Modernizing Omnichannel Check Fraud Detection

Fraud is set to become even more challenging Advanced tech allows fraudsters to "flood the zone" Fraud prevention must be viewed as an investment, not just a cost center The fraud landscape is set to become even more challenging for banks and credit unions in 2025, according to Jim Houlihan, ...

143 arrow keys were reported missing from Sacramento post offices Mail theft and robberies are becoming a major issue USPS efforts to improve security seem ineffective Last year, we examined a USPS audit where, out of 84 postal facilities inspected, 76 facilities across 25 states and the District of Columbia ...

Checks and debit cards are leading fraud tools Checks, payee forgery & check washing led the pack in fraud Leveraging multi-technologies to address check fraud is key Earlier this month, the Federal Reserve published its findings from the Annual Federal Reserve Financial Services (FRFS) Financial Institution Risk Officer Survey (2024). ...

The elderly are most vulnerable to fraud Even family members and caregivers attempt fraud Older consumers are the biggest users of checks, making them a target What makes the elderly our most vulnerable population when it comes to fraud? Is it because they are the least technologically savvy? Are they ...

Reverse Positive Pay adds fraud protection but may burden customers Banks should offer, not require, Reverse Positive Pay Reverse Positive Pay alone is not enough - banks need multi-layered fraud detection as well Over the past few months, we've explored the efficacy of Positive Pay systems, noting that "77% of ...

Download PDF Copy of the Newsletter Check Fraud SARs Rise in 2024 to Near 2022 Record-Setting High According to a recent report from the Thomson Reuters Institute, the total number of Suspicious Activity Reports (SARs) filed by U.S. financial institutions in 2024 declined slightly from the record-setting numbers seen in 2023 ...

Digital payments are on the rise Criminal scammers embrace technology More and more financial institutions are turning to AI-powered fraud detection For financial institutions, the battle between utilizing the current legacy fraud systems vs. investing in modern fraud systems -- typically powered by AI -- continues to put pressure on ...

Fraud continues to rise, and tools need to keep up Better fraud detection requires a layered approach Multi-layered tech allows informed decisions on each item We've stated many times that there is no single solution that can detect the majority of check fraud. Well, in a recent Jack Henry Fintalk, ...

Fraud is rampant, but preventable AI technology is being deployed by fraudsters Fighting fraud will require AI tools There's no question about it: modern fraud detection systems -- including check fraud detection -- require the utilization of artificial intelligence to keep up with fraudsters. Why, you may ask? Because AI ...

The USPS announces elevated efforts to prevent mail theft Postmaster General Louis DeJoy, meanwhile, has announced his resignation USPS efforts will likely fall short, as they face a formidable opponent Over the past few months, we've seen a concerted effort by the USPS and the US Government to make drastic ...

A new report by NPG reveals check fraud rising even as check usage declines NPG's survey reveals that 80% of FIs offer Positive Pay FIs have not adopted Positive Pay mainly due to lack of awareness or perceived risk Within the arsenal for financial institutions to fight check fraud, Positive ...

Overall SARs reports have declined, but only slightly Check fraud SARs achieve near record-setting levels in 2024 As we seeing the new norm for check fraud levels? According to a recent report from the Thomson Reuters Institute, the total number of Suspicious Activity Reports (SARs) filed by U.S. financial institutions ...

Fraud incidents continue to surge Collaborations play a key role in enhancing fraud prevention capabilities Partnerships are vital because there is no single tech that can detect the majority of check fraud As fraud incidents continue to surge, credit unions (CUs) are racing to implement cutting-edge technologies and forge strategic ...

Consortiums are proving effective in fighting fraud Key to success is a collaborative approach Privacy concerns and regulatory hurdles are among the challenges faced The evolution of banking fraud has drastically changed over the past decade. Most notably, fraudsters are no longer performing their schemes solo. The internet has enabled ...

Download PDF Copy of the Newsletter Lack of "Check Experts" Hindering FIs with Check Fraud Liabilities One major issue that many financial institutions are facing when it comes to check fraud is understanding which financial institution is liable. Unfortunately, as checks slowly declined over the past few decades, we've seen ...