Unit21

🏦💸 The recent string of bank failures and associated financial crises has brought the importance of risk management in banking into sharp focus.

As banks facilitate the creation and management of money, unnecessary risk-taking can lead to significant financial losses that can slow down or even stall local and global economies.

In this post, we'll cover everything you need to know about risk management in the banking industry:

Risk Management in Banking: Types + Best Practices for Mitigation - Blog | Unit21 Discover what risk management in banking is, and why it’s important. Learn about types of risks banks have to manage, and some tips for doing so effectively.

🏋️‍♀️🏋️Unfortunately, with the fast pace of today’s digital society, keeping up with new financial crime schemes—and the regulations meant to block them—is an enormous task.

⚡💡That’s why many FIs are turning to RegTech: technology that helps streamline (and even automate) compliance-related tasks.

🤔✏️ This guide will cover in detail what RegTech is, what FIs are specifically using it for, where it helps FIs the most, and what experts are saying to look for in RegTech in the near future:

The Complete Guide to Regtech (Regulatory Technology) - Blog | Unit21 Learn what Regtech is and how it’s related to similar classes of technology. Discover what Regtech is being used for in finance, and what its future may hold.

🔍 Seeking to strengthen your company's compliance risk management?

Internal audits are vital to catch and fix deficiencies before external agencies do.
Check out this insightful article on conducting internal audits for regulatory compliance operations.

It offers critical insights and the "5 Cs" framework for effective audits. Discover the importance of internal vs. external audits and gain valuable knowledge on improving operational efficiency. 💼🔒

Read it here:

How to Perform an Internal Audit on Your Compliance Risk Management - Blog | Unit21 Learn what internal audits are and why they’re performed. Then discover the steps a company should take to internally audit its compliance risk management program.

Digital payment systems have become increasingly popular over the past few years. With the COVID-19 pandemic ushering in a new era of contactless payments, the use of digital payment systems has surged.

‍However, with the increase in popularity comes an inevitable increase in fraud. In this article, we will explore whether FedNow will be safer than Zelle with regard to fraud.

💦 Dive in here:

Avoiding Fast Fraud: Will FedNow Be Safer Than Zelle? - Blog | Unit21 With the increasing popularity of digital payment systems, the risk of fraud is growing. This begs the question: which is safer, FedNow or Zelle? Here, we'll explore the pros and cons of each to give you a detailed comparison.

🕵️‍♀️ Tired of false positive alerts overwhelming your fraud detection team?

We've explored a new approach to transaction monitoring in our latest blog post. By focusing on entities instead of individual transactions, we can significantly enhance efficiency and effectiveness.

Dive into the full story here: https://hubs.li/Q01VLmb40

Ever wondered how sponsor banks view ? 💭🏦 Check out our latest interview with fraud fighters from WebBank!

Gain insights into collaboration and privacy-preserving data sharing in .

Don't miss out!🚀🔒 👉

Fraud DAO Highlight: Matthew McQueen and Barry Currah, WebBank | Fintech Fraud DAO Blog We sat down with Barry Currah and Matthew McQueen to discuss fraud fighting from a sponsor bank perspective, the Fintech Fraud DAO, and the benefits of collaboration in fraud mitigation. Read the interview.

🏃In today's fast-paced world, there is a growing need for real-time payment methods.

In this article, we will expand upon the various real-time payment methods, their benefits, differences, and drawbacks. 💡

Read it now:

Real-Time Payment Methods: Benefits, Differences, and Drawbacks - Blog | Unit21 Real-time payment methods offer fast and secure payment options for users. In this post, we'll cover the differences and benefits of each of these payment methods, and how to select the best option for your needs.

🏦💻 Staying compliant is crucial for banks to safeguard their reputation and operational integrity.

Learn about the different types of compliance, benefits of compliance, and consequences of non-compliance in this must-read article.

Check it out now:

Bank Compliance: Types, Benefits, + How to - Blog | Unit21 This guide to bank compliance will cover what it involves, why it’s important, how to build a compliance program, and what compliance risks banks may face in the future.

💵 is rising, causing headaches for merchants, consumers, and financial institutions.

That's why it's essential to identify different types of payment fraud and have both internal and external controls in place to detect and prevent it.

Learn how in this post here:

Payment Fraud: What It Is, Common Types, + How to Prevent It - Blog | Unit21 Learn what payment fraud is and why it’s problematic for FIs, merchants, and consumers. We’ll discuss some common forms and what FIs can do to detect and prevent them.

