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Tried-and-true merges with new digital tech — Venmo recently announced that it will begin to offer a new check-cashing service, “Cash a Check,” in the Venmo mobile app. Via TechCrunch.com: The feature … can be used to cash printed, payroll and U.S. government checks, including the new stimulus checks, the company says. Though typically there will be fees associated with the Cash a Check feature, Venmo says these are being waived on stimulus funds for a limited time.
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While it would be nice to hear that the goal pandemic has slowed down scammers much like it has impacted above-board businesses of all kinds, the opposite is unfortunately true. The FBI has seen more complaints over the last year than years prior. As reported at KimKomando.com, The FBI’s Internet Crime Report annual release has revealed a shocking scope of online scams in the 2020 version. The FBI logged 791,790 complaints in 2020 — that’s 300,000+ more than in 2019.
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The report presents results from questions exploring how adults in the United States use and pay for “box of the month” clubs and online subscription services. It also explores the ways consumers pay their bills and the increasing importance of digital bill payment. …When it comes to paying bills, the majority of consumers (6 in…
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The Financial Crimes Enforcement Network (FinCEN) recently issued an advisory to banks that outlined fourteen red flag indicators to be on the lookout for (and report) related to pandemic related economic relief payments. “Advisory on Financial Crimes Targeting COVID-19 Economic Impact Payments” is based on FinCEN’s “analysis of COVID-19-related information obtained from Bank Secrecy Act (BSA) data, public reporting, and law enforcement partners.”
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Brandon Sim, the chief technology officer and chief operating officer at, a tech-powered healthcare management company, says the time to fully implement artificial intelligence and machine learning is now. From Healthcare Finance: “Especially because recent CMS regulations are going to force electronic health record companies to share their data in a more reasonably accessible fashion,” Sim said. “Just the sheer amount of data that is being collected – the rise of alternative sources of data like remote patient monitoring and wearable devices – make it a very natural fit for using machine learning and AI methods in healthcare.”
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In a recent OrboNation Blog article, we covered the need for key fintech players — like banks and firms — to continue to invest in modernizing their processes and payment methods as “the need for automation has never been more pressing. Clients want quick, efficient solutions that enable them to do more with less. From lending decisions to payments risk management, only technology can provide the necessary support that businesses need.” One approach that banks and financial institutions are starting to pay attention to is Open Banking.
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With the third round of stimulus checks being distributed at the time of this article, there is a question many are pondering: Have we learned our lesson? Here’s where the numbers get really frightening: The Labor Department inspector general’s office is estimating that more than $63 billion has been paid out improperly through fraud or errors – roughly 10% of the total amount paid under coronavirus pandemic-related unemployment programs since March.
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In the pandemic era, with relief checks being mailed regularly, there is growing concern over the fact that these documents are being transported via fairly low-security boxes on street corners.
The Philadelphia Inquirer reports that fraudsters have begun to look upon mailboxes as buffet lines for scams: “The thieves have been stealing checks, forging signatures, and amassing personal information from the mail to commit identity theft, according to interviews with victims, Philadelphia police, and postal sources. Of the more than a dozen victims The Inquirer has interviewed, the total funds stolen over the last three months amounts to at least $100,000. Multiple individuals had more than $15,000 stolen. The speed and breadth at which the thieves are compromising the mail, and the lack of any physical damage to the structures, suggests they may have keys to the boxes, law enforcement and postal experts say.”
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An excellent article by Giri Rajaiah, Executive Leader and Vice President for Global Healthcare and Life Sciences at DISYS, takes a look at how automation is absolutely essential to any healthcare organization that wants to remain relevant in today’s — and tomorrow’s — healthcare ecosystem. The ongoing COVID-19 pandemic has brought the immense pressure the U.S. healthcare system is under into sharp focus. Recent dynamics are compounded by the industry’s efforts to adopt newer ways of working and digitizing patient records, while implementing automation throughout their business processes to increase overall efficiency and productivity.
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CEIC Data was founded in Hong Kong in 1992 by a team of expert economists and analysts, and today employs data analysts in multiple offices around the globe. They currently offer “exclusive access to unparalleled coverage of 200+ economies around the globe, helping analysts and economists make sense of the world economy.” From their website: First and foremost, our products are about people. Our relationships with primary sources in numerous countries around the globe mean that our clients have access to most detailed and credible data in the world…
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