Modernizing Omnichannel Check Fraud Detection
Check fraud is on the increase and touching more and more depositors Over half of financial institutions report checks as the payment method most impacted by fraud Technology currently exists to combat the threat Detecting check fraud is — to say the least — complex. There are many variables that need to be considered, along…
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Fraudsters use fake LLCs to perpetrate schemes Even careful consumers can be fooled Consortiums are vitally important to combat this type of tactic A few weeks ago, we talked about the ease with which fraudsters open LLCs in order add an additional layer of “realism” to their schemes. While setting up a fake business is…
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ATMS are more popular than ever Their popularity makes ATMs ripe targets for thieves Legislation has been introduced in the U.S. aimed at curtailing these thefts As reported by the American Banking Institute, ATMs — deposit and withdrawal devices that are more popular than ever — are becoming goldmines for thieves. ATMs have become lucrative…
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Robust consortium data set currently includes 2,500 institutions and 25,000 routing numbers Burlington, MA, June 11, 2024 – OrboGraph, a premier supplier of check processing automation and fraud detection software and services, announced the successful integration of Advanced Fraud Solutions TrueChecks® within its OrboAnywhere Sherlock 5.3 release as part of an open consortium strategy to…
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Mr. Abagnale was an infamous fraudster before “going straight” The film Catch Me If You Can is based on his life As a fraud-prevention consultant, Mr. Abagnale warns that check fraud is now easier than ever Who better to give fraud-avoidance advise than a famous (infamous) ex-fraudster? Steve Hines of ThreatAdvice sat down with Frank…
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The elderly are becoming favored targets of fraudsters An FBI report reveals “astonishing” numbers International scammers are now prevalent Unfortunately — and not unexpectedly — fraudsters are taking aim at older Americans. As CBS News reports, “Elder Fraud” is becoming more and more popular. According to the FBI, older Americans were targeted more frequently last…
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In case you missed it, over the past month, we have published incredible content on our OrboNation Blog and Modernizing Omnichannel Check Fraud Detection. Review the latest OrboNation Newsletter online or via PDF download.
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Tech Against Scams is a new anti-fraud consortium Escalating fraud leads to needed coordination among social media, dating apps, financial institutions, and crypto firms About a third of Big Tech and FinTech firms have experienced fraud in recent months PYMNTS.COM reports on Tech Against Scams is a newly announced anti-fraud consortium that includes crypto companies…
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A growing number of FIs deploy machine learning and AI to fight back against fraud Steep declines in fraud are noted However, less success is noted in preventing charitable-donation and fake debt-collection scams According to PYMNTS Intelligence’s “Leveraging AI and ML to Thwart Scammers,” a report created in collaboration with Hawk, a growing number of financial institutions (FIs) are…
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Highlights Include Check Fraud Trends, SARs Analysis, OrboAnywhere Sherlock 5.3, and Deposit Fraud Burlington, MA, May 23, 2024 – OrboGraph, a premier supplier of check processing automation and fraud detection software and services, reports successful Check Fraud Roundtable and Innovation Conferences on May 14-16, 2024, at the Hilton Tampa Downtown. These two distinct meetings brought…
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