Modernizing Omnichannel Check Fraud Detection
ABA reported a significant check fraud uptick in 2018 data B2B payments are still dominated by checks – leading to more opportunities for fraud – is it overrated? Assessing real-time, Positive Pay fraud systems with image can stop fraud at various stages of the workflow Corporate Payments Landscape: Checks Still Rule in B2B The Wall…
Read More
Fraud techniques are evolving and check fraud is often intertwined with other types. Anyone involved in fraud detection and prevention needs to stay up-to-date, and Fraud Magazine offers some useful information.
Read More
2019 Federal Reserve Payments Study Reports 16B Checks Written It’s back! The 2019 Federal Reserve Payments Study, provides us new insights and metrics for the payment industry: Less Paper, More Fraud Attempts, More Fraud Drilling down to checks, we see that the estimated volume of 16B checks written may have declined by 7.2%. However, read…
Read More
In today’s world, abbreviations are utilized on a daily basis. Simple contractions such as “don’t”, “couldn’t”, and “we’ll” are all commonly used in the English language. In the banking world, abbreviations are most common in the date field, as many in society choose to abbreviate the year from 01/08/2020 to 1/8/20. Seems harmless, right? Maybe…
Read More
As fraudsters continue to evolve their tactics, it is important to understand what acts of fraud are being committed and what actions banks are taking in order to combat fraudsters. These real-life examples provide much needed clarity into not only the acts of frauds, but also the types of perpetrators and their situations. From the…
Read More
Check fraudsters are getting technologically sophisticated; Many bank fraud legacy detection systems are hopelessly out-matched; Proof of Concept is vital to the success of even the newest tech
Read More
20 technical questions around fraud detection and models; complicated fraud scenarios must be well defined; AI and machine learning are effective, but multi-model approaches will outperform single models
Read More
While instant payment channels grow and multiply by the day, fraudsters remain interested in check fraud as a “reliable” form of illegal income.
Let’s look at the classic Fake Check fraud scheme, which has not lost popularity in spite of the growth of other payment channels.
The FedNow Service, the Federal Reserve’s planned faster payments service, promises to have a positive impact on the speed with payments are processed. As the FED navigates their way toward a solution, The Clearing House continues to promote RTP (real-time payments). But the path to a world of real-time, integrated payments is not an easy…
Read More
Learn more about how as a by-product of EMV, check fraud rebounded, how market research provides many insights and learn more on how the majority of fraud professionals cite a need for tech investment to fight fraud.
Read More