Modernizing Omnichannel Check Fraud Detection

Check fraud remains a growing concern for banks and depositors alike There are three primary types of check fraud Most common check fraud types evolved over the past 2+ millennia Did you know that the origin of checks can be traced back to 312 BC? Would it be a surprise that, even back then, fraud…

Mail theft targets checks A huge amount of mail was recently stolen from JFK Airport It’s been found to be an “inside job” Another story of mail theft — this time, an inside job. NBC New York’s Gus Rosendale reports that several postal workers were arrested after being accused of stealing checks — and, we’re…

BAI’s new report examines methods to ID and prevent check fraud Electronic check fraud is the newest wrinkle Biometric scanning and AI are covered, but deserve more attention Financial institutions (FIs) understand that there are several factors involved in creating a strong defense for check fraud. Even though fraudsters are exploiting contactless channels like ATMs…

Jack Henry has released a new report on AI strategy The report reveals that a vast majority of financial institutions plan to increase tech budgets 75% of banks and credit unions indicate check fraud as a major concern Our friends at Jack Henry & Associates has recently published the 2024 Strategy Benchmark report. Conducted between…

FinCEN issues warning on cryptocurrency being used by Mexican Drug Cartels 2%-5% of the worlds GDP — or $2.22 to $5.53T — is laundered Cryptocurrency makes up only .47%, or one-half of one percent, of money laundered On June 20, 2024, the US Financial Crimes Enforcement Network (FinCEN) issued an updated advisory to US financial…

Check fraud is on the rise Fraudsters require depositor information to pull off scams ID theft is growing as a result Jenna Herron, a columnist at Yahoo Finance, recently found herself on the wrong side of a case of identity theft. Not long ago, someone posed as me at three bank branches and drained thousands of…

Overall banking fraud is climbing Account takeover fraud is now surpassed by authorized payments scams While check deposits are down, check fraud is up 33% NICE Actimize has gathered and published some in-depth research that clearly shows a precipitous rise in banking fraud, which is understandably a growing concern for Financial Institutions (FIs) and consumers…

Many parts of the U.S. have been on the blunt end of some “interesting” weather of late. Whether it’s flooding rains, high winds, or excessive heat, it’s been important to be “weather aware.” Effective weather prediction — the kind that helps you postpone that camping trip when storms are ahead, or make sure the snowblower…