Modernizing Omnichannel Check Fraud Detection
We’ve detailed various scenarios fraudsters contruct and provided the profiles of a fraudster, but what does check fraud look like from the vantage point of the fraudster?
Matthew Bevan “Matt” Cox is an American former mortgage broker and admitted mortgage fraudster. Cox is also an aspiring author who wrote an unpublished manuscript entitled The Associates, in which the main character — surprise! — traveled the country to perpetrate mortgage fraud.
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In these days of unprecedented events and protocols related to the coronavirus pandemic, it comes as no surprise that fraudsters of all stripes are taking advantage of any and all aspects of the situation.
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The check is in the mail Fraud awareness Treasury checks and image analysis The old adage “the check’s in the mail” is somewhat appropriate right now as the government ramps up the stimulus program with $1,200 coming to many Americans. In the OrboNation blog post yesterday, we provided a quick estimate of the number of…
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Congress passed a $2 trillion stimulus bill — the largest in United States history — that promises to revive a coronavirus-stricken economy. These are payments that will be sent directly to Americans, with many adults getting $1,200. For every qualifying child age 16 or under, the payment adds an additional $500. The plan is for…
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During 2019, more than 1.9 million consumers cashed FTC checks received as a result of law enforcement cases. When consumers don’t cash their refund checks, the FTC uses that money to send additional mailings to ensure the maximum amount of money is returned to consumers. Any remaining refund money is sent to the U.S. Treasury.
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From the Federal Reserve Bank of Atlanta comes an informative overview of check usage entitled U.S. Consumers’ Use of Personal Checks: Evidence from a Diary Survey. The authors look at 1,600 individual transactions to gain an understanding of what check payments are currently used for—by dollar value, and by payee—and who uses checks (in terms of demographics and income).
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OrboGraph recently co-hosted with Nice Actimize a dynamic webinar entitled Change is Inevitable – How Will You Respond? Along with OrboGraph’s Joe Gregory, Allegra Angus and Nithin Mangalore of Nice Actimize discussed with attendees different aspects of check fraud trends, best practices for combating check fraud, including incorporating machine learning and image analysis.
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Modernizing Omnichannel Check Fraud Detection An informative blog series exploring payments fraud and image technologies used to fight financial crimes. ACH Fraud Jumps – Are You Surprised? Checks represent a “big” target for fraudsters, but ACH fraud is growing faster ACH fraud growth, in fact, surprised industry leaders Has effective fraud prevention throttled check fraud…
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Double-layered fraud: fraudsters who actually defrauded other recruits who thought they were “in on it” – both banks and accomplices alike we defrauded. To better detect fraud, banks need to strategically align their technologies.
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Fraud attempts affected an estimated $25.1 billion held in deposit accounts, ABA’s survey found, with $22.3 billion protected per the Banking Exchange Prevention was the equivalent of $9 for every $10 in attempted fraud, per Dodd Frank Update Attempted check fraud spiked 43% in two years, per PYMNTS.com The American Bankers Association’s (ABA) 2020 Deposit…
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