Check Fraud Prevention

Top 5 Tech Innovations Your Bank Can’t Ignore—and Why

By orbograph / October 18, 2016 / 0 Comments

We’re excited to see that, of the Top 5 Tech Innovations Your Bank Can’t Ignored, we can actually contribute significantly to three of them! Let’s call them the “Key 3”: Continue to embrace Check 21 Leverage electronic workflows Automated tellers Part of the shared theme of the Key 3 is that the branch bank is far from obsolete. Online…

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Same Day ACH Will Challenge Fraudsters, Improve Other Payments

By orbograph / August 30, 2016 / 0 Comments

Starting on September 23, all financial institutions in the U.S. will be able to accept Same Day payments, with the option to originate them. The August edition of the PYMNTS.com Faster Payments Tracker™, powered by NACHA, contains an informative interview with Steve Kenneally, Vice President of the American Bankers Association, to get his perspectives on this important step forward…

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$590K Counterfeit Check Scheme: "They Were Essentially Printing Money."

By orbograph / August 23, 2016 / 0 Comments

Earlier this month we talked about 10 tips for spotting a fake check – were you paying attention? If not, this will likely increase your vigilence. In a story out of New Jersey, we learn that a check forgery ringleader used a computer to manufacture fake checks: Stephens created the checks using graphic software, inflating the amounts…

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ACH Finally Catches & Passes Check Clearing … or Will It?

By jgregory / August 16, 2016 / 0 Comments

The other day a friend was telling me about how he ordered a lens for his camera via Amazon at 10am in the morning, and had an Amazon truck in his driveway at 3:30pm that afternoon. We used to be astounded by 48-hour delivery, and now the “click”-to-doorstep duration is only a little longer than the…

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How Do You Spot a Fake Check? 10 Tips for "Hands On" Review

By orbograph / August 9, 2016 / 0 Comments

Payment fraud and identity theft nags the industry as mobile and online payments grow. There are even expectations of check fraud increasing due to the additional safeguards of EMV on the credit card side, per the Atlanta FED. Detecting check fraud has changed over the years, evolving from a “hands on” approach of manual check observation to…

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Identity Fraud: New Techniques Respond to New Technologies

By orbograph / July 5, 2016 / 0 Comments

Banks are facing bigger and bigger challenges to ensure new accounts are actually legitimate. Once fraudsters create an account under a false identity, it can be very difficult to stop before its too late. To make it more difficult, online applications and online account opening give fraudsters the upper hand in manipulating their identities. From the American…

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"Why would I drive to talk to a video screen?" Six Video Teller Mistakes to Avoid

By jgregory / June 28, 2016 / 0 Comments

It’s not a live-in-person teller, and it’s not an ATM. But, based on conversations I’ve had with some of my older, more set-in-their-ways relatives, it may be the only way to get certain people to make use of a “machine” to do their banking. The interactive video teller machine certainly looks like an ATM, but the remote…

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Regulators Now Demanding New Deposit Reconciliation Practices for Banks & Credit Unions

By orbograph / June 21, 2016 / 0 Comments

Fed. Government: “Technological and other processes exist that allow financial institutions to fully reconcile discrepancies in deposit accounts”

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“Fraudsters are innovative & persevering—money is a great motivator!"

By orbograph / June 7, 2016 / 0 Comments

It should come as no surprise to security-obsessed online merchants that fraud is the leading concern of e-commerce merchants polled by the Merchant Risk Council, a Seattle-based worldwide association of e-commerce payments and risk-control executives. The MRC polled a total of 193 merchants in December and January at companies of varying industries and sizes (see their report…

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Identity Theft, Bank Tellers, and Fraud

By jgregory / May 24, 2016 / 0 Comments

If Manhattan’s top District Attorney Cyrus Vance is to be believed, consumers may have as much — or more — to fear from bank tellers than they do from accessing their accounts online or with a mobile device.

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