Modernizing Omnichannel Check Fraud Detection

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…

Machine learning is a vital tool in spotting and preventing fraud Two primary approaches deployed by Machine Learning: Unsupervised and Supervised Learning The best solution for most FIs is a properly configured combination of the two Jeremy Chen, senior director of product management at DataVisor, explores the growing need for adoption of machine learning technologies…

Forbes reports on the roles of Artificial Intelligence and Machine Learning in revolutionizing the process of signature verification in the banking sector. Despite increased digitization over the last decade, most organizations continue to rely on signatures as the primary method of transaction authentication. Signing checks, authorizing documents and contracts, approving transactions, and validating activities are…