Modernizing Omnichannel Check Fraud Detection

TikTok sometimes allows poor advice to be posted The “Infinite Money Glitch” is one such example — encouraging check fraud There are several different methods banks can use to detect this sort of fraud TikTok trends are all the rage now. While YouTube remains the leader for content created by individuals, many are addicted to…

NICE Actimize shares tips for fighting check fraud Technology plays key role in check fraud detection Banks are shifting from competitors to collaborators while tackling challenges Brian Keefe, Senior Pre-Sales Consultant at NICE Actimize, shares some advice for combating check fraud in the financial industry. Via “Q&A” format, Keefe highlights the ongoing threat posed by…

Fraud attacks of many types are on the rise Merchants are reporting huge fraud impacts A shift from operational costs to improving customer experience and mitigating payment fraud is evident While our blog’s main focus is the checks payment channel, it’s worth taking a look at other payment channels and their fraud trends — particularly…

The internet is buzzing this morning with news that Telegram CEO Pavel Durov was arrested in Paris. According to APNews: Durov was detained in France as part of a judicial inquiry opened last month involving 12 alleged criminal violations, according to the Paris prosecutor’s office. It said the suspected violations include complicity in selling child…

Check writing remains common, with 61% of Americans still using checks. Most persons using checks believe they are deploying all available safeguards In fact, many check-writing habits need to be “upgraded” Recently, Kiplinger Personal Finance Magazine posted a helpful article that explains how to safely write a check in a world where fraud is not…

YouTuber Tommy G goes “deep dive” with actual scammers The video discusses the motivations behind scamming, particularly among Gen Z It’s suggested that disillusionment with the financial system, which is see as corrupt and unjust, fuels their involvement in fraud. A recent YouTube video by Tommy G. offers a pretty comprehensive, 30-minute dive into the…

Commerce Bank is introducing a new alert via text for potentially suspicious check activity Texting seems to have emerged as best and most efficient method of contact Input from customers will be used to help fortify the system Commerce Bank has developed an innovative Texting for Check Fraud program that alerts customers of potentially suspicious…

Check fraud rates continue to climb Delays in repayment for bad checks are becoming common A majority of financial institutions want liability shifted to BOFD The recently released IntraFi Executive Business Outlook Service report makes it clear that check fraud has significantly increased, with 90% of community bankers reporting higher levels of fraudulent check-writing. ​Furthermore,…

HELOC records are being used for check fraud The ICBA has been prompted to issue a warning Machine learning and AI detection mechanisms are effective defensive tools Many individuals within the banking sector and home owners are familiar with a “Home Equity Line of Credit” or “HELOC” — a type of second mortgage that allows…