Modernizing Omnichannel Check Fraud Detection

Gel pens are resistant to “washing” It’s often advised to write checks with gel pens to avoid fraud Fraudsters can create checks from scratch, so they no longer “wash” checks A few months back we reported on an experiment to see whether gel ink pens indeed resisted “check washing” as claimed by some pundits. The…

Check fraud continues to rise Scammers are now working with smaller dollar amounts The “Dark Web” provides an easly accessable marketplace for checks At BankInfo Security, Suparna Goswami spent some time talking to Rene Perez, director of financial crimes sales and financial crimes consultant for Jack Henry & Associates, to review the major fraud scams…

Anyone with a smartphone can download an app and quickly get access to bundles of stolen checks sold in open forums. Banks are shuttering accounts without communicating with their customers NYT reporter reaches out to unknowing victims On the heels of NY Times reporter Tara Siegel Bernard covering the rise of check fraud, colleague Rob…

Despite the decline in check usage, check fraud has become a significant problem for banks and customers, particularly since the pandemic Criminals have leveraged tech and social media to commit fraud on a grander scale, and the theft of checks has become more sophisticated Often the anti-fraud efforts of financial institutions can negatively impact fraud…

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…

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…

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…

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…