Modernizing Omnichannel Check Fraud Detection
Check fraud rates continue to climb Delays in repayment for bad checks are becoming common A majority of financial institutions want liability shifted to BOFD The recently released IntraFi Executive Business Outlook Service report makes it clear that check fraud has significantly increased, with 90% of community bankers reporting higher levels of fraudulent check-writing. Furthermore,…
HELOC records are being used for check fraud The ICBA has been prompted to issue a warning Machine learning and AI detection mechanisms are effective defensive tools Many individuals within the banking sector and home owners are familiar with a “Home Equity Line of Credit” or “HELOC” — a type of second mortgage that allows…
Check fraud is emerging as a huge problem Many vendors are bringing back older technologies to fight fraud “…They’re blowing the dust off their 20- and 30-year old pieces of software and coming back out and saying, ‘I’ve got some check fraud solutions!’” Scott Anchin, VP, operational risk and payments policy at ICBA, and David…
We’ve discussed previously the fact that fraudsters, like most insular groups, have their own lingo. Eric Huber, TD Bank Cybercrime Research & Analysis Leader and curator of Fraudsterglossary.com, discusses the dreaded Stimmy, or Stim — a term used by fraudsters for any sort of check issued by the US Treasury regardless of the program. There…
Deepfake Technology has become a more and more formidable threat Advances in fake image generation tech – and easy availability – has become problematic Biometric scanning as part of multi-factor authentication may be the answer Rembrandt AI, purveyor of state-of-the-art real-time analytics, takes a look at the rising threat of deepfake technology in the financial…
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.
Target has stopped accepting personal checks due to low usage and increasing fraud concerns Statistics indicate near doubling of check fraud cases from 2021 to 2022 Stores with robust customer ID systems, like Costco, may be among the few accepting checks As noted far and wide via media, Target has stopped accepting personal checks due…
A new study examines the costs of fighting financial crime Surveys were distributed in the UK Another survey by Intelligent CSIO reveals that the number of victims is growing While we focus on fraud in the US, it’s important to understand fraud trends across the globe as well — these markets can bring valuable insights.…
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.
Check fraud remains a growing concern for banks and depositors alike There are three primary types of check fraud Most common check fraud types evolved over the past 2+ millennia Did you know that the origin of checks can be traced back to 312 BC? Would it be a surprise that, even back then, fraud…