Modernizing Omnichannel Check Fraud Detection

Community banks and credit unions are at a disadvantage. Their lack of necessary internal resources and budget to upgrade their systems and integrate new technologies compared to big banks leads to gaps in fraud coverage, automation capabilities, and outdated systems. These gaps are perilous when almost all industry numbers indicate check fraud is on the rise. Meanwhile, the banking industry is more competitive than ever as new fintech companies like Chime, Brex, and Acorn hit targeted markets. Community banks and credit unions also perform much more manual work compared to these new fintech companies.

infographic examining the current state of fraud in banking. Their research reveals that the #1 digital banking concern — regardless of generation — is fraud.

BAI Banking Outlook has made available an informative publication called The Impact of Digital Acceleration on Banking, based upon a survey of 600 consumers and 200 leaders of financial services organizations.

Fraud losses exceed actual monetary amount stolen Mobile is the new target International criminal organizations are significant players One of the harsh realities of fraud: actual LOSSES due to fraud exceed the monetary amount involved in the transaction. Digital Transactions reported on LexisNexis Risk Solutions’ “True Cost of Fraud” study for e-commerce and retail merchants,…

August, it turns out, is the most popular month for fraud “Back to School” purchasing and new campus arrivals at college make for good targets Campus wifi can be a threat as well We’ve always known that “back to school” makes August a big month for retailers, but here’s a little-known fact: August, as it…

Wanna-be “influencers” targeted Scammers are often tripped up by the language gap Detecting patterns stops fraud The Action 10 News Troubleshooter Series took a look at a popular scam that “fishes” for potential influencers by offering to pay them in return for allowing a “decal wrap” advertising a popular energy drink on their automobile. In…

Scammers are opportunists COVID relief checks provided a “porthole” to scams Consumers need reminders to stay vigilant even in challenging times It is no surprise to note that scammers are, first and foremost, opportunists. When the United States government began issuing several rounds of stimulus checks, they were right there with complicated — and not-so-complicated…

PaymentsJournal offers a podcast wherein Patricia Rojas, Senior Manager Data Scientist at ACI Worldwide, and Tim Sloane, VP of Payments Innovation at Mercator Advisory Group discuss the ways Machine Learning (ML) has become a vital component in the fight against fraud — particularly during the pandemic, when fraud rates have escalated.