Modernizing Omnichannel Check Fraud Detection

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…

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…

Alogent reports on the ways check processing and fraud prevention impacts financial institutions operationally and financially. In the age of technology, financial institutions are often looking for ways to automate processes and make them more cost-efficient. However, when it comes to check processing, many banks and credit unions who are still using the same solutions implemented at…

Fraudsters are accessing legitimate fraud detection systems These fraudsters are able to manipulate data created by detection tools Merchants need to be aware of this evolving tactic and ensure their vendors can still accurately score orders even when data is incomplete Frank on Fraud reports on a new fraud technique revealed via Karisse Hendrick’s Fraudology…

One would think that, with digital payments becoming more and more pervasive, we should expect the check fraud threat to begin shrinking. Unfortunately, that is not the case. As reported on the Minnwest Bank website, a 2022 survey of businesses revealed the following: 63% of businesses have reported check fraud activity, topping the list of…

Fraud is on the rise Incidents of fraud cost money – and customers Partnering with third partner AI and machine learning solutions are most often the best answer We all know that fraud can and does cost businesses revenue. However, the findings detailed in “The Next Chapter in Fraud: Using AI to Unveil Payments Intelligence,”…

Postal theft warnings are now in mainstream media Sending checks via mail can be done safely by following certain guidelines Banks need to rise to the challenge as check usage is still common While most in the banking industry are aware of the growing mail theft problem in the US targeting paper checks, many in…

As students of check fraud know, getting one’s hands on a stolen or counterfeit check is “only half the scam.” No matter how nicely a fraudster has replicated a check, it’s not “money” until it is deposited, however briefly, into a bank account that the financial institution considers legitimate. A bank drop refers to the…