Large financial institutions have seen a sharp increase in check fraud over the past three years as illustrated in the latest ABA Deposit Fraud Study:
- Attempts increased to $15.1 billion in 2018—up from $8.5 billion in 2016
- Losses increased to $1.3 billion —a rise from $789 million in 2016.
To combat the fraudsters, banks and financial institutions are modernizing their systems to include real-time, image-based capabilities. Image analysis solutions detect the attributes of a check such as check stock, amount, payee, to detect counterfeits, forgeries and alterations. Image analysis, blended with analytics-based solutions, provide a more complete fraud detection and prevention for financial institutions and their customers.
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