Application fraud at financial institutions is being driven by the prevalence of compromised PII – some of which fraudsters are using to mix and match with falsified info to create synthetic identities. 🎭 These fraudulent identities are then used to facilitate a whole host of financial crimes that lead to losses for FIs, like opening accounts to be used by money mules 🫏 or to commit credit card 💳 or loan fraud 💸. We recently partnered with IDC to survey 100 banks and credit unions about the challenges they’re up against when it comes to #SyntheticIdentityFraud, what they’re currently doing to address the issue, and the future countermeasures the industry is looking towards. 📝 Delve into the full report here: https://lnkd.in/gZkMEc3p
Early Warning®
Financial Services
Scottsdale, Arizona 31,106 followers
Delivering payment and checkout innovation where people trust it most: banks and credit unions.
About us
Early Warning Services, LLC, a financial services technology leader, has been empowering and protecting consumers, small businesses, and the U.S. financial services ecosystem with cutting-edge risk, fraud and payment solutions for more than three decades. Through our network intelligence and partnerships with more than 2,500 bank and credit union brands, we increase access to financial services and products, and protect financial transactions. We are the company behind Zelle® and the Paze℠ online checkout solution.
- Website
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http://www.earlywarning.com
External link for Early Warning®
- Industry
- Financial Services
- Company size
- 1,001-5,000 employees
- Headquarters
- Scottsdale, Arizona
- Type
- Privately Held
- Founded
- 1990
- Specialties
- Real-time Payments, Risk Mitigation, and P2P
Products
Zelle®
Payment Processing Software
Zelle® is transforming how money moves, with more than five billion digital payments sent since its launch in 2017. The Zelle Network® connects more than 2,100 banks and credit unions of all sizes, enabling consumers and businesses to send digital payments to people and businesses they know and trust with an eligible bank account in the U.S. Money is available directly in bank accounts generally within minutes when the recipient is already enrolled with Zelle®. To learn more about Zelle® and participating financial institutions in the Zelle Network®, visit www.zellepay.com.
Locations
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Primary
5801 N. Pima Rd.
Scottsdale, Arizona 85250, US
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222 2nd St
San Francisco, California 94105, US
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233 S Wacker Dr
Chicago, Illinois 60606, US
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825 3rd Ave. at E. 50th St.
New York, NY 10022, US
Employees at Early Warning®
Updates
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Is your financial institution 🏦 up against #SyntheticIdentityFraud? If the answer is yes, you’re not alone. From using synthetic identities to open money mule 🫏 accounts to committing credit card 💳 and loan fraud 💸, criminals are using them to perpetuate a range of crimes that are causing big losses for banks and credit unions. 🔍 We recently partnered with IDC to survey 100 professionals at financial institutions to better understand the issue – the challenges they’re facing in identifying synthetic identities and quantifying the issue, the investments they’re making to combat it, and the solutions they’re looking to for future prevention. 📝 Get the full report below!
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#MoneyMules 🫏 are used to facilitate criminal activity, launder illicit funds, and pose a major risk to financial institutions. 🎤 We’re looking forward to hearing from the experts on how to spot and stop money mule activity at this upcoming roundtable discussion 🔗 Register below!
Don’t miss out! 🕒 Our Scams Roundtable on July 25th will equip you with the tools to fight against money mule activity. Join us as Karen Boyer, Jeff Crawford, and Ken Palla lead this insightful discussion. It’s time to take action! Register today and be part of the solution. Link to register: https://hubs.ly/Q02Drq8T0 Thank you to our sponsor, Early Warning®! #CombattingCrime #FinancialIntelligence #Scams #Fraud #MoneyMules
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Early Warning works tirelessly with our partner FIs to ensure that Zelle remains a safe, fast and easy way for people to send and receive money with those they know and trust. Our Chief Fraud Risk Officer, Ben Chance, shares some of the work we're doing and tips to help consumers avoid scams. Click or tap below for Ben’s six tips and more!
How to Stop Scammers in their Tracks
earlywarning.com
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Minimize losses,💸 maximize growth 🚀 See how Predict New Account Risk can help your bank or credit union make informed, real-time account opening decisions that get good customers quickly in the door while shutting fraudsters out. 🔎 Learn more about how it works: https://bit.ly/4cNQJDR
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Our Chief Data Officer, Francesca La O, discusses the power of sharing information to protect the financial system and how Early Warning helps fight fraud using consortium data. 💡 Check out her recent article featured on About Fraud!
Breaking down silos: Fraud detection using consortium data and big data analytics
https://www.about-fraud.com
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How can the mundane act of mailing a check turn into a half-million-dollar heist? In Milwaukee, a group that allegedly referred to themselves as the Scamily mastered this dark art. Our latest episode reveals how this gang operated - from the initial theft of mail 📬 using stolen arrow keys to the sophisticated laundering of checks 🫧, to using chemicals to wash and rewrite them for vast sums. 🤑 But every scheme has its cracks. Law enforcement's breakthrough came with an accumulation of evidence, leading to dramatic raids and the eventual arrest of the Scamily. 🔐 This story isn't just about the cunning tactics of a criminal gang; it's a cautionary tale of how old-school fraud techniques are evolving and persisting. 🎙️Tune in to Nickel & Crime now! https://lnkd.in/gNgRpdYV #financialcrime #truecrime
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Many FIs rely on tools that use consumer data 📊 to inform risk assessments - and although such tools are valuable, they can add another layer of complexity. When consumer data comes into play, FIs need to make sure they're managing the data responsibly, in compliance with the Fair Credit Reporting Act (FCRA). 📝 So, what is the FCRA? When can your FI use a non-FCRA vs. an FCRA risk assessment solution? And what are the benefits? 🤔 💡 Swipe through for the answers to all this and more and read our recent blog for the full breakdown. https://lnkd.in/gctCJANq
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There’s no question about it: Artificial intelligence is booming. 📈 Fraudsters are often early adopters of new technologies, so it should come as no surprise that they’re already exploiting generative AI to devise new tactics. But it's not all doom and gloom. FIs can fight fire with fire 🔥and use AI to improve their own #fraudprevention strategies. 🔍 Check out our latest blog to delve into the growing risks, as well as the prime opportunities AI presents.
AI Fraud Prevention: Understanding and Addressing Dangerous New Trends
earlywarning.com
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How do you convince a complete stranger to hand over their entire life savings? With a few pieces of personal information, 📝 a fake government identity, 🪪 a terrifying story, 📖 and a lot of confidence.🕺 In this episode, we examine the reality-twisting, psychological trickery of this particularly cruel scam and how two highly educated, sensible people fell victim. A college professor lost her entire life savings during a four-month ordeal of being regularly contacted by con artists, and a respected financial writer found herself under the spell of several scammers for one afternoon and lost $50,000. 💸 🎧Tune in to Nickel & Crime now! https://lnkd.in/d-YAHZ4u #financialcrime #truecrime