Modernizing Omnichannel Check Fraud Detection

There is no doubt that the pandemic has created opportunities for fraudsters. Atlas VPN reports that cybercrime cost the world more than $1 trillion in 2020, which works out to around 1% of global GDP. Access via online “pirating” to information like email addresses and social security numbers creates opportunities for phishing and other attacks.

Once again, we see evidence that the COVID pandemic boosted the frequency and sophistication of fraud activity. As tallied in the 2021 Treasury Fraud & Controls Survey by Strategic Treasurer and related by Omri Kletter, global VP for fraud and financial crime at Bottomline, a good deal of fraud is due to the contortions businesses had to make — in a hurry — to accommodate remote work.

Banks in New Jersey were taken for many thousands of dollars The scam was a fairly elaborate, multi-step affair $250,000 had been stolen before the scammers were caught We all know about scams involving passing fake or altered checks, but what about elaborate multi-step operations? Here’s an interesting “What if?” exercise — could your bank…

Stimulus and unemployment check proliferation requires higher-than-ever vigilance Scammers are using the phone to go after checks Which states are the biggest targets? As noted in this space previously, an unfortunate side-effect of the distribution of stimulus checks has been heightened activity by scammers attempting to take advantage of the situation via various fraud tactics.…

AFP 2021 is coming November 7-11 both virtually and in-person Frank D’Amadeo, director of treasury at Con Edison, sees new sophistication in fraudsters “We’re no longer fighting the so-called ‘amateur fraudsters’” The Association for Financial Professionals — known by industry professionals by its acronym AFP — will be hosting its AFP 2021 Annual Conference both…

The next weapon against check fraud has arrived Huge potential increase in fraud-loss savings to FI’s Performance Validation Analysis (PVA) to the rescue! Financial institutions have it down when it comes to check processing, posting, automation, and IT. However, when it comes to check fraud prevention, many live in fear. Why? Because they either have…