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Check fraud continues to grow at an alarming rate PYMNTS reports Fed recommendation of electronic payment methods, or “instant disbursement” The data show less than 50% adoption of instant disbursement As we all know, check fraud continued to surge in 2023, and is likely to surge in 2024. A post at PYMTS.com reported estimates by…
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Core Banking systems are becoming vital Centralization of information is key Straight-Through Processing ranks high in importance for successful core banking At Fintech Futures, Principal Fintech Analyst at Omdia Philip Benton takes a look at the state of core banking systems. He appropriates his fellow FinTech Futures columnist Dharmesh Mistry’s definition: To define core banking, Dharmesh…
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There are common fraud tactics to look out for Check fraud is on the increase Consumers can stop fraud by being aware of certain telltale signs While many of our blogs take an in-depth look into different topics and trends surrounding check fraud, it’s important to remind ourselves of the various types of check fraud…
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Michael Hsu backs FDIC’s proposal for increased scrutiny of bank mergers surpassing $100 billion Legacy systems in banking pose vulnerabilities that can be exploited by hackers during mergers Larger financial institutions are more reluctant to adopt open banking Mergers & acquisitions are commonplace in the banking. Whether it’s two financial institutions looking to strengthen their…
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The days of overnight processing in the consumer banking sector are over About 50% of banks, however, still use overnight batch processing Real-time data processing is now not only recommended, but crucial At Fintech Futures, banking industry veteran Dharmesh Mistry argues that that many banks still rely on outdated legacy core banking systems that do…
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The United State Secret Service also investigates financial crimes Check fraud detection used much different methods in the 90s Check fraud is on the rise, but so is the effectiveness of AI tech designed to detect and prevent it Some may be surprised to see the Secret Service mentioned in conjunction with financial crimes. Don’t…
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Check fraud is on the rise in the US Fraudsters have many methods at their disposal Direct engagement between banks and customers can help reduce fraud In an article at Refine Intelligence, Daniel Shkedi, Head of Product Marketing & Strategy at Refine Intelligence, opens with a flashback: Late one restless night in 2023, I found…
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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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FedNow is the Federal Reserve’s instant payment system that launched in 2023, with over 300 participating banks so far. However, according to a post on the American Bankers Association’s website by David Ritter, director and financial services strategy at CI&T, a global digital specialist, many banks remain hesitant to fully adopt it — there are,…
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A new cooperative effort to combat check fraud is announced An infographic provides a great overview Collaboration is the key to success The American Bankers Association and the U.S. Postal Inspection Service have announced a cooperative effort to combat check fraud, kicking off the partnership with a rather extraordinary new infographic designed to educate consumers about what they can…
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