Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
API is short for “application programming interface.” Technology companies like Alogent rely on APIs to connect multiple software applications, thereby enabling a two-way exchange of information to support users’ needs.
Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.

Buy Now Pay Later (BNPL)

Buy now, pay later (BNPL) is a financial service that allows consumers to make purchases and defer payment over time, typically in installments. This payment option has gained popularity as an alternative to traditional credit cards and layaway plans. Here are the key characteristics of BNPL:

Immediate Purchase:

BNPL allows consumers to buy goods or services immediately without paying the full amount upfront. This is particularly attractive for consumers who may not have sufficient funds available at the time of purchase.

Installment Payments:

Instead of paying the entire purchase price at once, BNPL allows consumers to split the cost into equal or staggered payments over a period of time. Payments are usually made bi-weekly or monthly.

Interest-Free Option:

Many BNPL services offer interest-free installment plans if payments are made on time. However, late fees may apply if payments are missed or delayed.

Convenience:

BNPL services are often integrated into online and physical retail checkout processes, making it easy for consumers to select BNPL as a payment option when making a purchase.

Accessibility:

BNPL is often available to consumers with varying credit profiles, including those who may not qualify for traditional credit cards or prefer not to use them for certain purchases.

Digital and Mobile Integration:

BNPL services are typically offered through digital platforms and mobile apps, enabling seamless transactions and account management.

Consumer Protection:

BNPL services may provide consumer protection benefits, such as refunds or assistance with disputes, depending on the terms and conditions of the service provider.
Overall, BNPL has emerged as a popular payment method among consumers looking for flexibility and convenience in managing their finances. However, it's important for consumers to understand the terms of BNPL agreements, including potential fees and consequences for missed payments, to make informed financial decisions.

Explore more resources

Alogent Shield+ Datasheet

Check fraud poses a significant challenge for financial institutions, leading to substantial costs and risks for account holders. As fraud tactics continue to evolve, banks and credit unions must be proactive in protecting their assets and maintaining account...
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Alogent Shield Datasheet

As check fraud becomes increasingly complex and costly for financial institutions, finding a universal solution is more challenging than ever. With rising threats across all deposit channels, no institution is safe—just one successful attack can lead to...
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