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As students of check fraud know, getting one’s hands on a stolen or counterfeit check is “only half the scam.” No matter how nicely a fraudster has replicated a check, it’s not “money” until it is deposited, however briefly, into a bank account that the financial institution considers legitimate. A bank drop refers to the…
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Previously, we covered the United Kingdom and their push for the “digital pound.” While there are many benefits for a central bank digital currency (CBDC), the real question remains: “Is there a desire or need for them?” This is the question being pondered in Canada. In a story covering a recent report from the Bank…
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Machine learning is a vital tool in spotting and preventing fraud Two primary approaches deployed by Machine Learning: Unsupervised and Supervised Learning The best solution for most FIs is a properly configured combination of the two Jeremy Chen, senior director of product management at DataVisor, explores the growing need for adoption of machine learning technologies…
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Forbes reports on the roles of Artificial Intelligence and Machine Learning in revolutionizing the process of signature verification in the banking sector. Despite increased digitization over the last decade, most organizations continue to rely on signatures as the primary method of transaction authentication. Signing checks, authorizing documents and contracts, approving transactions, and validating activities are…
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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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A common theme that is “top of mind” for banking executives is moving off legacy systems to embrace and take advantage of modern workflow solutions. As noted by PYMNTS.com, there are factors preventing certain businesses from updating legacy methods, including: Requires “heavy lifting” or a significant amount of work/internal resources Capital investment Affects current vendors…
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Speaking at this year’s FraudCon 2023, Dr. David Maimon, a professor and Next Generation Scholar in the Andrew Young School of Policy Studies’ Department of Criminal Justice & Criminology at Georgia State University, provided attendees with the latest data and schemes on check fraud from the dark web. As you may remember, Dr. David Maimon…
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Fraud continues to rise AI is a tremendous tool, but not a “silver bullet” The “character” of a specific institution may determine if they can transition quickly The latest BAI podcast features Greg Kanevski of ServiceNow discussing the impact of rising fraud on financial institutions and steps they can take to better shield themselves and…
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A new PYMNTS article explores the challenges facing businesses when it comes to updating legacy systems to embrace and take advantage of modern workflow solutions. Unfortunately, many firms find themselves facing a reinvention of their systems. Many simply don’t want to, and it is holding them back. Firms shackled by legacy systems frequently struggle to…
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YouTube offers a great platform for educating the public Anti-fraud videos are revealing scammer tricks Has the “Dark Web” met its match? YouTube’s reach and availability make it a great platform for education — particularly in a society where many simply use a search engine like Google to answer any questions they may have. In…
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