Modernizing Omnichannel Check Fraud Detection

One man’s “career” in check scams Using checks to steal money used evolving methodology Crime leads to prison AND deterioration of relationships with loved ones Perhaps one of the best ways to learn about fraud methodologies might be to “look over the shoulder” of a person who actually perpetrated check fraud — which is exactly…

The growth of instant payments is straining fraud prevention and detection The Federal Reserve has begun its launch of FedNow Efficient data acquisition and processing will be key to controlling fraud As we’ve discussed in previous posts, consumers now have the expectation of near-instantaneous payments solutions. With the popularity of payments like Paypal and, most…

AI will be deployed to fight money laundering Google’s new AI product was trialed by HSBC AI helps Financial Organizations to Meet AML Obligations Over the past month, we have covered numerous topics when it comes to artificial intelligence and its importance to the banking industry, specifically fighting fraud. We have talked about generative AI…

AI is entering many areas of daily life Apple is bringing immersive AI to the mainstream via their new Vision Pro Will fraud analysts of the near-future start wearing super-goggles? Apple recently introduced the Apple Vision Pro, a “mixed reality” headset — currently priced at $3,500 — that is designed to create an immersive, tech-interactive environment.…

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…