Modernizing Omnichannel Check Fraud Detection

The United States Government is addressing fraud A bipartisan bill, the Recognizing and Averting Payments Scams (TRAPS) Act, has been introduced 2.6 million consumers reported fraud incidents in 2024 We’ve seen recently the U.S. Government and its agencies stepping up to take on financial crimes. For check fraud specifically, there were several actions taken, including:…

Businesses need to be more aware of check fraud danger Pushing digital payments is not the answer Real-time fraud monitoring and AI are effective tools While most financial institutions are aware that check payments are more susceptible to fraud, it appears that businesses do not share the same belief. We recently covered the 2025 AFP…

Fraud prevention is more crucial than ever 40% of community bankers cite check fraud as one of the most common swindles Positive Pay is an invaluable tool in the fight against fraud As we’ve noted previously, the adoption rate of Positive Pay remains shockingly low. In fact, according to research from Alkami & Datos Insights,…

The “Catch All Fraud” system has been highly touted for years The results, however, are not acceptable The system is easily overwhelmed, which can be weaponized by fraudsters Despite being in operation for a decade, the “Catch All Fraud” detection system has failed to live up to its billing of successfully apprehending all fraudulent activity.…

A new podcast episode explores check fraud Key elements of check fraud are examined Several best practices are recommended #FraudFighters do not just work for financial institutions or fintechs; they come from all different types of financial services companies — including accounting. Case in point: Herbein — a 50+ year old CPA advisory firm —…

Fraud is evolving quickly There are five major fraud trends to watch this year Advanced fraud detection tools are crucial As financial technology continues to advance, fraudsters are finding new and sophisticated ways to exploit vulnerabilities and target financial institutions and their customers. A new Jack Henry Fintalk post takes a look at several key…

Frank McKenna presents an AI company too good to be true Alas, it was published on April Fool’s Day The post is a reminder not to fall for “pie-in-the-sky” solutions Frank McKenna, author of the ever-entertaining Frank on Fraud blog, posted on April 1, 2025, about Fraudinator.com — a new AI company that promises to “eliminate…

Mail theft is a major problem Postal keys are targeted Counterfeits, forgeries, & alterations must be detected before funds are lost Mail theft and mail carrier robberies are a major factor contributing to the rise in check fraud over the past half decade. Criminals know that within those familiar USPS blue mail boxes are hundreds…

Revisiting a film glamorizing check fraud An adolescent leaves a bank with $1 million in cash Fortunately, is virtually impossible for this scenario to occur today When thinking of a film glamorizing check fraud, most instantly think of the hit film Catch Me If You Can, directed by Steven Spielberg and featuring A-listers Leonardo DiCaprio…