Modernizing Omnichannel Check Fraud Detection

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 —…

Review of fraud in 2023 — SARs forecasted to exceed 2022 11 fraud predictions for 2024 Image forensic AI key technology for decreasing check fraud losses in 2024 Fraud in 2023 saw an increase in almost every possible channel. And, while we are able to look at past historical data for each payment channel, it’s…

Check fraud is growing and becoming more sophisticated Technology is keeping up with fraudsters Careful implementation of anti-fraud tech is vital to staying ahead of fraud innovations Sherah S., Head of Legal, Risk, and Compliance at CheckAlt, recognizes that check fraud is growing more and more common and accessible to fraudsters. That doesn’t mean financial…