Modernizing Omnichannel Check Fraud Detection

Digital payments like Zelle are becoming more and more popular Fraud via digital is near-instantaneous, making it almost impossible to stop Banks often do not or cannot return digitally stolen funds Digital payments are becoming more and more popular. You can pay for that haircut or pizza almost instantly with the touch of a button…

Rise in mail theft — USPS struggles to address issue Beware the “fraud chain” Organized fraud means meeting it with organized solutions We have all read the stories about mail theft of paper checks, and even postal workers committing the theft. Moneywise details another instance that is becoming all too common: A few days after…

Check fraud can be highly organized Social media is used to recruit Financial institutions need to remain vigilant Check fraud, unfortunately, can be the work of more than one bad actor. There are more and more cases of highly organized, coordinated “recruiters” creating groups that take aim at businesses. Here’s a fairly simple example, as…

YouTube has become the world’s “instruction sheet” A down-to-Earth examination of fraud has real impact Anything that builds consumer awareness is a solid tool The digital age is upon us and in the 21st century, many are turning to YouTube videos as the go-to for educational purposes. This does not just pertain to the tech-savvy…

Check scammers have zeroed in on…. home inspectors This is a familiar scam notable only for its target Scammers monitor trends and ID’ed home inspectors as vulnerable We’ve noted before in this space that scammers are getting more and more clever and specialized as time goes on, and this story from WKRN in Tennessee is…

Checks can be a critical component of money mobility “People have moved from bricks to clicks” FinTechs are “newbies” to checks Ingo Money CEO Drew Edwards recently had a conversation with PYMNTS’ Karen Webster that you can watch below. Mr Edwards emphasized the “good news-bad news” surrounding checks in that they can be a critical component of…

Manual fraud reviews have some short-term advantages The ultimate time and expense incurred for manual review makes it impractical AI is the recommended approach Chris Ryan, a Senior Fraud Solutions Business Consultant at the credit reporting firm Experian, recently posted his thoughts on the pros and cons of manual fraud reviews in the age of…