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A new guide to prevent check fraud is available for businesses Fraudsters prefer business checks Anti-check fraud measures are available and effective Valley Commercial Bank announced via LinkedIn that they’ve released a concise guide to protecting businesses from check fraud called Safeguarding Your Business with Check Fraud Prevention. Commercial checks, as we know, are worth…
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Even as check usage declines, check fraud continues to rise There is a sizable demographic that still prefers checks Proactive customer communication and linking fraud/AML systems help banks reduce check fraud losses and turn fraud prevention into a competitive advantage The complexity of check fraud creates difficult challenges for banks. From the methods to the…
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Paper currently dominates healthcare payments Some suggest that providers should adopt digital payments as much as possible However, there are clear advantages to healthcare payments by check As many are aware, healthcare is a complex industry. From the delivery of care for patients to insurance paying the healthcare provider, there are dozens of systems that…
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Balancing fraud prevention and customer experience is becoming very difficult Some large banks are responding by reducing mobile deposit limits and adding longer holds Consumers now expect fast, seamless banking and will likely not tolerate delays and limits Mobile Remote Deposit Capture (mRDC) has been around for decades. It is the most convenient method for…
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Businesses present a big target for check fraudsters Some assume alternative payment methods may be the answer Checks are too widely used for alternative methods to take hold Fraudsters do not discriminate when it comes to who they victimize — individuals, business, and even the US Treasury are targets. Unfortunately, victims typically have the mentality…
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Fintech Open Source Foundation (FINOS) has published the first draft of an AI adoption framework This is good news for an industry eager to implement LLMs but facing significant obstacles The FINOS framework outlines 16 control procedures to limit 14 specific threats We recently noted that 72% of finance leaders actively use AI in their…
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Refund checks from the IRS are being targeted by thieves Checks range from a few hundred dollars to $500,000 There are reports of “inside job” postal thefts as well When you think about different types of checks, which do you believe is the most desirable to fraudsters? The answer is treasury checks. When a fraudster…
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Check fraud continues to climb Fraudsters are finding their “job” easier and easier Practice Safe Checks aims to help banks educate their consumers The American Banker’s Association announced via LinkedIn that, in recognition of Cybersecurity Awareness Month, they are launching Practice Safe Checks, a new campaign that equips banks with tools to illustrate for their…
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Customers have lost patience with traditional banking procedures AI continues to be an important tool for creating the preferred banking experience Strategic planning and collaboration are vital Amid rising consumer frustration with traditional banking, PYMNTS asks: Can AI enhance the retail banking experience for the better? PYMNTS has released an Intelligence report, “Is AI the…
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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…
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