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Check fraud is rising Banking consumers demand “money mobility” Adding “money mobility” means increasing the risk of fraud As we’ve noted here frequently, check fraud is on the rise. In fact, PYMNTS.com notes that you can enter the search term “check washing” into any search engine and see a substantial number of headlines that have…
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The growth and ubiquity of digital banking is good news for financial institutions, as digital banking availability and usage has been shown to drive customer loyalty and provide a host of other benefits. Fueled by the pandemic, digital banking is now the most popular method for users to perform their financial banking needs — from…
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Postal carriers are being robbed for checks and “arrow keys” The USPS has outlined reforms Many feel that postal carrier security is not being addressed strongly enough One of the more horrific wrinkles in the check fraud phenomena is the rise in actual physical attacks on United States Post Office carriers by assailants looking for…
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Popular messaging platforms like Telegram are aiding fraudsters Telegram allows fraudsters to stay hidden behind aliases and encrypted messages “Walkers” are recruited to carry out in-person transactions with fake checks Many industry experts agree that check fraud has grown 3X from its pre-pandemic levels. We now have data to confirm the continued upward trend of…
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Banks and credit unions recognize that they need to modernize Key to modernization is collaboration Product and data silos, outdated infrastructure, and a risk-averse culture are obstacles The Financial Brand cites a recent report from the Federal Reserve that delineates three types of digital banking experience partnerships being sought by banks and credit unions seeking to…
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Fraud is costly and pervasive In addition to outgoing payments, incoming payments are subject to fraud Companies deploying digital security solutions are seeing results As our blog’s readers know all too well, fraud is on the increase, and getting more sophisticated. As noted by PYMNTS.com: Fraud is both costly and common. In the last two…
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New Year, New Fraud — and #FraudFighters continue to spread awareness through social media such as LinkedIn. Check out the latest #CheckFraud posts: View the post on LinkedIn → View the post on LinkedIn → View the post on LinkedIn → View the post on LinkedIn → View the post on LinkedIn → View the post on LinkedIn →
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Digital payments are all the rage — convenient, quick, and accepted almost everywhere. However, Yahoo!Life reports that in GOBankingRates’ Best Banks 2023 survey of 1,000 Americans, they uncovered some counterintuitive results: 22% of respondents said they still write checks at least once a month. And surprisingly, of these respondents, the largest percentage belonged to those…
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You are likely seeing more and more news stories and posts on social media talking about the emergence of artificial intelligence as a potential replacement for actual human creativity (in fact, AI has been, evidently, generating an endless Seinfeld episode for more than a month now). While these dubious feats get much of the mainstream…
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Fraud in 2021 increased over 70% compared to 2020 Perpetrators are taking advantage of government programs Financial institutions need to be prepared for the predicted fraud-attempt onslaught An article at Credit Union Times by Rene Perez, Director of Financial Crimes Solutions Sales and Financial Crimes Consultant at Jack Henry, opens with a startling statistic: In…
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