Is Real-Time Payment the future of payments?

The “Real-Time Payments (RTP)” system from the US Clearing House is expected to disrupt the financial landscape in 2021. While the latest payment system was launched in 2017, it may seem like that it can change the financial industry. As of right now, the network reaches 56% of US direct deposit accounts. So why do […]

Embedded Finance: What It Is? Can it Change the Future of the Financial Industry?

Over the last decade, the definition of financial institutions has been changing. We are used to thinking of financial services as the domain of banks and specialized firms. But recently, that has been changing. Embedded finance is the concept that financial services can be offered by all kinds of traditional non-financial software and applications. FinTechs […]

Future of Open Banking: Why Banks Need to Take the First Step?

The digital revolution for banks and financial institutions is underway at full speed. While the major tipping point for digital transformation in the financial industry was the COVID-19 pandemic, the seeds of a secure and agile digital environment were available in the industry. Banks and financial institutions were trying their best to keep up with […]

20 Internal Controls Methods That Businesses Can Use for Fraud Detection and Prevention

Businesses all over the world lose billions of dollars to internal and external fraud. Unfortunately, this kind of fraud is easily preventable with a little bit of strategy and reinforced structures. According to a survey conducted in 2018 by the “Association of Finance Professionals (AFP) Payments Fraud and Control Survey” 78 percent of businesses were […]

Best Practices for Keeping Millennials Hooked to Account Onboarding

Banking has gone digital, and when was the last time you went to a physical bank? Traditional brick-and-mortar banking is slowly becoming obsolete, over the last six months, 40% of Americans haven’t stepped foot in a traditional bank. Most generations are in the favor of digital banking as it saves time and offers all the […]

What Businesses Should know about ID Fraud

It’s pretty clear now that identity fraud isn’t going anywhere, the threat of identity fraud is evolving. In the last couple of years, the number of identity fraud has grown steadily. The overall cost of identity fraud is $42 billion for businesses. Now that the pandemic has adversely affected businesses, the threat of identity fraud […]

Understanding Artificial Intelligence & Identity Fraud Solutions

In December 2020, 4iQ discovered a single file with the personal data of over 1.4 billion people which is the largest database found to date on the dark web. What was even scarier was that none of the passwords were encrypted and the passwords that were tested turned out to be authentic. This is a […]

5 Strategies Businesses Can Use to Prevent Digital Payments Fraud

Digital payments have grown at an exponential rate since the pandemic changed the banking industry into a digital-first. To prevent and detect digital payments frauds, today’s finance and regulatory teams can use a series of tools and technologies. Combining these strategies with techniques like IP whitelisting, VPNs, corporate firewalls and antivirus solutions can allow businesses […]

Five Ways to Tackle the Growing Money Laundering Problem

Banks, financial institutions, and other organizations face countless challenges every day to keep their business secure from fraud. Keeping track of all the anti-money laundering regulations and making use of the latest and most efficient technology to tackle the money laundering problem can be tough. This is basically an endless battle against fraudsters who try […]

how to deal with money laundering problem

What Is AML: DIRO’s Role In AML Compliance

Anti-money laundering (AML) is a set of laws, regulations, and proceedings that were made to prevent criminals, cyber attackers, and even businesses from disguising funds acquired using illegal methods as legal money. Firstly, the illegal funds are covertly introduced into the legit financial system, then the money is moved around so the government and regulating […]

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