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Fraud incidents continue to surge Collaborations play a key role in enhancing fraud prevention capabilities Partnerships are vital because there is no single tech that can detect the majority of check fraud As fraud incidents continue to surge, credit unions (CUs) are racing to implement cutting-edge technologies and forge strategic partnerships to safeguard their finances…
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Consortiums are proving effective in fighting fraud Key to success is a collaborative approach Privacy concerns and regulatory hurdles are among the challenges faced The evolution of banking fraud has drastically changed over the past decade. Most notably, fraudsters are no longer performing their schemes solo. The internet has enabled fraudsters to not only perform…
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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 Trump administration has shut down the Consumer Financial Protection Bureau (CFPB) The freeze of the CFPB makes enforcement unclear There are several reasons why financial institutions should continue their open banking efforts As the new administration continues to make its adjustments, one major change that is affecting the banking industry is the halting of…
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The USPS is a source for stolen checks Postmaster DeJoy recently resigned The new administration has indicated an executive order is pending Over the past few years, the USPS has been a major source for stolen checks — fueling the surge in check fraud. As we’ve covered in the past, criminals are robbing mailboxes and…
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A lack of check “subject matter experts” is a major issue for FIs There are five main varieties of check fraud, according to a guide created by Schneider Downs Fortunately, financial institutions and consumers can fight back in specific and effective ways One major issue that many financial institutions are facing when it comes to…
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Is Elon Musk’s DOGE targeting checks? Some cite Musk’s desire to get involved in payments Many persons would be “left in the lurch” if checks were eliminated In a recent post from Department of Government Efficiency (DOGE), the Elon Musk-led advisory group proposes another drastic change — this time, eliminating paper checks. A post on……
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Alloy’s 2025 State of Fraud Benchmark Report has been released Organized Fraud Rings are growing 99% of respondents report AI is part of their fraud defense Alloy, an identity risk management platform for financial companies — recently published its 2025 State of Fraud Benchmark Report, revealing meaningful losses for financial organizations in 2024. Last year, we…
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Even as digital payments grow, check fraud remains a major threat to financial institutions Positive Pay is a key technological solution A comprehensive, layered approach is recommended In a recent article, BAI looks ahead to check fraud defense in 2025, outlining several strategies financial institutions can use to combat the growing threat of check fraud.…
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Banking innovations are appearing quickly A flexible, modular core banking system is recommended Ecosystems and third-party integrations are vital It’s no secret to anyone involved in the banking industry that innovations are appearing very quickly – keeping up is a real challenge! However, given society’s growing on-demand expectations and need for speed, “keeping up” is…
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