Modernizing Omnichannel Check Fraud Detection

Check fraud is growing and becoming more sophisticated Technology is keeping up with fraudsters Careful implementation of anti-fraud tech is vital to staying ahead of fraud innovations Sherah S., Head of Legal, Risk, and Compliance at CheckAlt, recognizes that check fraud is growing more and more common and accessible to fraudsters. That doesn’t mean financial…

Check fraud is growing We are on track to see another increase in ’23 Fortunately, investing in newer tech to combat fraud is affordable Check fraud continues to be a growing and significant problem for US banks. S&P Global reports that, between 2018 and 2022, suspicious activity reports for check fraud at banks increased over…

While the younger generation doesn’t use checks frequently, check use is still strong Fraudsters are robbing mailboxes – both private and US Postal Service “blue boxes” Check fraud can be accomplished with inexpensive tools, making it popular Jeffrey Weiner, Chairman and CEO at Marcum LLP, posted on LinkedIn about the growing “popularity” of check fraud…

Gel pens are resistant to “washing” It’s often advised to write checks with gel pens to avoid fraud Fraudsters can create checks from scratch, so they no longer “wash” checks A few months back we reported on an experiment to see whether gel ink pens indeed resisted “check washing” as claimed by some pundits. The…

Check fraud continues to rise Scammers are now working with smaller dollar amounts The “Dark Web” provides an easly accessable marketplace for checks At BankInfo Security, Suparna Goswami spent some time talking to Rene Perez, director of financial crimes sales and financial crimes consultant for Jack Henry & Associates, to review the major fraud scams…

Anyone with a smartphone can download an app and quickly get access to bundles of stolen checks sold in open forums. Banks are shuttering accounts without communicating with their customers NYT reporter reaches out to unknowing victims On the heels of NY Times reporter Tara Siegel Bernard covering the rise of check fraud, colleague Rob…

Despite the decline in check usage, check fraud has become a significant problem for banks and customers, particularly since the pandemic Criminals have leveraged tech and social media to commit fraud on a grander scale, and the theft of checks has become more sophisticated Often the anti-fraud efforts of financial institutions can negatively impact fraud…