Wire fraud is a growing concern for financial institutions and their clients, and lead to serious impacts. The FBI IC3 reported a 10% increase of wire fraud complaints, representing a 22% increase in losses from 2022-2023. This infographic provides financial crime fighters with valuable best practices to prevent wire fraud.
Download the infographic to learn:
- The importance of educating clients on imposter scams, phishing, and social engineering.
- The customer or member benefits tied to wire transfer verification procedures.
- The need for implementing robust internal processes for communications and security.
In today’s fast-paced world, consumers want to send and receive money at the click of a button. According to a 2020 Federal Reserve survey, three in four businesses and two in three consumers think that their bank or credit union should offer faster payments.
Financial institutions can meet this demand by building and offering instant payment services using the FedNow Service. Still, widespread adoption of the service has been slow as conscientious bankers carefully consider what it will take to implement FedNow at their institutions. But where to begin?
This infographic will guide you through initial steps to take on your path to preparing for instant payments, including:
- Understanding FedNow’s features
- Assessing administrative and procedural needs
- Planning customization to suit your unique risk profile
Download this infographic to show your board of directors and leadership an outline of what it will take to prepare for FedNow at your institution.
Take a look at our additional resources:
Blog: FedNow fraud prevention for credit unions: A guide for AML, fraud teams
Whitepaper: Embracing FedNow: A guide for financial institutions
Fraud costs go beyond direct monetary losses alone. Fraud causes trickle-down impacts that affect your reputation, customers, and financial bottom line.
Download this infographic to learn more about:
- Sneaky fraud costs and their snowball effect
- Comprehensive strategies to combat fraud loss
- Tactics to fight fraud effectively
The last few years have challenged the banking industry with continued economic uncertainty, increased digitalization demands from the coronavirus pandemic, and increases in fraud. According to data from the Federal Trade Commission, consumers lost more than $8.8 billion to fraud in 2022, $3 billion more than in 2021 and a 166% increase from 2020. The FTC received fraud reports from 2.4 million consumers last year, and the most commonly reported types of fraud were imposter scams, online shopping scams, sweepstake/lottery scams, investment fraud such as pig-butchering scams, and business and job opportunity scams.
Now more than ever, it is important to make sure your bank or credit union is up to date on the latest trends, best practices, and ideas needed to ensure your institution is prepared to combat fraud.
Download this infographic for details on 5 examples of fraud typologies impacting your institution:
- Check fraud
- Cybercrime
- Pandemic relief fraud
- Wire fraud
- Card fraud
Compliance deadlines for the CFPB 1071 final rule are tiered, based on the number of covered credit transactions originated in each of 2022 and 2023. Knowing the 1071 rule deadline for your specific financial institution is the first step in preparing to collect and begin reporting small business loan data from applicants.
Use this timeline to learn:
- How each tier is defined for covered financial institutions
- Each tier’s deadline for beginning data collection
- When data generated by the CFPB 1071 rule needs to be reported, based on each tier
Check out other job aids, articles, and related resources for complying with the 1071 rule:
Boost efficiency and draw income while managing risk in your construction loan portfolio.
Construction loans can be among the riskier loan types in the portfolio. The tedious and manual processes many financial institutions use only magnify this potential problem in the portfolio without proper management and monitoring.
Download the following infographic to see a comparison of construction loan management using a spreadsheet-based system and a software solution.
Check out other related resources:
- Whitepaper: Red flags and warning signs of contractor failure
- Blog: Managing real estate and construction lending risk
Progress implementing CECL is mixed as the Q1 2023 compliance date nears for smaller SEC-reporting banks and private or not-for-profit institutions.
Here are major findings related to banks, based on Abrigo’s survey of executives, credit and allowance leaders, and other finance staff.
Download the infographic to learn:
- Where banks are in their implementation process
- The top 3 challenges facing banks in their transition
- The impact of CECL on banks’ reserves
Aggressive lending goals, greater customer expectations, and changing markets. Having the right lending and credit staff is critical for financial institutions this year and beyond.
Abrigo recently surveyed about 170 lending and credit risk professionals about staffing in their financial institutions. Download this infographic to learn the major findings.
Check out other resources:
Guide: Best practices for purchasing bank or credit union software
Whitepaper: 5 Big banking issues for 2022 and what they mean for financial institutions
Whether you are putting together a return on investment (ROI) calculation to support your purchase of software or looking for ways to streamline your construction loan administration process, it can be helpful to understand the benefits of automation in construction loan monitoring.
Download this infographic to learn about the 10 key ways construction loan management software can save you valuable time.
Check out other construction lending resources:
- Webinar – How to manage a high-performing construction loan portfolio
- Blog – Construction loan monitoring decreases loan defaults
In the current environment, core deposit analysis is crucial for helping banks and credit unions remain competitive and profitable. Updated core deposit analytics provide the data for critical assumptions used in asset/liability models (ALM), and impact the overall risk management strategies at a financial institution. In this infographic, learn 6 key reasons to update an institution’s core deposit analysis.
Download to learn:
- How core deposit analysis can aid your financial institution
- Benefits of capturing trends and changes in your customer base
- The importance of core deposit studies in rising rate environments
This resource is part of the series ALM 101: Introduction to Asset/Liability Management.
