Modernizing Omnichannel Check Fraud Detection

Check fraud is not new — it boomed in the 1970s By 1977, banks responded with multiple anti-fraud tactics Are there lessons modern financial institutions can learn from the ’70s? FrankonFraud takes us back to the days of cable TV, eight-track tapes, and leisure suits – the 1970s. The 1970s were hard times in fraud.…

  Another new report sees fraud growing Complexity of fraud has increased as well Cost has become the main obstacle in defending against fraud FeatureSpace — creator of Adaptive Behavioral Analytics, Automated Deep Behavioral Networks and ARIC Risk Hub, the most powerful and open technology to combat fraud and financial crime — just released a…

Financial organizations faced significant fraud losses in 2023 A majority of survey respondants report fraud attacks have increased or remained the same 23% of respondents saw a decrease in fraud attacks Alloy — a identity risk management platform for financial companies — has recently published its 2024 State of Fraud Benchmark Report, revealing meaningful losses…

Some banks offer “extra protection” against fraud for a monthly fee Bank customers are responsible to report suspicious activity within a short period of time “This is not a fraud mitigation program; this is a screw the bank customer program” A recent report by Melissa Andrews was cited on LinkedIn by Frank Albergo, National President…

The new BAI Executive Report, entitled Safeguarding Against Fraud, offers a look at the current state of fraud and the ways financial institutions can protect themselves and their clients. One thing is for sure: It’s not getting any easier. Ever faster and smarter technology — like nearly instantaneous money transfers and the popularization of artificial…

Having read an article published by ABA on their Risk and Compliance portal titled “The Dangers of Mobile Remote Deposit Fraud,” David Peterson, Chief Innovation Officer, Speaker, Facilitator and Advocate for Metacognition!, purports to discuss the dangers of labeling mobile remote deposit capture (mRDC) as the source of check fraud. He presents the following scenario…

Deposit fraud prevention is crucial for protecting account holders and the institution’s reputation Check fraud and mobile deposit scams are on the rise, with mobile banking usage and mobile fraud both increasing Scams targeting older generations and tech-savvy individuals are also getting more common Advanced Fraud Solutions has released their 2024 Deposit Fraud Trends Report —…