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We’re beginning the second half of 2024, a great time to examine the trends of the year. In a recent post, IBM examined what they consider the seven top financial services trends of 2024. They are as follows: Generative AI Hybrid cloud technology Cybersecurity risk management Sustainability Customer experience Open banking Digital currencies Open Banking…
Check writing remains common, with 61% of Americans still using checks. Most persons using checks believe they are deploying all available safeguards In fact, many check-writing habits need to be “upgraded” Recently, Kiplinger Personal Finance Magazine posted a helpful article that explains how to safely write a check in a world where fraud is not…
YouTuber Tommy G goes “deep dive” with actual scammers The video discusses the motivations behind scamming, particularly among Gen Z It’s suggested that disillusionment with the financial system, which is see as corrupt and unjust, fuels their involvement in fraud. A recent YouTube video by Tommy G. offers a pretty comprehensive, 30-minute dive into the…
FIs must move beyond conservative IT spending and shift investments toward innovative tech with high ROI Open banking APIs and strategic M&A can drive growth by enhancing customer engagement and acquiring new capabilities Adopting advanced technologies like AI, digital twins, and data analytics can optimize operations, improve security, and provide personalized services A new article…
Commerce Bank is introducing a new alert via text for potentially suspicious check activity Texting seems to have emerged as best and most efficient method of contact Input from customers will be used to help fortify the system Commerce Bank has developed an innovative Texting for Check Fraud program that alerts customers of potentially suspicious…
Check fraud rates continue to climb Delays in repayment for bad checks are becoming common A majority of financial institutions want liability shifted to BOFD The recently released IntraFi Executive Business Outlook Service report makes it clear that check fraud has significantly increased, with 90% of community bankers reporting higher levels of fraudulent check-writing. Furthermore,…
Checks have become a punch line on late night TV In spite of their “antiquity,” checks remain popular Are “experts” and media the root of inherent issues with check payments? Evan Sparks, editor-in-chief of the ABA Banking Journal and senior vice president for member communications at the American Bankers Association, poses the question: Is it…
HELOC records are being used for check fraud The ICBA has been prompted to issue a warning Machine learning and AI detection mechanisms are effective defensive tools Many individuals within the banking sector and home owners are familiar with a “Home Equity Line of Credit” or “HELOC” — a type of second mortgage that allows…
Check fraud is emerging as a huge problem Many vendors are bringing back older technologies to fight fraud “…They’re blowing the dust off their 20- and 30-year old pieces of software and coming back out and saying, ‘I’ve got some check fraud solutions!’” Scott Anchin, VP, operational risk and payments policy at ICBA, and David…
A recent CrowdStrike outage impacted an array of businesses and individuals Airline travelers found themselves significantly inconvenienced Financial institutions were not immune from impact A few weeks ago, the world was disrupted by the CrowdStrike outage — with air travel, healthcare, and even the financial industry feeling the impact. Almost everyone knows someone who was…