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Singapore has set a goal for eliminating use of paper checks EDP and EDP+ have recently been launched Will other nations follow suit? Back on July 28, 2023, the Monetary Authority of Singapore (MAS) made an announcement to eliminate corporate cheques (checks) by the end of 2025. This announcement came with an aggressive timeline, which…
FOX News recently covered the topic of check fraud The segment examined emerging techniques, including AI Some of FOX’s information requires clarification In a recent article, FOX News informs its readers on the dangers of check fraud, going through the basics of how it’s committed, while also explaining how AI is being utilized by fraudsters…
Have financial institutions waited too long to address check fraud? There has been a sharp increase in check fraud over the past two years A majority of bankers want regulators to outline clearer rules While various publications and other media point out the sharp increase in check fraud over the past few years, many industry…
Magnetic Ink Character Recognition traditionally required scanners to read MICR code Today many checks are not printed with the magnetic ink needed for MICR What are the implications of phasing out MICR? The Troy Group is a technology and security solutions company specializing in secure check and document printing. In a recent post entitled The…
“The Big Three” in check security are Paper, Ink, and Printing Security symbols are now making a comeback Treasury checks use symbols as well Only a few decades ago, physical security features on paper checks were a key component for detecting fraudulent checks. With a majority of paper checks flowing through tellers and back offices,…
The way people search for information has changed Grok AI’s knowledge is tested “Check fraud” research is getting easier and easier “Google it” has become a phrase synonymous with “look it up” in today’s society. And why not? It’s easy and convenient to find quick answers to questions you may have. To say the very…
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.
Check usage has actually increased in recent years Checks persist for many reasons, including it’s role as an “easy solution” Retailers are actually moving away from cash Recently, data from AFP on business check usage noted that use of paper checks jumped from 75% in 2023 to 91% in 2024. Take On Payments, a blog…
A well-known fraud-fighter is hit with fraud The lesson: No one is immune from fraudsters Proactive identify protection is vital #FraudFighters has become a badge of honor in the industry. From industry experts to social influencers, it’s more important than ever to spread awareness of fraud and scams that are affecting business, financial institutions, and…
The USPS decision to dismantle the Postal Police has led to a rise in mail theft across the country. Mail theft has become an “epidemic” due to the lack of dedicated law enforcement. Large, organized crime groups are expanding their operations. The U.S. Postal Inspection Service (USPIS) was once a leader in preventing mail theft,…