Modernizing Omnichannel Check Fraud Detection

Consortiums are proving effective in fighting fraud Key to success is a collaborative approach Privacy concerns and regulatory hurdles are among the challenges faced The evolution of banking fraud has drastically changed over the past decade. Most notably, fraudsters are no longer performing their schemes solo. The internet has enabled fraudsters to not only perform…

The USPS is a source for stolen checks Postmaster DeJoy recently resigned The new administration has indicated an executive order is pending Over the past few years, the USPS has been a major source for stolen checks — fueling the surge in check fraud. As we’ve covered in the past, criminals are robbing mailboxes and…

A lack of check “subject matter experts” is a major issue for FIs There are five main varieties of check fraud, according to a guide created by Schneider Downs Fortunately, financial institutions and consumers can fight back in specific and effective ways One major issue that many financial institutions are facing when it comes to…

Alloy’s 2025 State of Fraud Benchmark Report has been released Organized Fraud Rings are growing 99% of respondents report AI is part of their fraud defense Alloy, an identity risk management platform for financial companies — recently published its 2025 State of Fraud Benchmark Report, revealing meaningful losses for financial organizations in 2024. Last year, we…

Even as digital payments grow, check fraud remains a major threat to financial institutions Positive Pay is a key technological solution A comprehensive, layered approach is recommended In a recent article, BAI looks ahead to check fraud defense in 2025, outlining several strategies financial institutions can use to combat the growing threat of check fraud.…

Mail theft continues to rise The ABA and Post Office have already teamed up to help fight back The FBI has now joined the fray In last week’s blog we relayed how, in response to rising rates of mail theft related to financial fraud, the American Bankers Association (ABA) and United States Post Office have…

The American Bankers Assoc. & U.S. Postal Inspection Service have produced useful infographics The infographics address individual and business account safety Several methods are recommended to recognize money mules In an effort to further educate society on the dangers of criminals stealing checks in the mail to commit check fraud, the The American Bankers Association…

2024 saw a 15% increase in fraud attacks and attempts over the previous year A multi-layer approach to fraud prevention is recommended Also vital are robust email security measures, including two-factor authentication & email scanning Readers of our blog know this simple fact: There is no “single technology” that can detect the majority of counterfeit,…