Modernizing Omnichannel Check Fraud Detection

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…

2024 saw a 15% increase in fraud attacks and attempts over the previous year A multi-layer approach to fraud prevention is recommended Also vital are robust email security measures, including two-factor authentication & email scanning Readers of our blog know this simple fact: There is no “single technology” that can detect the majority of counterfeit,…

There are 10 recommended warning signs that signal check fraud None of the warning signs require special equipment to detect Bank tellers, however, cannot be expected to get through the checklist on a busy day Spotting a fraudulent check is not an easy task. Fraudsters have finely honed their craft, and even the most seasoned…

The business world is tangling with “a startling resurgence in check fraud” Going digital has advantages- but many won’t until they are victimized Implementing Payee Positive Pay service is essential The Bottomline blog pulls no punches with the title of its latest entry, How to Beat Check Fraud: Go Digital, Get Positive Pay, or Get…

Scammers are using “mules” to pass bad checks Some “mules” are unaware that they are aiding a scam There are risk factors to look for when detecting mule-aided scams Sarah Cassidy, a senior consultant at FICO specializing in fraud, takes a look via the FICO Blog at money mule fraud, a major and growing problem…

Check fraud looms large for financial institutions Post offices and carriers are targets of check theft A holistic solution is the best approach Yes, you read the title right. In a new podcast from the ABA, Glenn Fratangelo, Director, Product Marketing, NICE Actimize, opens the interview with Patrick Smith, SVP, Fraud Operations, ABA, with the…

Recording Future monitors 700 Telegram Channels for Stolen Checks in H1 2024 85% of stolen checks are likely “reposts” High concentrations of stolen checks are in metropolitan areas Telegram is a major communication channel leveraged by criminals due to its encryption and anonymity. This makes it an attractive method for selling stolen checks. Previously, we…