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Community banks and credit unions are often portrayed as integral to a community or region. Typically, they differentiate themselves from the larger financial institutions by servicing their communities and building a strong relationships and ties within their region. However, could this also be perceived as a weakness that can be exploited by fraudsters? According to…
mRDC has seen a 90% increase in suspicious activity from 2021 to 2023 Fidelity responds to their money “glitch” Investment firms need to follow in the footsteps of FIs Mobile RDC (mRDC) may be the most abused deposit channel for check fraud, with the Insikt Group reporting a 90% increase in suspicious activity from 2021…
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.
Staying abreast of the latest banking tech is crucial Checks are popular targets and require cutting-edge tech protection “Wait and see” approach can and will result in prodigious losses The banking industry can learn from recent history; it can look back at the past few decades of “the check is dead” being stated as truth.…
Check kiting is becoming more and more common There are generally two bank accounts involved Solid defenses are required to prevent losses resultant of “kiting” If you ask anyone in the banking industry if they thought check fraud would be running rampant in 2024, the majority would respond with a simple “no.” However, OrboGraph saw…
Check fraud scams are nothing new Fidelity is being targeted for deposit fraud A multi-layered tech strategy is important in stopping deposit fraud Over the past few weeks, fraud professionals have closely followed the “Infinite Money Glitch” — a viral trend that brought check kiting back into the spotlight. And, as an industry leader in…
Core Modernization is key for regional banks to revitalize and stay competitive Four solution paths for core modernization are described OrboGraph’s solutions can help regional banks with core modernization in three ways We noted earlier this month that progressive modernization of technology is key for banking success. As stated by the post’s author, Forbes Councils…
What hurts more than stepping on a bunch of LEGO blocks while barefoot? Hearing that a charitable organization has fallen victim to a scammer. Unfortunately, no one is off limits to fraudsters — not even charities. While many would think that the fraudsters would imitate a charity to steal funds for donators, there are fraudsters…
Check fraud continues to be a threat The Wespay 2024 Payments Symposium offered valuable insight “Breach of Warranty” determinations present a problem This past week OrboGraph’s own James Bi, Marketing Manager and Check Fraud Detection Specialist, was in attendance at the Wespay 2024 Payments Symposium. In addition to his presentation: Check Fraud in 2024: Are…
Digital payment solutions are becoming more and more popular However, many people and businesses still rely on checks Streamlining payment processes in that environment benefit from OrboGraph tools The industry narrative that “the check is dead” has lost a lot of steam. While checks have seen slight declines year-over-year, the US has not ecperienced the…