Modernizing Omnichannel Check Fraud Detection

It’s no secret – check fraud is on the increase Organized fraudsters have made check fraud an industry Fraudsters make up in VOLUME what they can’t accomplish in QUALITY John Zollinger, Executive Vice President and Director of Commercial Banking at Home Bank, joined the Discover Lafayette podcast to discuss ways you can stay vigilant to…

2021 saw a 41% increase in attempted fraud There are multiple causes for the increase DATA will be our weapon against further fraud NICE Actimize recently released “The 2022 NICE Actimize Fraud Insights Report,” which identifies and analyzes the leading fraud threats and patterns that impacted leading global financial institutions in 2021. The report makes clear…

IDology’s annual fraud report is eye-opening There has been a surge in fraud related to the pandemic In fighting and preventing fraud, customer service must be balanced IDology, “the trusted leader in digital identity verification and authentication,” has released their eighth annual fraud report, entitled The Beginning of a New Chapter: COVID, the Rush to…

While effective, the AI “black box” needs to be uncovered A closed environment invites errors and suspicion Explainable AI provides a solution In a recent blog post from Brighterion — a Mastercard company (founded in 2000 and acquired by Mastercard in 2017) that provides real-time artificial intelligence technology to 74 out of the 100 of…

IBM’s latest move into fraud protection AI is the key component These tools allow a switch from fraud detection to fraud prevention IBM and Morning Consult just released a new study: 2022 IBM Global Financial Fraud Impact Report, providing data from six countries on fraud activities being experienced along with identifying the types of payments…

Digital payments like Zelle are becoming more and more popular Fraud via digital is near-instantaneous, making it almost impossible to stop Banks often do not or cannot return digitally stolen funds Digital payments are becoming more and more popular. You can pay for that haircut or pizza almost instantly with the touch of a button…

Rise in mail theft — USPS struggles to address issue Beware the “fraud chain” Organized fraud means meeting it with organized solutions We have all read the stories about mail theft of paper checks, and even postal workers committing the theft. Moneywise details another instance that is becoming all too common: A few days after…

Check fraud can be highly organized Social media is used to recruit Financial institutions need to remain vigilant Check fraud, unfortunately, can be the work of more than one bad actor. There are more and more cases of highly organized, coordinated “recruiters” creating groups that take aim at businesses. Here’s a fairly simple example, as…