Modernizing Omnichannel Check Fraud Detection
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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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 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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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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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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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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Artificial intelligence has been one of the hottest topics within the banking industry over the past few years. Every day, banking professionals are bombarded with emails from publications and vendors relating how AI is the greatest thing to happen to the banking industry; yet, according the American Banker, the excitement isn’t leading to implementation. In…
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A financial contribution to a California congressman was stolen from the mail Both Republican and Democrat government figures and organizations are facing postal thefts US Government and USPS efforts are not enough Rep. Ken Calvert, a Republican congressman from California, spotlighted the increase in mail theft/check fraud. He put his money where his mouth is…
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Even as digital payments get more popular, checks remain a strong payment channel Check fraud is on the rise Banks can deploy targeted and effective anti-fraud strategies using customer data and image analytics While digital alternatives to checks are certainly getting more and more popular, there can be no doubt that checks remain a pervasive…
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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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