Looking to shift your fraud mindset from a reactive approach to a preventative one?

See how Metal Pay made this transition a reality by joining the Fintech Fraud DAO!

With the DAO's free fraud signals, Metal Pay was able to gain valuable insights into their customers' behavior and activities, allowing them to make more informed decisions and prevent fraud more effectively.

😎 Read about Metal Pay's experience with the Fintech Fraud DAO in this case study:

Case Study: How Metal Pay Prevented 50% More Fraud Using the Fraud DAO | Fintech Fraud DAO Blog Metal Pay uses Unit21's Fintech Fraud DAO to prevent 50% more fraud. Read the details in this case study exploring how to go from fraud detection to fraud prevention using consortium data.

Are you looking for ways to streamline your compliance processes and mitigate regulatory risks?

Check out this informative article on the benefits and key features of compliance risk management software.

Discover how these solutions can help you meet compliance requirements, improve decision-making, and reduce false positives:

How to Choose the Best Compliance Risk Management Software - Blog | Unit21 Learn what compliance risk management software is and the top features to look for when choosing the right fit for your AML compliance operations.

🤯💥Are you aware of the different compliance regulations and requirements that insurance companies must adhere to?

Check out our latest article to learn about managing compliance operations in the insurance industry and building a robust compliance framework: https://hubs.li/Q01Mq5yw0

Insurance Compliance Requirements (+ the Consequences of Non-Compliance) - Blog | Unit21 Learn about how insurance compliance regulations work, the consequences of non-compliance, and how you can build an effective insurance compliance framework.

Are you looking to improve your anti-fraud and anti-money laundering operations? 👀

At Unit21, we've got you covered.

We pride ourselves on combining fraud and AML operations into a seamless system that makes it easy for risk and compliance teams to do their jobs faster, with less friction, and simply put—better.

Check out our latest article to find out the 3 main signs that indicate Unit21 is a great fit for your organization: https://hubs.li/Q01Mq3tz0

3 Signs Unit21 is a Good Fit for Your Organization - Blog | Unit21 We explore whether Unit21 would be a good fit for your organization, based on the main pain points organizations are experiencing with their FRAML infrastructure.

🚗💨💰🏦 The days of robbing physical bank branches and speeding off in getaway cars have become relics of the past.

These days, fraudsters use different tricks to scam banks (and their customers) out of money.

In this post, discover what bank fraud is, how it can be perpetrated, and strategies for detecting and preventing it.

Get the details here: https://hubs.li/Q01KHxFV0

A Guide to Bank Fraud: How to Detect + Prevent It - Blog | Unit21 Learn what bank fraud is and how it can be perpetrated. Then discover strategies for detecting it, as well as preventing it altogether, for your financial institution.

Real-time payments (RTPs) offer many potential benefits for individuals, businesses, and financial institutions alike.

However, they also present challenges in terms of how to stop them from being used for fraud.

Get the rundown on everything you need to know about RTPs in this primer:

Real-Time Payments 101: What They Are + How to Prevent Fraud - Blog | Unit21 Learn what real-time payments are and how they work. Also get insights into what they can be used for (and why), and how to prevent them being used for fraud.

🎯🎯🎯 Fraud doesn’t discriminate in terms of who it affects... Any company can be a target.

That’s why many businesses invest significantly in fraud risk management — trying to prevent or reduce the risk of fraud instead of dealing with it after it happens.

This article will explain fraud risk management, why it’s important, the cornerstones of a fraud risk management framework, and best practices for building a fraud risk management strategy for your business.

Details here:

Fraud Risk Management: What It Is + How to Build a Program - Blog | Unit21 Learn what fraud risk management is and why it’s important. Then learn strategies for building the foundations of a fraud risk management program for your business.

🏋️ Tackling fraud at scale is no simple task.

In this video, listen as Sridhar Kotamraju, Head of Fraud at Goldman Sachs, discusses his career in fraud detection and prevention with Unit21's CEO and co-founder, Trisha Kothari.

👀 Watch now:

Tackling Fraud at Scale: Challenges and Solutions Tackling fraud at scale is no simple task. In this video, listen as Sridhar Kotamraju, Head of Fraud at Goldman Sachs, discusses his career in fraud detection and prevention with Unit21's CEO and co-founder, Trisha Kothari.

Did you miss our recent webinar about 💨 and ⌛💲?

Watch it on-demand now to get the rundown on topics like FedNow, P2P payments, and how real-time payments are driving new, different kinds of fraud risk.

