Modernizing Omnichannel Check Fraud Detection

While digital payment systems grow in popularity, checks remain an important payment tool Digital payment fraud schemes get lots of press, in spite of the fact that check fraud is rising Fraudsters are able to use new digital tools to inexpensively create conterfeit checks Industry Analysts, Inc. reminds us that, in spite of the growth…

Regulation CC (Reg CC) governs the timeframes within which banks and credit unions must make deposited funds available to customers Reg CC generally requires deposits to be available within 1-2 business days, with allowances for new accounts, large deposits, redeposited checks, and when fraud is suspected Balancing fraud prevention and Reg CC consumer protection obligations…

A financial contribution to a California congressman was stolen from the mail Both Republican and Democrat government figures and organizations are facing postal thefts US Government and USPS efforts are not enough Rep. Ken Calvert, a Republican congressman from California, spotlighted the increase in mail theft/check fraud. He put his money where his mouth is…

Even as digital payments get more popular, checks remain a strong payment channel Check fraud is on the rise Banks can deploy targeted and effective anti-fraud strategies using customer data and image analytics While digital alternatives to checks are certainly getting more and more popular, there can be no doubt that checks remain a pervasive…

Alogent reports on the ways check processing and fraud prevention impacts financial institutions operationally and financially. In the age of technology, financial institutions are often looking for ways to automate processes and make them more cost-efficient. However, when it comes to check processing, many banks and credit unions who are still using the same solutions implemented at…

Fraudsters are accessing legitimate fraud detection systems These fraudsters are able to manipulate data created by detection tools Merchants need to be aware of this evolving tactic and ensure their vendors can still accurately score orders even when data is incomplete Frank on Fraud reports on a new fraud technique revealed via Karisse Hendrick’s Fraudology…

One would think that, with digital payments becoming more and more pervasive, we should expect the check fraud threat to begin shrinking. Unfortunately, that is not the case. As reported on the Minnwest Bank website, a 2022 survey of businesses revealed the following: 63% of businesses have reported check fraud activity, topping the list of…