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Check fraud is on the increase and touching more and more depositors Over half of financial institutions report checks as the payment method most impacted by fraud Technology currently exists to combat the threat Detecting check fraud is — to say the least — complex. There are many variables that need to be considered, along…
AI has emerged as a powerful protective tool for banks and their depositors Consumers are becoming more aware of AI services in other areas of their lives What was once a feature will soon be an expectation BizTech Magazine examines AI and the three primary ways banks are deploying this new tool. Consumers, too, are…
Fraudsters use fake LLCs to perpetrate schemes Even careful consumers can be fooled Consortiums are vitally important to combat this type of tactic A few weeks ago, we talked about the ease with which fraudsters open LLCs in order add an additional layer of “realism” to their schemes. While setting up a fake business is…
ATMS are more popular than ever Their popularity makes ATMs ripe targets for thieves Legislation has been introduced in the U.S. aimed at curtailing these thefts As reported by the American Banking Institute, ATMs — deposit and withdrawal devices that are more popular than ever — are becoming goldmines for thieves. ATMs have become lucrative…
Robust consortium data set currently includes 2,500 institutions and 25,000 routing numbers Burlington, MA, June 11, 2024 – OrboGraph, a premier supplier of check processing automation and fraud detection software and services, announced the successful integration of Advanced Fraud Solutions TrueChecks® within its OrboAnywhere Sherlock 5.3 release as part of an open consortium strategy to…
Open Banking is already popular worldwide The United States is late to adopt Open Banking Regulation is priority on to ensure consumer and bank safety After a late start, it looks like the United States is finally ready to adopt Open Banking. Open banking, a system that allows consumers to share their financial data with…
Mr. Abagnale was an infamous fraudster before “going straight” The film Catch Me If You Can is based on his life As a fraud-prevention consultant, Mr. Abagnale warns that check fraud is now easier than ever Who better to give fraud-avoidance advise than a famous (infamous) ex-fraudster? Steve Hines of ThreatAdvice sat down with Frank…
The elderly are becoming favored targets of fraudsters An FBI report reveals “astonishing” numbers International scammers are now prevalent Unfortunately — and not unexpectedly — fraudsters are taking aim at older Americans. As CBS News reports, “Elder Fraud” is becoming more and more popular. According to the FBI, older Americans were targeted more frequently last…
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.
Neobanks are gaining popularity Certain accounts are not FDIC-insured Bank consumers are being transferred into vulnerable accounts without notice The American Prospect features a rather alarming story illustrating the higher risk faced by neobanks as compared to conventional financial institutions, and the dangers for FIs partnering with unstable companies. One example: because so much fintech…