Modernizing Omnichannel Check Fraud Detection

A new study examines general bank fraud Fraudsters are overtly advertising “fraud lessons” Checks remain a prime fraud target In their new expansion of The Business of Fraud: An Overview of How Cybercrime Gets Monetized, Recorded Future’s Insikt Group® — Recorded Future’s threat research division, comprising analysts and security researchers with deep government, law enforcement,…

Digital payments are becoming more and more popular Even so, checks remain a mainstay for many consumers Fraudsters never stop evolving, and neither should anti-fraud technology. As cited by an article at the ABA Banking Journal, the 2021 Association for Financial Professionals Payments Fraud and Control Survey indicates that checks remain the payment method most…

Fraudsters are stealing checks from postal service mailboxes We now see assaults on mail carriers to access keys to the public mailboxes An online “black market” for checks provides ample motivation for these thefts As if it weren’t bad enough that fraudsters have made it a habit to steal from home mailboxes and even postal…

Many large companies have been stung by check fraud Almost all instances could have been prevented by currently available fraud detection tech AI-powered transactional-analysis systems protect orgs from internal and external fraud Though digital payment options are popular (and there seems to be a new one every week), the fact is that checks remain a…

Bad fraud practices are pervasive Attention to a short list of bad practices can bring improvement Banks must stay consistent and constant The always-informative Frank on Fraud blog discusses — with accompanying highly entertaining imagery and GIFs — the 10 Worst Fraud Practices and How to Avoid Them. Frank recognizes that the same mistakes seem…

Use of AI and machine learning expected to escalate against fraud A majority of organizations plan to increase their anti-fraud tech budgets The pandemic has certainly been a factor The Association of Certified Fraud Examiners and SAS released their Anti-Fraud Technology Benchmarking Report 2022 — a report exploring how organizations are using anti-fraud technologies and which ones…

Check fraud is rising Remote deposits are more popular and create more fraud opportunities Tools are available to effectively fight check fraud The PaymentsJournal Podcast invited guests Bev Nichols, Product Director of Deposit Solutions at Fiserv, and Sarah Grotta, Director of Debit and Alternative Products Advisory Service at Mercator Advisory Group, to discuss the state of check…

A “holistic approach” is best in combating fraud Digital financial products are an easier target Checks, while less targeted, are still in the crosshairs of fraudsters In their latest “Digital Fraud Tracker” feature, PYMNTS talked with Seth Ruden, senior director of fraud operations for First Tech Federal Credit Union. In his analysis of fraud prevention,…