes advantage of the time
required by a bank to clear a check. A check drawn on one bank is
deposited in a second bank without having proper funds to cover
the check. When the deposit is made, the bank grants the depositor a conditional credit, and will allow the customer to draw checks
against uncollected funds. The customer then writes a check on
the second bank and deposits it in the first bank to cover the
original check. Unless detected, this process can continue indefinitely, covering one check written against insufficient funds with
another check.
Third-party bill
paying services
are often misused to commit check fraud. The checks produced
by these service providers do not include the payor signature. Instead, the signature line reflects something such as “signature on
file.” Unauthorized checks produced by third-party payment services are usually not detected until the customer reviews the
monthly bank statement. By the time the customer identifies the
unauthorized check, it is often too late to recover the funds, since
the “24-hour window” (actually until midnight of the next banking day) for the timely return of checks has long since passed.
These checks usually sail right through the check sorting operation, since they include good account information and sometimes
even include good serial numbers. Too often, both business and
individual account holders seem unaware of how their account
information, given too freely to a requesting party, can be used
for fraudulent purposes.
4. Demand drafts
can be misused to commit check fraud. This practice involves the
misuse of account information to obtain funds from a person’s
bank account without that person’s signature on a negotiable instrument. Other terms for demand drafts are “preauthorized drafts”
and “telephone drafts.” While there are many legitimate business
uses of demand drafts, such as quick-turnaround telephone transactions initiated by airlines and car rental companies, demand
drafts have been used by deceptive telemarketers who obtain bank
account information and withdraw unauthorized funds from consumers’ bank accounts, without their realizing that such withdrawals are occurring.
The Federal Trade Commission has published a “Telemarketing Sales Rule,” effective December 31, 1995, which is designed to offer some protection to consumers and banks
against deceptive telemarketing practices. Among other things, the rule requires “verifiable
authorization,” such as written consent or express oral authorization which is tape recorded. While rules and laws help, consumers (and businesses) still need to use demand
drafts cautiously and provide account information only to known reputable payees.
Other forms of check fraud
Check fraud has also been committed by individuals opening fraudulent bank accounts or
making fraudulent deposits through the automatic teller machine (ATM) network. Others
have ordered checks directly from
check printers using bogus names, addresses, routing numbers, and account
numbers. Still others have counterfeit
money orders cashed by check cashing operations.
Another scheme involves the deposit
of fraudulent checks, followed by
quick funds withdrawal before actual
check clearing. This form of fraud is
actually made easier by the fact that
most banks, for competitive reasons,
make funds available sooner than required by Reg CC.
5. Elements of a check
Recognizing a fraudulent check is easier when you are familiar with the components that
make up a good check. All parties who participate in check transactions should be aware of
the following elements of a check:
Field 7
Field 5
Field 3
Field 2
Field 1
Perforation- Look for at least one perforated side on the check.
Bank address- The address of the bank should correspond to the appropriate Federal
Reserve District. For example, if you receive a check drawn on a bank in California, the
routing/transit number generally should depict the Twelfth Federal Reserve District (12).
Note, however, that some banks with offices in several Federal Reserve Districts are using
a routing/transit number for one Federal Reserve District and a bank address in a different
Federal Reserve District.
Federal Reserve District and Office- The first two digits of field 5, the routing/transit
number in the MICR line, indicate the Federal Reserve District.
01 - Boston
02 - New York
03 - Philadelphia
04 - Cleveland
05 - Richmond
06 - Atlanta
07 - Chicago
08 - St. Louis
09 - Minneapolis
10 - Kansas City
11 - Dallas
12 - San Francisco
The third digit indicates the particular District office. As an example, in the Sixth District,
the numbers and the offices are:
1 - Atlanta
2 - Birmingham
3 - Jacksonville
4 - Nashville
5 - New Orleans
6 - Miami
6. In the Tenth District, the numbers and the offices are:
1 - Kansas City
3 - Oklahoma City
2 - Denver
4 - Omaha
In the Twelfth District, the 1220 in the example to the left would indicate the Los
Angeles Office.
Bank ID number- Positions 5 through 8 of field 5 of the MICR line identifies the issuing
bank. MICR symbols ( , ) surround the routing/transit number in the MICR line.
Account number- Field 3 in the MICR line identifies the customer’s account number. A
MICR symbol ( ) follows the account number in the MICR line.
Serial number- Field 2 in the MICR line generally identifies the check number on personal checks. The serial number in the MICR line should match the serial number at the
top right corner of the check.
Auxiliary number- Field 7 in the MICR line identifies the auxiliary number, generally on
commercial checks only. The auxiliary number generally matches the number in the top
right corner of a commercial check.
Fractional routing/transit number- The fraction on the top of the check should match
the bank ID in the MICR line.
Signs of a bad check
There are a few key signs that can tip you off to a “bogus” check. The first is perforation.
Most checks produced by check printing companies have at least one perforated edge.
Although some companies produce their own legitimate checks using blank check stock
and laser printers with MICR-printing capabilities, the lack of a perforation often is the
first signal of a phony check.
Inconsistent routing and fractional routing numbers also can indicate a counterfeit check.
Many check forgers alter the routing/transit number in the MICR line to gain additional
clearing time while the check is misrouted to an incorrect, distant Reserve Bank or paying
bank. Forgers also print an incorrect fractional routing number to further delay presentment of the item and print a bank location on the check that is inconsistent with routing/
transit and/or fractional routing numbers.
