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The rise of new payment methods has not eliminated check usage Checks present a security risk to both consumers and financial institutions Are check payments more secure than digital payments? Over the past several months, it’s been suggested by industry experts and technology vendors that the “checks are dead” sentiment has lead to the surge…
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Telegram is a bountiful resource for check scammers 20,000 checks were catalogued, sourced from nearly 2,000 different US banks and credit unions Government checks make up 22.6% of the total In order to commit check fraud, the first step for a fraudster is simple: obtaining a legitimate check. Sure, a fraudster can purchase blank check…
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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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Paper checks have not disappeared There is an element of nostalgia in check usage Removing $1 trillion in checks is highly unlikely For those in the industry, the notion that checks are going away has all but dissipated. Mainstream media has recently tried to capitalize on the sentiment, but they continue to rely on high-level…
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A new guide to prevent check fraud is available for businesses Fraudsters prefer business checks Anti-check fraud measures are available and effective Valley Commercial Bank announced via LinkedIn that they’ve released a concise guide to protecting businesses from check fraud called Safeguarding Your Business with Check Fraud Prevention. Commercial checks, as we know, are worth…
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Even as check usage declines, check fraud continues to rise There is a sizable demographic that still prefers checks Proactive customer communication and linking fraud/AML systems help banks reduce check fraud losses and turn fraud prevention into a competitive advantage The complexity of check fraud creates difficult challenges for banks. From the methods to the…
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Paper currently dominates healthcare payments Some suggest that providers should adopt digital payments as much as possible However, there are clear advantages to healthcare payments by check As many are aware, healthcare is a complex industry. From the delivery of care for patients to insurance paying the healthcare provider, there are dozens of systems that…
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Balancing fraud prevention and customer experience is becoming very difficult Some large banks are responding by reducing mobile deposit limits and adding longer holds Consumers now expect fast, seamless banking and will likely not tolerate delays and limits Mobile Remote Deposit Capture (mRDC) has been around for decades. It is the most convenient method for…
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Businesses present a big target for check fraudsters Some assume alternative payment methods may be the answer Checks are too widely used for alternative methods to take hold Fraudsters do not discriminate when it comes to who they victimize — individuals, business, and even the US Treasury are targets. Unfortunately, victims typically have the mentality…
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Fintech Open Source Foundation (FINOS) has published the first draft of an AI adoption framework This is good news for an industry eager to implement LLMs but facing significant obstacles The FINOS framework outlines 16 control procedures to limit 14 specific threats We recently noted that 72% of finance leaders actively use AI in their…
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