Check Fraud Prevention

Let the Fireworks Begin: The State of Image Capture Technologies

By jgregory / July 3, 2013 / 0 Comments

Vijay Balakrishnan led a spirited webinar, hosted by Orbograph, addressing The State of Image Capture Technologies. It’s always interesting to take a retroactive look at what the vision was 5 years ago, and compare that to where we are today. In Vijay’s presentation, he looked at how the vision of distributed capture overall has been realized. But there are areas where the full potential has not fully been achieved.

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Cashier’s Checks: Can Consumers Trust Them & Can Paying Banks Find Fraud?

By jgregory / May 24, 2013 / 0 Comments

A recent post by Fraud Avengers caught our eye related to Cashier’s Checks. It’s interesting that this long time, reliable check source had become a target in many banks for counterfeiters. Fraudulent Cashier’s Checks typically become a deposit fraud loss at the bank of first deposit (BOFD) when the paying bank has strong controls in place for their incoming cashier’s checks. In order to best catch counterfeit Cashier’s Checks, a financial institution should implement strong image analysis and data analytics which can weed out items that have different check stock layouts as well as items with serial numbers out of range.

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Who knew recognition had such an impact at BAI Payments Connect 2013?

By jgregory / March 8, 2013 / 0 Comments

Can you believe next week is BAI Payments Connect 2013 in Phoenix already? The theme this year is “Building a Customer Centric Payments Strategy”. It’s impressive to see the number of check recognition innovations… it covers every Payment Summit topic. Check out these developments…

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FAQ from ECCHO – a Wealth of Information

By jgregory / March 4, 2013 / 0 Comments

Joining the ECCHO 2013 Operations Committee meetings in Dallas was a luxury to a vendor like Orbograph. The level of details which are covered related to topics such as check clearing, check processing and deposits is not only a testament to the commitment of the organization to excellence, but explains rules and concepts which are seldom exposed within the walls of software vendors. Examples of detailed analysis and discussion topics which are invaluable include…

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The New Age of Check Fraud

By jgregory / November 20, 2012 / 0 Comments

In the ever-changing landscape of payments fraud, one constant remains: fraudsters will always find a way. Traditional check fraud continues to linger as a loss conduit for financial institutions as well as retailers. The “traditional” activities of counterfeiting, forgeries, alterations and deposit fraud are still prevalent, but a new age of check fraud has already begun.

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Don’t Dread the Shred (Part #2): Managing the Paper of Remote Deposit Capture (RDC)

By jgregory / November 7, 2012 / 0 Comments

In our blog post on September 4, 2012, we talked about several risk factors for merchants, banks and mobile RDC users. One of the key points of recent interest was the process of managing deposited checks for a period of time before they are destroyed or shredded; or as defined in the FFIEC guidelines, “appropriate technology and process controls should be implemented at both the financial institution and the customer’s location to address operational risk.”

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11 Capabilities of Teller Image Capture You Need to Ask For

By jgregory / October 19, 2012 / 0 Comments

There are white papers galore written by the industry’s best teller image capture providers which explain the business case behind teller image capture. It’s encouraging to the market that this workflow is catching on in both large financial institutions and community banks. In fact, based on a recent flurry of large banks making decisions to move to teller image capture, the numbers for this market segment should reach nearly 60% per Celent.

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Duplication of Payments from Both Sides of the Coin

By jgregory / October 4, 2012 / 0 Comments

Duplicate payments can hit an account at a paying bank at any time causing consumers and businesses alike to be overdrawn or charged extra fees. Bankers hate duplicate transactions because at times they can be held liable for the double posting, and it creates customer dissatisfaction even if the errant item is first deposited at another bank. Most of the duplicate incidences at the paying bank are due to…

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Mobile RDC: Addressing Check Disposition Concerns

By jgregory / September 4, 2012 / 0 Comments

Mobile banking has expanded “online banking” into the realm of immediate gratification; how perfect for today’s younger generation. But actually, it’s not only GenY-ers who want instantaneous information and accessibility. The list also includes business people, soccer moms, college students and just about everyone with a smart phone.

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4 Quick Tips to Help Merchant and Commercial Accounts Identify Check Fraud

By jgregory / July 30, 2012 / 0 Comments

Every business fears the potential losses associated with accepting counterfeit and forged checks. Although banks lose an estimated 893M per year in check fraud, the untold story of losses at the merchant/business location is more dramatic. Industry consultants have estimated these losses can be as high as $10B per year!

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