Uncategorized
A growing number of FIs deploy machine learning and AI to fight back against fraud Steep declines in fraud are noted However, less success is noted in preventing charitable-donation and fake debt-collection scams According to PYMNTS Intelligence’s “Leveraging AI and ML to Thwart Scammers,” a report created in collaboration with Hawk, a growing number of financial institutions (FIs) are…
Read More
Recently, OrboGraph hosted its fifth — second “in-person” — Check Fraud Roundtable session and first-ever Innovation Conference at the Hilton Tampa Downtown. Needless to say, it was a huge success. These two distinct meetings brought together check fraud professionals from financial institutions and representatives from leading fraud solution providers and service bureaus. The conferences addressed…
Read More
Highlights Include Check Fraud Trends, SARs Analysis, OrboAnywhere Sherlock 5.3, and Deposit Fraud Burlington, MA, May 23, 2024 – OrboGraph, a premier supplier of check processing automation and fraud detection software and services, reports successful Check Fraud Roundtable and Innovation Conferences on May 14-16, 2024, at the Hilton Tampa Downtown. These two distinct meetings brought…
Read More
Fraudsters have graduated beyond mere check washing An LLC “business” can be inexpensively opened and used for fraud Transactional analytics and image forensic AI systems are crucial to meet this challenge We all are aware of check washing/alterations and how effective this method is for stealing funds. However, the success rate is not guaranteed, particularly…
Read More
Mail theft is a growing threat Thieves are usually looking for checks to copy “Inside jobs” by postal service employees raise the stakes We have in past posts related some pretty alarming tales of postal theft and efforts to stop it. Now there’s news of an elaborate and ongoing “inside job” series of postal thefts in…
Read More
An Illinois Mayor is accused of forging checks with the village Clerk’s stamp The Mayor is also accused of wrongful termination of employees who refused political work The FBI has been brought in to investigate Unfortunately, politics and corruption seem to go hand-in-hand. The US is ranked number 24 out of 180 nations in terms…
Read More
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)…
Read More
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,…
Read More
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…
Read More
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…
Read More