Modernizing Omnichannel Check Fraud Detection

James Bi of OrboGraph was a recent guest on the Wespay Payments Perspective Podcast The primary topic was how mobile deposit is leveraged by fraudsters Investment in tech is vital, as fraudsters are constantly evolving their techniques It is not a stretch to say that fraudsters LOVE technology — particularly when it comes to banking.…

“Deepfakes” are emerging as a threat Detection of deepfake material is getting harder and harder “It’s more important than ever to have a multi-pronged anti-fraud strategy.” As artificial intelligence (AI) technology continues to advance, a new type of media manipulation known as “deepfakes” poses significant challenges for businesses, governments, and individuals. Deepfakes use machine learning…

Financial institutions should take advantage of today’s advanced communication modes Attention to digital channels has left check security on a “lower tier” A multi-layered tech approach is the answer Over the past few years, OrboGraph’s Marketing Manager and Fraud Detection Specialist, James Bi, has traveled across the US speaking at various banking industry and payment…

Check fraud is being addressed by the Federal Reserve Their system, however, is only effective with checks processed through the Federal Reserve The best solution detects fraud activity across the entire check ecosystem Earlier in 2024, we took a deep dive into two tools from the FED to combat fraud: FedPayments Reporter for Check, which enables…

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…

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…

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…

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…

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…