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Open banking is expected to grow rapidly Complex regulations are common worldwide Open banking can “dismantle silos” A recent post at Forbes.com points out that open banking is revolutionizing the financial services industry by enabling secure data exchange between banks and third-party providers. The European Union’s Revised Payment Services Directive (PSD2) has played a crucial…
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143 arrow keys were reported missing from Sacramento post offices Mail theft and robberies are becoming a major issue USPS efforts to improve security seem ineffective Last year, we examined a USPS audit where, out of 84 postal facilities inspected, 76 facilities across 25 states and the District of Columbia found untracked or unsecured arrow…
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Checks and debit cards are leading fraud tools Checks, payee forgery & check washing led the pack in fraud Leveraging multi-technologies to address check fraud is key Earlier this month, the Federal Reserve published its findings from the Annual Federal Reserve Financial Services (FRFS) Financial Institution Risk Officer Survey (2024). The most prominent payments for…
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A major transformation is occurring in the banking industry Physical bank branches are still “essential” Cash automation strategies create a competitive edge Forbes.com reports that the banking industry is undergoing a major transformation, as financial institutions strive to meet the quickly evolving needs and preferences of modern customers. For instance, according to a recent survey,…
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The elderly are most vulnerable to fraud Even family members and caregivers attempt fraud Older consumers are the biggest users of checks, making them a target What makes the elderly our most vulnerable population when it comes to fraud? Is it because they are the least technologically savvy? Are they more trusting than other age…
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Reverse Positive Pay for Personal Checking Accounts — Strong Fraud Mitigation or Shifting Liability?
Reverse Positive Pay adds fraud protection but may burden customers Banks should offer, not require, Reverse Positive Pay Reverse Positive Pay alone is not enough – banks need multi-layered fraud detection as well Over the past few months, we’ve explored the efficacy of Positive Pay systems, noting that “77% of Businesses Using Positive Pay Report…
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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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Americans tend to maintain bank accounts over long periods Depositers feel it’s a “hassle” to switch accounts There are steps financial instituations can take to attract depositers Brand loyalty — where individuals or business continue to purchase products or services from a specific company or professional in spite of competitors offering a similar product or…
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Digital payments are on the rise Criminal scammers embrace technology More and more financial institutions are turning to AI-powered fraud detection For financial institutions, the battle between utilizing the current legacy fraud systems vs. investing in modern fraud systems — typically powered by AI — continues to put pressure on both fraud departments and leadership.…
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Fraud continues to rise, and tools need to keep up Better fraud detection requires a layered approach Multi-layered tech allows informed decisions on each item We’ve stated many times that there is no single solution that can detect the majority of check fraud. Well, in a recent Jack Henry Fintalk, Bette-Lou Rush notes that “the…
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