Modernizing Omnichannel Check Fraud Detection

Check fraud is emerging as a huge problem Many vendors are bringing back older technologies to fight fraud “…They’re blowing the dust off their 20- and 30-year old pieces of software and coming back out and saying, ‘I’ve got some check fraud solutions!’” Scott Anchin, VP, operational risk and payments policy at ICBA, and David…

We’ve discussed previously the fact that fraudsters, like most insular groups, have their own lingo. Eric Huber, TD Bank Cybercrime Research & Analysis Leader and curator of Fraudsterglossary.com, discusses the dreaded Stimmy, or Stim — a term used by fraudsters for any sort of check issued by the US Treasury regardless of the program. There…

Deepfake Technology has become a more and more formidable threat Advances in fake image generation tech – and easy availability – has become problematic Biometric scanning as part of multi-factor authentication may be the answer Rembrandt AI, purveyor of state-of-the-art real-time analytics, takes a look at the rising threat of deepfake technology in the financial…

A new study examines the costs of fighting financial crime Surveys were distributed in the UK Another survey by Intelligent CSIO reveals that the number of victims is growing While we focus on fraud in the US, it’s important to understand fraud trends across the globe as well — these markets can bring valuable insights.…

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…