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Some major retailers have announced they will no longer take checks “High Dollar Services” remain popular for checks Check usage remains prevalent enough to merit effective security measures PaymentsJournal reports that, in spite of news that Target stores has stopped accepting checks (joining other major merchants such as Whole Foods and Aldi) the “grand old…
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Fraud attacks of many types are on the rise Merchants are reporting huge fraud impacts A shift from operational costs to improving customer experience and mitigating payment fraud is evident While our blog’s main focus is the checks payment channel, it’s worth taking a look at other payment channels and their fraud trends — particularly…
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The internet is buzzing this morning with news that Telegram CEO Pavel Durov was arrested in Paris. According to APNews: Durov was detained in France as part of a judicial inquiry opened last month involving 12 alleged criminal violations, according to the Paris prosecutor’s office. It said the suspected violations include complicity in selling child…
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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…
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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…
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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…
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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…
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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…
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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,…
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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…
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