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Modernizing Omnichannel Check Fraud Detection

USPS Outlines 10-Year Reform Plan — Are Stolen Checks Addressed?

February 15, 2023

Postal carriers are being robbed for checks and “arrow keys” The USPS has outlined reforms Many feel that postal carrier security is not being addressed strongly enough One of the more horrific wrinkles in the check fraud phenomena is the rise in actual physical attacks on United States Post Office carriers by assailants looking for…

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Banks Reported 84% Increase in Check Fraud from 2021 to 2022 — According to US Treasury FCEN

February 14, 2023

Popular messaging platforms like Telegram are aiding fraudsters Telegram allows fraudsters to stay hidden behind aliases and encrypted messages “Walkers” are recruited to carry out in-person transactions with fake checks Many industry experts agree that check fraud has grown 3X from its pre-pandemic levels. We now have data to confirm the continued upward trend of…

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59% of FIs Experienced Increase in Overall Fraud Rate

February 7, 2023

Fraud is costly and pervasive In addition to outgoing payments, incoming payments are subject to fraud Companies deploying digital security solutions are seeing results As our blog’s readers know all too well, fraud is on the increase, and getting more sophisticated. As noted by Fraud is both costly and common. In the last two…

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LinkedIn: Keeping Up with #CheckFraud in the New Year

February 3, 2023

New Year, New Fraud — and #FraudFighters continue to spread awareness through social media such as LinkedIn. Check out the latest #CheckFraud posts: View the post on LinkedIn → View the post on LinkedIn → View the post on LinkedIn → View the post on LinkedIn → View the post on LinkedIn → View the post on LinkedIn →

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How Artificial Intelligence is Changing the Face of Fraud Detection

February 1, 2023

You are likely seeing more and more news stories and posts on social media talking about the emergence of artificial intelligence as a potential replacement for actual human creativity (in fact, AI has been, evidently, generating an endless Seinfeld episode for more than a month now). While these dubious feats get much of the mainstream…

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Credit Unions and Community Banks: Financial Fraud to Watch for in 2023

January 31, 2023

Fraud in 2021 increased over 70% compared to 2020 Perpetrators are taking advantage of government programs Financial institutions need to be prepared for the predicted fraud-attempt onslaught An article at Credit Union Times by Rene Perez, Director of Financial Crimes Solutions Sales and Financial Crimes Consultant at Jack Henry, opens with a startling statistic: In…

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OrboNation Newsletter: Check Processing and Fraud – January 2023

January 30, 2023

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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Challenger Banks Feeling the Pressure of Fraud

January 25, 2023

In the UK, “Challenger Banks” are becoming popular Inflation was once the primary threat to Challenger Banks Fraudsters are turning their attention to potentially unprepared Challenger Banks Challenger banks — small, recently created retail banks that compete directly with the longer-established banks in the UK, sometimes by specializing in areas underserved by the “big four”…

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2023 Tax Refund Checks — Fraudsters Are Ready to Pounce

January 24, 2023

Tax season is once again upon us With tax season comes tax fraud in the form of IRS impersonators Refund checks are also targets for theft from mailboxes and alteration As inevitable as the sun coming up in the morning, tax season is here again. For many, it’s a stressful, sometimes baffling period that creates…

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Fraud Expert: Check Fraud Predicted to Hit $24B+ in 2023

January 18, 2023

Check fraud is on the rise with no relief in sight “I think check fraud is going to hit $24 billion or more this year,” says Frank McKenna Banks will need to invest in technological “shields” again check fraud Suparna Goswami of the ISMG Network spoke to Frank McKenna, chief fraud strategist at Point Predictive…

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