Modernizing Omnichannel Check Fraud Detection

ICBA data reveals a nearly 100% increase in check fraud from 2021 to 2022 “Institutional knowledge” is decreasing regarding check security ICBA offers suggestions for community banks in the face of this growing challenge The Independent Community Bankers of America (ICBA) — noting Financial Crimes Enforcement Network data that reveals a nearly 100% increase in…

Check fraud has increased significantly An “online market” for stolen checks is growing Financial institutions will need to prepare to defend themselves against an onslaught of fraudulent checks BlueVoyant Cyber Threat Intelligence Analyst Nissan Kedar takes a look at the emergence of check fraud as the “go-to” scam for bad actors. She notes that, over…

2022 saw a huge increase in SARS reports Check fraud led the way in 2022 The check fraud trend so far in 2023 indicates that it will surpass 2022 According to the Thomson Reuters Regulatory Intelligence special report based on analysis of public data released by the U.S. Treasury Department’s anti-money laundering (AML) unit, FinCEN, there has…

The Dark Web is being successfully utilized more and more by fraudsters Email addresses can be harvested via legitimate web sites Google has responded with new security features In earlier posts we’ve mentioned the Dark Web and how it’s becoming a more and more accessible “market” for fraudsters — and a danger to unwitting visitors…

“Check washers” remove original written info from checks to create forgeries Demand for these checks has led to thefts and assaults Gel pens have been touted as “wash-resistant” A few weeks ago we explored the utility of Gel Ink Pens as shields against check fraud. A WSAW-7 consumer alert cited gel pens as a simple way to…

Credit unions are hit hard by fraud While needing to combat fraud, credit unions do not want to impair the customer experience The answer is automation In the banking world, fraud has hit hard. Fraudsters have evolved their tactics, blending old school techniques such as check washing with new technologies such as leveraging the dark…

Check fraud is rising quickly There is an “open market” aiding check fraud on the internet Many banks grew complacent during a period when check fraud was stable Suparna Goswami, Associate Editor at ISMG, spoke to Trace Fooshee, strategic adviser at Aite Novarica Group, about problems banks have been facing in addressing the precipitous rise…

Check fraud is a growing problem “Lessons” in creating fake checks are available online YouTube is home to many tutorials One of the more disturbing aspects of mounting check fraud — beside the fact that postal workers are being physically assaulted to get “raw material” and mail drop box keys — is the fact that…