Data Verification

Cybersecurity Awareness Month

By orbograph / November 1, 2016 / 0 Comments

In light of last week’s crippling web outage, it’s ironic to note that the Federal Deposit Insurance Corporation has declared October Cybersecurity Awareness Month. The FFIEC hosted a webinar entitled Getting the Most Out of Your FS-ISAC Membership for financial institutions on October 31, 2016. Cybersecurity is, of course, crucial in the fraud prevention workflow, and last week’s outages…

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Feds Plan to Take SSN Off Medicare Cards

By orbograph / October 20, 2016 / 0 Comments

Get ready for a new complication, er… challenge – The Centers for Medicare and Medicaid Services is readying the healthcare industry for the removal of Social Security numbers from Medicare cards by April 2019. From HealthData Management: In April 2018, CMS will start generating new MBIs for all living and deceased Medicare beneficiaries, with information systems and…

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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 is Here – and Paper Check Usage is UP!

By orbograph / October 4, 2016 / 0 Comments

The same report that finds 57% of organizations intend to use same-day ACH for last-minute payments also finds that business-to-business payments by paper check actually increased slightly from 2013, breaking the previous downward trend in check use. In fact, 86 percent have finally integrated their check payments systems with their accounting systems. There are still major…

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Breaking Down The Faster Payments Construct

By orbograph / September 27, 2016 / 0 Comments

Set aside 13 minutes for the newest installment of the Countdown to Same Day ACH podcast series. In this episode, Jan Estep, president and CEO of NACHA, talks to Karen Webster about the overlaps, complements, and implications of all the capabilities under the faster payments umbrella. Ms. Estep says the best way to think about “faster payments” is as an umbrella…

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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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Report: Dreaded ICD-10 Conversion Had Modest Impact

By orbograph / August 4, 2016 / 0 Comments

In March of 2014 we were warned that the ballooning of ICD-10 diagnostic codes from 13,000 to 68,000 was going to disrupt the finances and data systems of healthcare providers. As it turns out – it was manageable. A new report from public accounting, consulting and technology firm Crowe Horwath reveals four key findings (as originally cited by…

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