Register here for access:

Real-Time Monitoring Webinar | Watch On-Demand! Several industry-leading voices present their insights about the impact of real-time payments on financial institutions and what controls can be implemented to keep customers safe.

During , an attendee asked, "What are the top 5 ways for an organization to prevent fraud?"

In this video, Alex Faivusovich, Unit21's Head of Fraud, shares details of fraud prevention best practices, ensuring users - and the platform - are kept safe and secure.

Watch now:

Top 5 Ways to Prevent Fraud We explore the top 5 ways for organizations to prevent fraud, ensuring users - and the platform - are kept safe and secure in this video. Watch now!

In this video, industry experts share their best advice on growing a career in fraud, why FRAML should be considered a competitive advantage, and the benefits of building relationships within the fraud prevention community.

Watch now:

Chatting All Things Fraud Fighting with Industry Experts from Robinhood, Melio, Rho, & Unit21 Industry experts share their best advice on growing a career in fraud, why FRAML should be considered a competitive advantage, and the benefits of building relationships within the fraud industry.

Have you seen Unit21's Resources Center?

Find all your favorite Unit21 risk and compliance articles, webinars, and other resources in an easy-to-navigate digital database. Filter by topic, format, and industry to find what you are looking for!

Check it out and bookmark it for easy access!

Risk & Compliance Resources Center Check out the Unit21 Fraud and AML Resources Center for all your risk and compliance needs! Filter by topic, format, and industry to find what you are looking for.

Insurance fraud is far more prevalent than most companies realize, accounting for significant fraud losses to insurance companies - and American citizens.

Learn what insurance fraud is, common schemes used to commit this type of fraud across different insurance industries, and how to prevent it from happening in this post:

Combating Insurance Fraud: How to Detect + Prevent It - Blog | Unit21 Learn what insurance fraud is, common schemes used to commit this type of fraud across different insurance industries, and how to prevent it from happening.

Regulated companies are at constant risk of breaching and violating compliance rules - a risk that needs to be effectively managed to keep the organization safe.

Learn what compliance risk management is, what the risks of non-compliance are, and the best practices to manage risks associated with compliance here:

Compliance Risk Management: What It Is + Best Practices - Blog | Unit21 Learn what compliance risk management is, what the risks of non-compliance are, and best practices to manage risks associated with compliance.

Thomas Frantz of Mercury was an early proponent for the Fintech Fraud DAO.

His enthusiasm and experience in credit risk management made him the perfect candidate for an interview about the benefits of consortium data.

Read this Q&A to gain a better understanding of Tom's position on consortium and how he thinks about fraud:

www.unit21.ai

⏰ For the first time since the introduction of the ACH in the 1970s, a new (and improved) payment system is being introduced in the United States.

FedNow’s real-time payments service will launch in mid-2023, so we've done a deep dive into the upcoming instant payments service in this post.

Get the rundown on everything you need to know here:

FedNow’s Real-Time Payments Rail: What You Need to Know - Blog | Unit21 With FedNow’s real-time payments service launching in the middle of 2023, we cover everything you need to know about the upcoming instant payments service.

While most credit unions are subject to the same laws as other financial institutions, they have their own set of compliance rules in some places.

In this post, we'll cover what credit union compliance is, the main regulations that must be followed, and how to build a credit union compliance program:

Credit Union Compliance: Key Regulations & How to Build a Compliance Program - Blog | Unit21 Learn what credit union compliance is, the main regulations you need to follow (and who enforces them), and how to build your credit union compliance program.

💳 🤑 As online commerce grows in popularity and more money is exchanged on these platforms, fraudsters flock to take advantage wherever they can.

Here, we explore everything there is to know about eCommerce fraud, including the main things to look out for and how to stop bad actors from taking advantage of your customers and store.

Read it now:

eCommerce Fraud Prevention: Common Types + How to Prevent It - Blog | Unit21 We explore everything there is to know about eCommerce fraud prevention, including the main types of fraud used and best practices for prevention.

🤔💰 Who wouldn't want to gain access to goods and services without paying the full cost upfront?

Unfortunately, fraudsters flock to "Buy Now, Pay Later" deals just as much as customers. So, in this article, we've taken a deep dive into BNPL fraud and how to prevent it.

Get the rundown here:
https://hubs.li/Q01F5Fn60

Buy Now Pay Later Fraud: What It Is + How to Prevent It - Blog | Unit21 Learn what Buy Now Pay Later Fraud is, the most commonly used BNPL scams to watch for, and how to prevent BNPL fraud from happening.