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Abrigo Data Center AML/CFT Financial Crime Fraud Prevention

Celebrating FinCrime Fighter Day: Honoring the heroes of financial security

Jay Blandford
October 22, 2024
Read Time: 0 min

Say "thank you" this National FinCrime Fighter Day

BSA professionals and financial crime fighters are tasked with the challenge of protecting our financial system daily.

 

October 26 is National Financial Crime Fighter Day, and it’s the perfect time to pause and applaud everything these professionals do. Since we founded the day of recognition in 2018, it’s become an opportunity for the nation to show gratitude for FinCrime fighters’ work in the financial industry. Their contributions are massive, and if you’ve ever worked with AML Officers and fraud professionals, you know just how vital they are.

Every day, I’m reminded of the critical role the teams at our 2,500 bank and credit union customers play in anti-money laundering (AML), combating the financing of terrorism (CFT), and fraud prevention. These professionals rarely get the spotlight, but they are the first line of defense against threats like identity theft, drug traffickers, and terrorist groups. FinCrime fighters aren’t just checking boxes for compliance. They protect the country and the financial health and integrity of the institutions we all rely on, and for that, they deserve our appreciation.

At Abrigo, we’ve always focused on helping financial institutions thrive—not just for their own benefit but for the sake of the communities they serve. It’s about supporting the people who safeguard banks and credit unions from the growing threats of financial crime and who keep capital flowing to small businesses and families.

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AML/CFT: The quiet heroes in financial services

FinCrime fighters’ work matters locally and beyond. Their impact is not just on the institutions they protect but on all the people those institutions serve. The U.S. Federal Trade Commission (FTC) reported consumers lost more than $10 billion to fraud alone in 2023. For many FinCrime fighters, identifying financial crime isn’t just about avoiding fines and penalties; it’s about the lives that are affected. Think about it: when a fraudster targets a small business owner or when an individual’s life savings are wiped out, it doesn’t just hurt the bank—it devastates families and communities.

And financial crimes are prevalent. Imagine Hard Rock Stadium, home of the Miami Dolphins, with an overflowing crowd of over 65,000 fans. Each fan could represent a report of suspicious activity targeting an older adult filed by banks and credit unions so far this year. The 70,512 reports of potential elder financial exploitation are nearly 15% higher volume than last year and show how urgent the need is to protect institutions’ clients from financial crime.

In addition, even though many people can’t remember the last time they wrote a check, Abrigo’s recent fraud survey found that 61% of Americans still do—and millions fall victim to fraud. AML and fraud professionals have already filed nearly 350,000 reports of suspected check fraud this year.

FinCrime fighters’ reports from the trenches help law enforcement bust complex crime rings and stop human trafficking. They protect the economic foundation that people and small businesses rely on.

Growing challenges and complexity

Financial crime isn’t what it used to be; cybercriminals are more innovative, faster, and harder to catch. They’re using more sophisticated techniques like synthetic identity fraud—where fake identities are built by combining real and fictional information. Deloitte expects synthetic identity fraud to generate losses of at least $23 billion by 2030.

But here’s where it gets interesting: as threats evolve, so too does the technology used to fight them.

Here at Abrigo, we’ve been doubling down on innovation even when others were pulling back. Our intelligent fraud detection software and risk management tools help fraud professionals in their fight against financial crime. But as much as I believe in the power of technology, I also know that the real magic happens when technology is combined with the expertise and passion of the people using it. AI can’t replace the human judgment and dedication AML/CFT professionals bring to the fight.

We often talk to our team about the importance of taking care of customers. That’s exactly what AML/CFT professionals do. They take care of their institutions by identifying suspicious transactions, monitoring fraud schemes, and preventing millions of dollars from being funneled into illegal activities. Their work might not always be seen, but trust me, it’s felt across every aspect of the financial system. AML professionals’ work is stressful, has major ramifications, and allows little room for error.

 

Making a difference in communities

Banking is more than just numbers and transactions. It’s about relationships. It’s about being a backbone for local economies. FinCrime fighters ensure that backbone stays strong. They help prevent the kind of crime that can destabilize families and entire communities. They deserve our utmost respect and gratitude.

On this National Financial Crime Fighter Day, I want to express my gratitude to the thousands of AML/CFT officers and fraud professionals out there working tirelessly to protect the financial system.

So, thank you. Your vigilance, expertise, and unwavering commitment is noticed. We’re proud to stand with you, and we’re committed to providing the tools and technology you need to stay one step ahead of the threats.

Keep fighting the good fight—because your work matters more than ever.

 

Jay Blandford is Chief Executive Officer of Abrigo, a leading provider of risk management, financial crime prevention, and lending software and services that help more than 2,500 U.S. financial institutions manage risk and drive growth in a rapidly changing world. His emphasis on customer-centric innovation has led to industry accolades, including recognition for Abrigo’s data analytics and commercial loan origination. Under his leadership, Abrigo has consistently been named a Best Place to Work and Top Workplace by publications like the Austin American-Statesman, the Triangle Business Journal, and American Banker.

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About the Author

Jay Blandford

Chief Executive Officer
Jay Blandford, Chief Executive Officer of Abrigo, has blended a start-up work ethic with game-changing processes to scale companies’ revenue engines and deliver dynamic results over 20+ years. With the organization since 2016, Jay previously served as President of Sageworks. His prior experience includes EVP of Sales and Business Development

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About Abrigo

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo's platform centralizes the institution's data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth.

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