Modernizing Omnichannel Check Fraud Detection
Drop accounts are becoming a fraud “staple tool” These accounts are easy to open Fraudsters are advised to be patient and “age” the account for maximum effectiveness Many in the banking industry as are aware of one tool that is crucial to a fraudster: drop account. For those who are not as familiar, this is…
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Check fraud has grown to a major problem Positive pay offers tools to fight fraud However, positive pay adoption is fairly low Less than five years ago, check fraud was a niche topic, with very few outside the banking industry really understanding the in’s and out’s of check fraud. Well, fast-forward to the present and…
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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.
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Fraud and cybercrime have been increasing Telegram has become a prime platform for threat actors to conduct various scams and distribute malware The fact that it is quick and easy to “set up business” on Telegram is a huge attraction We all seem to know at least one person who has been the victim of…
Read MoreA decrease in check usage has not meant less fraud Nevertheless, checks remain popular in the United States A corresponding jump in fraud — some of it organized — is occurring in the US Jessica Washington, AAP, assistant vice president in the Retail Payments Risk Forum of the Federal Reserve Bank of Atlanta, notes in a post…
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Mail theft is on the rise, and checks are being stolen for fraud The Post Office claims it is doing what it can to combat theft A CBS News investigation seems to show otherwise CBS News reports that while the US Postal Service claims to be applying “rigorous action” to the mounting problem of mail…
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Check fraud continues to grow at an alarming rate PYMNTS reports Fed recommendation of electronic payment methods, or “instant disbursement” The data show less than 50% adoption of instant disbursement As we all know, check fraud continued to surge in 2023, and is likely to surge in 2024. A post at PYMTS.com reported estimates by…
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There are common fraud tactics to look out for Check fraud is on the increase Consumers can stop fraud by being aware of certain telltale signs While many of our blogs take an in-depth look into different topics and trends surrounding check fraud, it’s important to remind ourselves of the various types of check fraud…
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Michael Hsu backs FDIC’s proposal for increased scrutiny of bank mergers surpassing $100 billion Legacy systems in banking pose vulnerabilities that can be exploited by hackers during mergers Larger financial institutions are more reluctant to adopt open banking Mergers & acquisitions are commonplace in the banking. Whether it’s two financial institutions looking to strengthen their…
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The United State Secret Service also investigates financial crimes Check fraud detection used much different methods in the 90s Check fraud is on the rise, but so is the effectiveness of AI tech designed to detect and prevent it Some may be surprised to see the Secret Service mentioned in conjunction with financial crimes. Don’t…
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