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Modernizing Omnichannel Check Fraud Detection

Artificial Intelligence in Banking — The Answer to Fraud and Compliance Issues?

February 15, 2022

AI integration has become vital to financial institutions Fraud detection is strengthened greatly by AI tech AI advantages are not limited to large banks A blog post by Saurabh Singh at AppInventiv.com explores the growing integration of Artificial Intelligence into more and more banking systems. AI-based systems can help banks reduce costs by increasing productivity…

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LexisNexis Study Reports $4.00 in Fraud Costs per $1.00 Fraud Loss

February 8, 2022

New LexisNexis study identifies the true cost of fraud Fraud spans across the spectrum of both payment channels and customer journey Multi-layered technology approach is needed to lower fraud costs ABA Banking Journal reports on a new study called “The True Cost of Fraud™” from LexisNexis Risk Solutions that reveals rising monthly fraud attacks in 2021 compared…

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Examining Fraud Predictions for 2022

February 2, 2022

Fraud increased tremendously as the pandemic entered its second year New fraudsters are entering the arena due to the ease of committing fraud 10 predictions for fraud in 2022 As the industry saying goes: “New Year, New Fraud.” It couldn’t be more accurate, as Frank McKenna’s Frank on Fraud blog opened the new year with…

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OrboNation Newsletter: Check Processing Edition – January 2022

January 28, 2022

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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Post-Pandemic Fraud: Be Proactive, Not Reactive

January 26, 2022

The pandemic has created a definite uptick in fraud Rather than reactive, FIs should be PROACTIVE in their approach to combatting fraud It’s time to “think like a fraudster” James Ruotolo, a senior manager in the fraud and financial crimes practice at Grant Thornton, contributed a valuable article to ABA Bank Compliance magazine which discusses…

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Black Market Chat Rooms: A New Source for Check Fraud

January 18, 2022

A special research team has been closely studying fraud Check fraud can lead to cybercrimes such as identity theft Check fraud is growing and supported by an “underground” structure Many of us in the banking industry rely heavily on check fraud data from various industry sources such as the American Bankers Association (ABA), Association of…

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Check Washing is Still Prevalent…How Can Banks Catch It?

January 12, 2022

Checks can be “washed” Many businesses buy checks with anti-fraud features Deploying forensic AI technology thwarts “check washers” Since checks are most often delivered by mail — via what are generally non-secure receptacles that can be emptied by any sticky-fingered thief willing to open a public mailboxes or stolen directly from home mailboxes — they…

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Credit Unions Must Leverage Advanced Tools to Curb Fraud

January 4, 2022

The pandemic has made digital solutions more vital than ever Credit unions faced a disadvantage in getting aboard the “digital services train” AI and ML solutions are giving CUs the leverage they need PYMNTS.com takes a look at how the pandemic has forced consumers to “rush to digital channels to tackle daily tasks including grocery shopping,…

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OrboNation Newsletter: Check Processing Edition – December 2021

December 30, 2021

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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Secret Service Reports Fraudsters Have Stolen Nearly $100 Billion in Pandemic Relief Funds

December 28, 2021

Fraudsters are being targeted by the United States Secret Service Nearly $100 billion in pandemic relief funds have been stolen Stimulus check scams are used to get personal information The National Review reports that fraudsters have stolen nearly $100 billion in pandemic relief funds. This has resulted in the arrests of more than 100 suspects, and…

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