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Modernizing Omnichannel Check Fraud Detection

A Holiday Reminder to Beware of Check Fraud

December 6, 2023

75% of American experienced at least one type of holiday scam last year 15 holiday scams to watch for Keeping customers informed on these scams can protect the FI and their customers this holiday season The holiday season is, as they say, the “most wonderful time of the year.” Unfortunately, this goes for fraudsters as…

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43% of FIs Report Increase in Fraud — Time to Fight Back with AI

December 5, 2023

Scammers have easy access to sophisticated AI tech As a result, it’s easier and easier for “the average scammer” to engage in sophisticated fraud The banking community is responding by deploying AI tools to combat this new wave of fraud It’s no secret that banks are dealing with increased fraud as scammers leverage advanced technologies…

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Good Morning America: Mail Theft Goes National — and “Inside”

November 29, 2023

Mail Theft is on the rise and endangering postal employees Online “check trading” is easily accessible “Inside jobs” by postal workers have been discovered News of the current wave of postal theft went national on ABC’s Good Morning America, as they reported that close to 40,000 mail theft incidents were reported last year — and…

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OrboNation Newsletter: Check Processing and Fraud – November 2023

November 27, 2023

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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Preventative Measures to Mitigate Check Fraud for Suppliers

November 21, 2023

Media Financial Management hosted a webinar focused on check fraud They covered in detail fraud methods and prevention Check fraud continues to rise Business checks are a prized commodity when it comes to check fraud, as 81% of businesses still pay other firms with checks. This presents a major opportunity for fraudsters — made clear…

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A Deeper Dive into the Reported $155M in Check Fraud Losses

November 15, 2023

Regions Bank reported $153M in check fraud losses through Q3 2023 Fraudulent checks detected “50 to 60 days” later Selecting the right technology and fintech vendors key to check fraud mitigation It’s widely accepted that industry check fraud attempts and losses have grown 200% to as high as 400% since pre-pandemic levels. However, as all…

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UK Finance Reports Cases of Check Fraud Increased +35% in H1 2023

November 14, 2023

UK Finance has released their 2023 Half Year Fraud Update Digital banking has grown more popular – and is a fraud target The UK lacks incentive for many sectors to fight or identify fraud While we typically focus on fraud as it occurs here in the USA, many financial institutions operate in multiple countries. This…

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OrboGraph Partners with Dr. David Maimon, Expert in Proactive Fraud Intelligence

November 13, 2023

Relationship will drive new innovation and collaboration around dark web check fraud prevention Burlington, MA, November 13, 2023 – OrboGraph, a global leader in the fields of check fraud detection and image recognition solutions, is excited to announce a strategic partnership with Dr. David Maimon, Professor at Georgia State University, and a recognized authority in…

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Check Fraud Can Cost Businesses Up to 1.5% of Their Revenue

November 8, 2023

While digital payment systems grow in popularity, checks remain an important payment tool Digital payment fraud schemes get lots of press, in spite of the fact that check fraud is rising Fraudsters are able to use new digital tools to inexpensively create conterfeit checks Industry Analysts, Inc. reminds us that, in spite of the growth…

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Understanding Reg CC “Exceptions” for Fighting Check Fraud

November 7, 2023

Regulation CC (Reg CC) governs the timeframes within which banks and credit unions must make deposited funds available to customers Reg CC generally requires deposits to be available within 1-2 business days, with allowances for new accounts, large deposits, redeposited checks, and when fraud is suspected Balancing fraud prevention and Reg CC consumer protection obligations…

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