Modernizing Omnichannel Check Fraud Detection

Helpnetsecurity.com, quoting an Abnormal Security report, explains that there seems to be a peaking and plateauing of COVID-19-themed email attacks, an increase in BEC (Business Email Compromise) attack volume, and acceleration of payment and invoice fraud. Most of these scams rely upon impersonating a known company or brand. The report also uncovered changing trends in these brand impersonation attacks, a form of fraud where a bad actor assumes the identity of a trusted or known entity. Will it surprise you to learn, given the current remote meeting trends, that ZOOM (NASDAQ: ZM) became the most impersonated brand in Q2?

If you’ve been following the news, you’ve heard warnings about COVID-19 infection spikes as a result of seasonal and behavioral factors. Another unfortunate spike related to the pandemic is check fraud.

We’ve discussed at length the ways in which Image Analysis is a crucial tool in preventing and detecting check fraud. For instance, image analysis is deployed to “see the attributes of an image” and compare that to previously cleared checks for match purposes.

As we continue to explore the check fraud trends in 2020, an OrboGraph/Alogent collaboration brings this exciting webinar: The Future is Now: Industry Insights and the Role of Data to Mitigate Check Fraud and Modernize Deposits. In this unique webinar/streaming session, hosted on Thursday, October 22, 2020 from 2:00 – 3:00 PM EST, we will discuss…

The ABA Deposit Fraud Account Fraud Survey is the “official” industry benchmark when it comes to fraud trends and losses for banks and financial institutions. The latest version, released on January 1, 2020, is labeled as the 2019 report. The survey provided great depth and illustrated that fraudsters “went a little crazy” from 2016 to…

Research by TransUnion, whose flagship fraud prevention solution IDVision® with iovation® gives them intelligence from billions of transactions and more than 40,000 websites and apps, recently released their quarterly analysis of global online fraud trends found that fraudsters are decreasing their schemes against businesses, but increasing COVID-19 focused scams against consumers online.

It’s a story becoming more and more common, unfortunately: On May 19, Stephen Holder of Franklin, WI lost his job because of COVID-19. Not to worry. Four days later Stephen got an alert for for a remote position via CareerBuilder. Things were looking up! Or were they?

OnPay Solutions President and CEO Neal Anderson minced no words in a recent interview with Pymnts.com wherein he discussed B2B payments fraud trends, including the growing threat of internal fraud. He went on to explain that organizations need to prepare themselves to address and mitigate the fraud threat, even as employees work from home.

BG Motor Cars owner Noman Beg was on vacation when he took a look at his bank account — and noted, with considerable alarm, that a check had been written against his account for $33,525. Problem was, he had not written that check, nor did he foresee being able to cover it alongside normal expenses in the near future.