RDC & Mobile
We have to remember that Mobile RDC is still a relatively new type of technology. The technology has made waves in supporting financial institution’s customer acquisition strategies. As new services like mobile RDC are implemented, financial institutions run risk models trying to anticipate product profitability, security risk and fraud losses. RemoteDepositeCapture.com recently reported that the vast majority of financial institutions that have adopted mobile RDC technology in the last few years report few, if any, losses from the use of the technology.
Read MoreWith all of the excitement of Mobile RDC, the industry has yet to experience significant losses… at least those which have leaked to the public. Orbograph commends RemoteDepositCapture.com for initiating a study in this area to help identify and quantify the risk in Mobile RDC; at least anecdotally. Business-focused RDC solutions have been very beneficial for the banking industry. Not only has the value been there for businesses, but the losses have been minor across the industry.
Read MoreCheck fraud losses in the US were last benchmarked and estimated at $893M for financial institutions from a 2011 ABA Deposit Account Fraud Survey Report. However, one of the main considerations in overall losses which was not incorporated were retailer losses. No one knows the exact number, but we have spoken to several consultants who estimate it at 10X the losses of banks. This event occurs when a fraudster purchases goods from a retail location with a fraudulent check and then departs with the product/goods. If the bank of first deposit, or paying bank, identify it as fraudulent, many times the retailer loses.
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