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An executive order eliminates payments by check This could present difficulties for senior citizens In the end, checks will likely persist On March 25, 2025, the administration signed an executive order entitled Modernizing Payments To and From America’s Bank Account. The Sec. 3. of the executive order details actions to take place, noting that: Effective September…
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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,…
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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.…
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AI is difficult for some bank to adopt The right strategy allows late-adopting banks to succeed A structured, enterprise-wide approach to AI deployment is crucial Despite the transformative potential of artificial intelligence (AI), we’ve seen many banks struggle to scale their AI initiatives beyond the proof-of-concept stage. As outlined in a recent post on BAI.org…
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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 —…
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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…
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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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The “Universal Banker” concept is still in development Declining branch traffic and digital banking growth have created need for universal banker approach Remote connections via video are one alternative The Financial Brand reports that, more than a decade after banks and credit unions began rebranding their tellers as “universal bankers,” the model continues to be…
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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…
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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…
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