Modernizing Omnichannel Check Fraud Detection

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…

Check fraud continues to rise Check fraud has grown disproportionalty compared to other channels Checks haven’t changed in decades, making an easy target The latest NICE Actimize article is available for download, and it’s called Check Fraud Running Rampant in 2023. Talk about getting to the point! The report is full of valuable information and…

The web offers easy-to-acquire resources for fraudsters Less knowledge and effort than ever is required to accomplish check fraud Fraudsters often get caught because they flaunt their ill-gotten gains on social media Infamous Ghost Money, a masked YouTuber whose channel about “fraud awareness and prevention” has been featured in our blog previously, recently discussed the…

Mail theft is increasing Physical assaults on mail carriers hadn’t been addressed up to now USPS and the Postal Inspection Service have announced a crackdown on robberies and mail theft A few weeks ago we talked about how mail theft is on the rise — as check fraudsters seek to acquire more “raw material” from…

Mail theft is on the rise, including theft from mail carriers Thieves are looking for checks that they can “wash” and cash The kind of pen used can deter check washing Every time you check your favorite source for news — both locally and nationally — it is inevitable that you will run across numerous…

AI is a startlingly effective tool Fraudsters have already discovered AI’s utility Corporations and governments alike are warning of AI’s impending misuse Not long ago we talked about the way Generative AI is gaining popularity, embraced for its ability to quickly create images, audio, and text– quickly and inexpensively, which is the key factor. With…

The National Law Review notes that, even in the face of so many fast and easy ways to accomplish lightning-quick bank functions — complete with nearly instantaneous reporting of transactions — through online and mobile banking, one of the more common account frauds today is “good old-fashioned check fraud.” They note as well the use…

Mail theft is on the rise Physical assaults on Postal carriers are also rising State and federal government officials are responding Over the past year, we have covered the sharp increase in mailcarrier and mailbox robberies in the USA. With news & media across the country reporting the trend, it would be reasonable to believe…