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Core processing platforms are the lifeblood of the banking system. Without these systems, banks would be operating in the “stone age,” manually processing and tracking transactions. Over the past few decades, these platforms have been able to handle all types of transactions and payments, from credit cards to checks. However, with technology evolving, new payments…
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AI will be deployed to fight money laundering Google’s new AI product was trialed by HSBC AI helps Financial Organizations to Meet AML Obligations Over the past month, we have covered numerous topics when it comes to artificial intelligence and its importance to the banking industry, specifically fighting fraud. We have talked about generative AI…
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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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Accenture recently released a report entitled A New Era of Generative AI for Everyone, which explains why generative AI is the ultimate “co-pilot” for human capabilities — and how it will “transform work and reinvent business.” ChatGPT has become a household name — and it’s only been known to the mainstream for six months. The Accenture…
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AI is entering many areas of daily life Apple is bringing immersive AI to the mainstream via their new Vision Pro Will fraud analysts of the near-future start wearing super-goggles? Apple recently introduced the Apple Vision Pro, a “mixed reality” headset — currently priced at $3,500 — that is designed to create an immersive, tech-interactive environment.…
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ICBA data reveals a nearly 100% increase in check fraud from 2021 to 2022 “Institutional knowledge” is decreasing regarding check security ICBA offers suggestions for community banks in the face of this growing challenge The Independent Community Bankers of America (ICBA) — noting Financial Crimes Enforcement Network data that reveals a nearly 100% increase in…
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Automation is a key topic that we have talked about in the past. As noted in an article from Forbes.com, “many financial services organizations have already begun the process automation journey. For some, the pandemic was a forcing function to adopt digital services. For others, digital transformation drives a sense of urgency around automation.” Jakob…
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Check fraud has increased significantly An “online market” for stolen checks is growing Financial institutions will need to prepare to defend themselves against an onslaught of fraudulent checks BlueVoyant Cyber Threat Intelligence Analyst Nissan Kedar takes a look at the emergence of check fraud as the “go-to” scam for bad actors. She notes that, over…
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On May 10-11th, 2023 the Fintech Nexus USA event was held in NYC at the Javits Center. This particular session, Mail Theft, Check Fraud and the Digital Fraud that Ensues, opens as the moderator notes that “we are in the midst of, I’d say, the greatest resurgence in the most archaic fraud in history —…
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For many, many years we’ve heard about the “imminent extinction of the check” — and, in the meantime, it remains a much-used payment vehicle. Predictions of the demise of checks from industry pundits have remained largely overblown, as 13B checks were written in 2022. But this is just for the United States. An article at…
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