Modernizing Omnichannel Check Fraud Detection
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…
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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
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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
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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…
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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.
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Identify problematic use cases,
check fraud evolution, using independent data sources improves fraud predictions
Welcome to the first in a series of posts exploring payments fraud, with an emphasis on check fraud detection. This informative blog series approaches this crucial topic in the following ways:
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