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It is no secret that the banking industry is a ripe target for big tech. Recently, we’ve seen Elon Musk’s “X” make it known they are entering the payments realm, having begun the process of applying for regulatory licenses and development of the software needed. Additionally, we saw Apple launch its new savings accounts to complement…
A new article by Bain & Company shares what they’ve learned after analyzing the performance of 42 of the world’s largest banks based on total shareholder return, cost-to-income ratio, and net promoter score over the past few years. Its findings? No surprise here: Banks leading in technology delivered higher returns, lower costs, and greater customer…
Regions Bank reported $153M in check fraud losses through Q3 2023 Fraudulent checks detected “50 to 60 days” later Selecting the right technology and fintech vendors key to check fraud mitigation It’s widely accepted that industry check fraud attempts and losses have grown 200% to as high as 400% since pre-pandemic levels. However, as all…
UK Finance has released their 2023 Half Year Fraud Update Digital banking has grown more popular – and is a fraud target The UK lacks incentive for many sectors to fight or identify fraud While we typically focus on fraud as it occurs here in the USA, many financial institutions operate in multiple countries. This…
Relationship will drive new innovation and collaboration around dark web check fraud prevention Burlington, MA, November 13, 2023 – OrboGraph, a global leader in the fields of check fraud detection and image recognition solutions, is excited to announce a strategic partnership with Dr. David Maimon, Professor at Georgia State University, and a recognized authority in…
As we’ve noted in previous blog posts, digital banking is growing by leaps and bounds – good news for financial institutions, as digital banking availability and usage have been shown to boost customer loyalty and provide a host of other upsides. However, as explained via a post at BAI.org by Danielle Kane, Director of Small…
While digital payment systems grow in popularity, checks remain an important payment tool Digital payment fraud schemes get lots of press, in spite of the fact that check fraud is rising Fraudsters are able to use new digital tools to inexpensively create conterfeit checks Industry Analysts, Inc. reminds us that, in spite of the growth…
Regulation CC (Reg CC) governs the timeframes within which banks and credit unions must make deposited funds available to customers Reg CC generally requires deposits to be available within 1-2 business days, with allowances for new accounts, large deposits, redeposited checks, and when fraud is suspected Balancing fraud prevention and Reg CC consumer protection obligations…
A financial contribution to a California congressman was stolen from the mail Both Republican and Democrat government figures and organizations are facing postal thefts US Government and USPS efforts are not enough Rep. Ken Calvert, a Republican congressman from California, spotlighted the increase in mail theft/check fraud. He put his money where his mouth is…
Even as digital payments get more popular, checks remain a strong payment channel Check fraud is on the rise Banks can deploy targeted and effective anti-fraud strategies using customer data and image analytics While digital alternatives to checks are certainly getting more and more popular, there can be no doubt that checks remain a pervasive…