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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Blog Post
Check Fraud Detection: The Intersection of Forensic Document Examination and Image Forensic AI
OrboGraph’s James Bi recently spoke at a conference about check fraud detection tools Image Forensic Technology is a powerful weapon against fraud Is AI replacing forensic document examination for banks? No! OrboGraph’s Marketing Manager and Check Fraud Detection Specialist James Bi was recently a featured speaker at the 2024 Scientific Association of Forensic Examiners Conference…
Blog Post
Check Consortiums: The Advantages of Open Models for Fraud Detection
Consortiums have been seen as a good tool against fraud However, consortiums create challenges of their own Check consortiums are unique and are less affected than other fraud consortiums Consortiums have been a major resource in the fight against check fraud. Many financial institutions are leveraging consortiums like Advanced Fraud Solutions TrueChecks and Early Warning…
Blog Post
Supercharging Positive Pay Systems to Combat Check Fraud
Positive pay is not a new innovation for fighting check fraud. Many financial institutions offer this service through Treasury Management; with the increase in check fraud, many businesses have deployed this solution to mitigate check fraud losses. As noted in a blog post from our friends at Advanced Fraud Solutions: Standard Positive Pay: This basic…
Blog Post
Claude.AI’s New Analysis Tool a “Game-Changer” for Fraud Fighters?
A new AI “superhero” has been introduced Claude.AI is a new analysis tool being called a “game changer” This innovation represents a new partner in effectively preventing fraud For nearly a decade, we’ve heard about the potential of artificial intelligence for the bank industry and how it is a “game-changer.” For checks processing and fraud…
Blog Post
Solving Paper Check Fraud’s “Weakest Link” … Paper Checks Themselves?
Even as digital payments gain popularity, paper checks remain prevalent Businesses and customers alike still regularly use checks Fraudsters exploit the anonymity of depositing checks through ATMs or mobile devices, which adds complexity to tracking We have previously noted that the rise in check fraud can be traced back to the deployment of EMV chips…
Blog Post
“FakeCall” Malware for Android Phones Intercepts Calls to Your Bank
New malware designed for Android phone users Fakecall software redirects calls to scammers Download apps only from official stores — do not allow installations from unknown sources During the pandemic, we saw a shift of banking customers — who, at the time, could not or would not go to their local branch — utilizing…
Blog Post
AI in Check Fraud: Are Fraudsters Staying One Step Ahead?
Fraud continues to rise Fraudsters are now utilizing AI to strengthen scams The battle between AI-powered fraud and AI-powered fraud detection is only just beginning Recently, OrboGraph’s Marketing Manager and Fraud Detection Specialist, James Bi, had an interesting conversation with an industry expert on mRDC and Check Fraud. The expert noted that “Fraudsters are one…
Blog Post
Many Americans Believe Checks are More Secure Than Digital Payments…Are They Wrong?
The rise of new payment methods has not eliminated check usage Checks present a security risk to both consumers and financial institutions Are check payments more secure than digital payments? Over the past several months, it’s been suggested by industry experts and technology vendors that the “checks are dead” sentiment has lead to the surge…
Blog Post
Nearly 20,000 Stolen Checks Worth Over $485M Found on Telegram
Telegram is a bountiful resource for check scammers 20,000 checks were catalogued, sourced from nearly 2,000 different US banks and credit unions Government checks make up 22.6% of the total In order to commit check fraud, the first step for a fraudster is simple: obtaining a legitimate check. Sure, a fraudster can purchase blank check…
Blog Post
OrboNation Newsletter: Check Processing and Fraud – October 2024
In case you missed it, over the past month, we have published incredible content on our OrboNation Blog and Modernizing Omnichannel Check Fraud Detection. Review the latest OrboNation Newsletter online or via PDF download.