Modernizing Omnichannel Check Fraud Detection

Overall SARs reports have declined, but only slightly Check fraud SARs achieve near record-setting levels in 2024 As we seeing the new norm for check fraud levels? According to a recent report from the Thomson Reuters Institute, the total number of Suspicious Activity Reports (SARs) filed by U.S. financial institutions in 2024 declined slightly from…

Fraud incidents continue to surge Collaborations play a key role in enhancing fraud prevention capabilities Partnerships are vital because there is no single tech that can detect the majority of check fraud As fraud incidents continue to surge, credit unions (CUs) are racing to implement cutting-edge technologies and forge strategic partnerships to safeguard their finances…

Consortiums are proving effective in fighting fraud Key to success is a collaborative approach Privacy concerns and regulatory hurdles are among the challenges faced The evolution of banking fraud has drastically changed over the past decade. Most notably, fraudsters are no longer performing their schemes solo. The internet has enabled fraudsters to not only perform…

The USPS is a source for stolen checks Postmaster DeJoy recently resigned The new administration has indicated an executive order is pending Over the past few years, the USPS has been a major source for stolen checks — fueling the surge in check fraud. As we’ve covered in the past, criminals are robbing mailboxes and…

A lack of check “subject matter experts” is a major issue for FIs There are five main varieties of check fraud, according to a guide created by Schneider Downs Fortunately, financial institutions and consumers can fight back in specific and effective ways One major issue that many financial institutions are facing when it comes to…

Alloy’s 2025 State of Fraud Benchmark Report has been released Organized Fraud Rings are growing 99% of respondents report AI is part of their fraud defense Alloy, an identity risk management platform for financial companies — recently published its 2025 State of Fraud Benchmark Report, revealing meaningful losses for financial organizations in 2024. Last year, we…

Even as digital payments grow, check fraud remains a major threat to financial institutions Positive Pay is a key technological solution A comprehensive, layered approach is recommended In a recent article, BAI looks ahead to check fraud defense in 2025, outlining several strategies financial institutions can use to combat the growing threat of check fraud.…

Mail theft continues to rise The ABA and Post Office have already teamed up to help fight back The FBI has now joined the fray In last week’s blog we relayed how, in response to rising rates of mail theft related to financial fraud, the American Bankers Association (ABA) and United States Post Office have…

The American Bankers Assoc. & U.S. Postal Inspection Service have produced useful infographics The infographics address individual and business account safety Several methods are recommended to recognize money mules In an effort to further educate society on the dangers of criminals stealing checks in the mail to commit check fraud, the The American Bankers Association…