What the Banking Industry can do
Education
A vital first step in limiting losses from check fraud is the thorough training of employees
in your institution. Many fraudulent items can be detected by your tellers and cashiers
during a cursory review. Once your personnel become familiar with the MICR line,
fractional routing/transit (ABA) number, serial number, perforation, and typeface used
by your institution, irregularities will be more apparent.
7. Fraudulent checks also can be detected by back room operations staff involved in the proof
encoding process, reject repair, outgoing returns, and account reconcilement — if everyone
is properly trained. For example, there is a certain level of MICR repair that is excessive
and may signify a fraudulent check. Bank employees involved in the “new
account opening” process should be aware of the amount of verification necessary to guard
against new accounts that are fraudulent.
Networking
Many of the organized check fraud rings move from one part of the country to another
and run the same check fraud scheme, hitting one financial institution and then another
within that geographical area. Banks, credit unions, and savings and loans must share information with each other and with business and retail customers if the fraud is to be
prevented. Check fraud is not a problem for financial institutions only. Everybody needs
to be educated.
Positive pay programs
One proactive step you can take to combat check fraud is to implement positive pay programs. In these programs, presented checks are compared to a file of the checks that the
bank has issued (issue file) that can be updated by corporate customers. When a presented
item does not match the issued file, the bank will investigate the check’s authenticity.
With a positive pay program in effect, banks approve checks for payment based on whether
or not they were issued by their customer not on whether or not they appear to have been
1) Your customer provides you
with check issue data (date, check
number, amount).
2) Data for checks submitted for
payment are automatically compared to the check issue data.
3) Exception items are identified
and physically outsorted.
4) Your customer is notified of
any “incurable” items so that a
pay/no-pay decision can be
made.
5) Items are paid or returned as
directed by your customer.
8. issued by their customer. Some banks have chosen to eliminate the labor intensive
signature verification process for customers in positive pay programs. It should be noted
that a fraudulent copy of a check could be paid for a positive pay account if the fraudulent
check clears before the valid check, but only one fraudulent copy of the check could be
paid.
Transaction analysis software
With newly developed transaction analysis software, banks can check transactions against
databases of closed accounts or accounts that are suspected of prior fraudulent activity.
Automated signature verification systems are becoming more sophisticated in their ability
to detect possible fraud suspects.
Check security features
As those who commit check fraud become more sophisticated, so must those who combat
them. The following features are helping to make fraud more difficult.
Watermarks- Since watermarks are designed to be viewed at a 45-degree angle, scanners and
photocopiers are not able to reproduce them.
Void pantographs- Pantograph technology protects documents from being illegally duplicated. When documents containing pantographs are copied, words like “copy” or “void”
appear.
Warning bands- Warning bands call attention to the security features that protect the document.
Laid lines- Laid lines are unevenly spaced lines on the check that make it difficult to electronically cut and paste information on the check from a scanned image.
Chemically sensitive paper- Chemically sensitive paper reveals attempts at altering the
paper with eradicator chemicals. When the eradicator comes in contact with the paper, the
word “void” will appear.
Prismatic printing- Prismatic printing is designed to make it difficult to reproduce intricate
colored backgrounds on color copies.
Micro printing- Micro printing is a group of words so small that it becomes unreadable and
appears as a line when copied or scanned.
What your business customers can do
Educate your business customers about the importance of procedures and controls to deter
dishonest employees from committing internal fraud. Your business customers should store
check stock in secured, locked, and access-controlled environments. Keys and combinations should be changed periodically and inventories should be conducted on a regular
basis by someone other than those who have regular access. Signature plates also should be
controlled and stored separately from check stock.
9. Another deterrent to fraud is timely account reconciliation. Accounts should be reconciled immediately upon receipt of the bank statement, then reviewed and approved by a
different person, preferably a member of management, to ensure accuracy and integrity.
An important step in this process is to verify the authenticity of the authorized signer on
the check.
You should also encourage your business customers to segregate staff responsibilities so
that the same people do not retain custody of check stock, issue and sign checks, reconcile
the bank statement, and process accounts payable. When these duties are not performed
by separate and independent individuals, embezzlement may occur. By clearly defining
and segregating staff responsibilities, the threat of unauthorized check issuance can be
reduced.
Regular and frequent audits are necessary in a fraud prevention program and should be
designed to validate specific fraud control procedures. Individuals conducting the audits
should be knowledgeable about effective examination and fraud prevention procedures.
What the Federal Reserve Bank can do
Your local Federal Reserve Bank offers alternative payment methods that can significantly
reduce check fraud risk. Forms of Electronic Funds Transfer (EFT) such as Direct Deposit
and Direct Payment using the Automated Clearing House (ACH) continue to expand
as institutions and corporations implement payment systems to reduce their vulnerability
to loss.
Electronic presentment
Some banks also are turning to various forms of Electronic Check Presentment (ECP) to
combat some of the risks associated with paper payments. Receiving MICR line details
from the Federal Reserve Bank allows a bank to obtain information on suspect accounts
much sooner than conventional physical paper presentment. This process gives these
banks an opportunity to put fraudulent items back into the return stream earlier. Imageenhanced ECP services offer additional opportunities for banks to enhance their ability
to validate signature authenticity in a timely and accurate manner. Contact your local
Business Development office to discuss ECP and image services available.
For more information
If you have questions about check fraud and the deterrents discussed here, please contact
your local Federal Reserve Bank.