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SARs accounted for nearly 20% of SARs filings in 2023 There is nothing to indicate they will not continue their increase into 2024 Checks remain fraud targets Thomson Rueters reports that the number of suspicious activity reports (SARs) – the documents that financial institutions must file with the federal government’s Financial Crimes Enforcement Network (FinCEN)…
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The Check Clearing for the 21st Century Act or aka Check 21 is perhaps the most important event for checks in history. It was signed into law on October 28, 2003, and became effective on October 28, 2004. Check 21 is a federal law that is designed to enable banks to handle more checks electronically,…
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Many banks are not, at present, ready to implement open banking However, the vast majority recognize open banking’s value A new report reveals that three-quarters of all banks are ready to implement open banking The amount of banks are not operationally ready to participate in and implement open banking is as high at 75%, according…
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When examining a check to determine whether it’s real or not, it’s also worth looking for other general irregularities and mistakes. Look for spelling errors or typos in the printed information on the check, such as a misspelled business name or address. You can also check to make sure that the address of the check’s…
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Check Fraud is nothing new – it’s been around for decades Methods to ID fraudsters were a bit different as the 80’s began Modern check fraud needs to met with modern tools An interesting artifact from way back in the ’80s depicts a fraudster’s-eye view of the techniques in play a little over 40(!) years…
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More and more banks report growth in use of digital banking channels These developments align with growing consumer preference for financial transactions via digital channels Some banks find it hard to innovate quickly PYMNTS.com reports that the observed shift toward digital channels in financial services shows no signs of slowing down as reflected in latest…
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Drop accounts are becoming a fraud “staple tool” These accounts are easy to open Fraudsters are advised to be patient and “age” the account for maximum effectiveness Many in the banking industry as are aware of one tool that is crucial to a fraudster: drop account. For those who are not as familiar, this is…
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Check fraud has grown to a major problem Positive pay offers tools to fight fraud However, positive pay adoption is fairly low Less than five years ago, check fraud was a niche topic, with very few outside the banking industry really understanding the in’s and out’s of check fraud. Well, fast-forward to the present and…
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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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Banks are partnering with FinTech companies to leverage their specialized solutions and enhance their existing offerings Bank-FinTech partnerships highlight the importance of interoperability and open banking principles in driving innovation in financial services Trends shaping digital banking include mobile banking apps, AI/ML for personalized insights, and focus on fraud/data security PYMNTS.com explores how the digital…
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