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Modernizing Omnichannel Check Fraud Detection

Bad Actors: Not Always Outsiders

May 21, 2024

Mail theft is a growing threat Thieves are usually looking for checks to copy “Inside jobs” by postal service employees raise the stakes We have in past posts related some pretty alarming tales of postal theft and efforts to stop it. Now there’s news of an elaborate and ongoing “inside job” series of postal thefts in…

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FBI Investigates Corruption Allegations — Including Forged Checks — Against Illinois Mayor

May 15, 2024

An Illinois Mayor is accused of forging checks with the village Clerk’s stamp The Mayor is also accused of wrongful termination of employees who refused political work The FBI has been brought in to investigate Unfortunately, politics and corruption seem to go hand-in-hand. The US is ranked number 24 out of 180 nations in terms…

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Check Fraud Accounts for Nearly 20% of SARs Filings in 2023

May 14, 2024

SARs accounted for nearly 20% of SARs filings in 2023 There is nothing to indicate they will not continue their increase into 2024 Checks remain fraud targets Thomson Rueters reports that the number of suspicious activity reports (SARs) – the documents that financial institutions must file with the federal government’s Financial Crimes Enforcement Network (FinCEN)…

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Tips for Consumers to Spot a Fake Check

May 8, 2024

When examining a check to determine whether it’s real or not, it’s also worth looking for other general irregularities and mistakes. Look for spelling errors or typos in the printed information on the check, such as a misspelled business name or address. You can also check to make sure that the address of the check’s…

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Check Fraud Detection at the Dawn of the ’80s vs. Today

May 7, 2024

Check Fraud is nothing new – it’s been around for decades Methods to ID fraudsters were a bit different as the 80’s began Modern check fraud needs to met with modern tools An interesting artifact from way back in the ’80s depicts a fraudster’s-eye view of the techniques in play a little over 40(!) years…

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Establishing “Drop Accounts”: More Than Opening an Account

May 1, 2024

Drop accounts are becoming a fraud “staple tool” These accounts are easy to open Fraudsters are advised to be patient and “age” the account for maximum effectiveness Many in the banking industry as are aware of one tool that is crucial to a fraudster: drop account. For those who are not as familiar, this is…

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Podcasts: Check Fraud is a Growing Business…Positive Pay is Only PART of the Solution

April 30, 2024

Check fraud has grown to a major problem Positive pay offers tools to fight fraud However, positive pay adoption is fairly low Less than five years ago, check fraud was a niche topic, with very few outside the banking industry really understanding the in’s and out’s of check fraud. Well, fast-forward to the present and…

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OrboNation Newsletter: Check Processing and Fraud – May 2024

April 30, 2024

In case you missed it, over the past month, we have published incredible content on our OrboNation Blog and Modernizing Omnichannel Check Fraud Detection. Review the latest OrboNation Newsletter online or via PDF download.

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Telegram: Understanding Why Fraudsters Use It

April 24, 2024

Fraud and cybercrime have been increasing Telegram has become a prime platform for threat actors to conduct various scams and distribute malware The fact that it is quick and easy to “set up business” on Telegram is a huge attraction We all seem to know at least one person who has been the victim of…

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The FED: Decrease in Check Volume Doesn’t Mean Decrease in Check Fraud

April 23, 2024

A decrease in check usage has not meant less fraud Nevertheless, checks remain popular in the United States A corresponding jump in fraud — some of it organized — is occurring in the US Jessica Washington, AAP, assistant vice president in the Retail Payments Risk Forum of the Federal Reserve Bank of Atlanta, notes in a post…

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