Modernizing Omnichannel Check Fraud Detection

Refund checks from the IRS are being targeted by thieves Checks range from a few hundred dollars to $500,000 There are reports of “inside job” postal thefts as well When you think about different types of checks, which do you believe is the most desirable to fraudsters? The answer is treasury checks. When a fraudster…

Check fraud continues to climb Fraudsters are finding their “job” easier and easier Practice Safe Checks aims to help banks educate their consumers The American Banker’s Association announced via LinkedIn that, in recognition of Cybersecurity Awareness Month, they are launching Practice Safe Checks, a new campaign that equips banks with tools to illustrate for their…

Community banks and credit unions are often portrayed as integral to a community or region. Typically, they differentiate themselves from the larger financial institutions by servicing their communities and building a strong relationships and ties within their region. However, could this also be perceived as a weakness that can be exploited by fraudsters? According to…

mRDC has seen a 90% increase in suspicious activity from 2021 to 2023 Fidelity responds to their money “glitch” Investment firms need to follow in the footsteps of FIs Mobile RDC (mRDC) may be the most abused deposit channel for check fraud, with the Insikt Group reporting  a 90% increase in suspicious activity from 2021…

Check kiting is becoming more and more common There are generally two bank accounts involved Solid defenses are required to prevent losses resultant of “kiting” If you ask anyone in the banking industry if they thought check fraud would be running rampant in 2024, the majority would respond with a simple “no.” However, OrboGraph saw…

Check fraud scams are nothing new Fidelity is being targeted for deposit fraud A multi-layered tech strategy is important in stopping deposit fraud Over the past few weeks, fraud professionals  have closely followed the “Infinite Money Glitch” — a viral trend that brought check kiting back into the spotlight. And, as an industry leader in…

What hurts more than stepping on a bunch of LEGO blocks while barefoot? Hearing that a charitable organization has fallen victim to a scammer. Unfortunately, no one is off limits to fraudsters — not even charities. While many would think that the fraudsters would imitate a charity to steal funds for donators, there are fraudsters…

Check fraud continues to be a threat The Wespay 2024 Payments Symposium offered valuable insight “Breach of Warranty” determinations present a problem This past week OrboGraph’s own James Bi,  Marketing Manager and Check Fraud Detection Specialist, was in attendance at the Wespay 2024 Payments Symposium. In addition to his presentation: Check Fraud in 2024: Are…

Public Service Officers play a key role in stopping check fraud There are specific items they can and should look for when supervising offenders Garbage is not off limits In the fight against check fraud, public service officers are often overlooked — even as they play a crucial role to stopping fraudsters. Financial institutions are…