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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…
Read MoreAs payments in mobile channels become more popular, check security is less of a priority The COVID-19 pandemic response resulted in huge amounts of paper checks entering the ecosystem AI and machine learning advances are making checks more and more secure The latest PaymentsJournal Podcast features a webinar with contributions from Brian Riley, Director of Credit…
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2022 saw a huge increase in SARS reports Check fraud led the way in 2022 The check fraud trend so far in 2023 indicates that it will surpass 2022 According to the Thomson Reuters Regulatory Intelligence special report based on analysis of public data released by the U.S. Treasury Department’s anti-money laundering (AML) unit, FinCEN, there has…
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JLL’s new 2023 Banking and Finance Outlook indicates that banks and financial services companies are “prioritizing and strengthening their investments in technology to increase speed, resiliency and drive cost efficiency.” In their immediate sights is development of artificial intelligence solutions. These companies are anticipated to spend an additional $31 billion worldwide by 2025 on artificial intelligence (AI),…
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