Modernizing Omnichannel Check Fraud Detection
It is important to understand that while check fraud is a significant problem in the US, similar trends are occurring in Europe as well. In Europe, there was a shared view of paper checks as a payment vehicle on the road to the junkyard years ago — only to find out that it remains a popular payment method in many countries.
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You get a text from Costco offering you stimulus checks or packages because you’re a loyal customer. Great news, right?
The old saying “If it sounds too good to be true, it’s probably not true” comes to mind…
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The negative impact of check fraud really hits home when it happens to you, a friend or relative. Unfortunately, as we see in the following drama, you don’t get the Hollywood ending if you’re unprepared.
A former colleague of ours, Eric Oliver, used to work for VSoft and Fiserv…
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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 Cox is also an aspiring author who wrote an unpublished manuscript entitled The Associates, in which the main character — surprise!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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