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Use of AI and machine learning expected to escalate against fraud A majority of organizations plan to increase their anti-fraud tech budgets The pandemic has certainly been a factor The Association of Certified Fraud Examiners and SAS released their Anti-Fraud Technology Benchmarking Report 2022 — a report exploring how organizations are using anti-fraud technologies and which ones…
In case you missed it, over the past month, we have published incredible content on our OrboNation Blog and Modernizing Omnichannel Check Fraud Detection. Review the latest OrboNation Newsletter online or via PDF download.
Recent aggressive interest rate increases by the Federal Reserve, as well as geo-political uncertainties, have combined to create an environment wherein banks will be in high competition to not only gain new customers, but also retain customers — and, more importantly, their deposits. As we are all aware, deposits are crucial for banks in generating…
Check fraud is rising Remote deposits are more popular and create more fraud opportunities Tools are available to effectively fight check fraud The PaymentsJournal Podcast invited guests Bev Nichols, Product Director of Deposit Solutions at Fiserv, and Sarah Grotta, Director of Debit and Alternative Products Advisory Service at Mercator Advisory Group, to discuss the state of check…
It’s no secret that bank consumers are not fans of overdraft fees. A number of big banks eliminated overdraft and/or non-sufficient funds (NSF) fees in 2021-22, responding to governmental pressure and competition from neobanks. While this might be welcome news to the consumer, The Financial Brand reports that smaller community banks and credit unions face…
A “holistic approach” is best in combating fraud Digital financial products are an easier target Checks, while less targeted, are still in the crosshairs of fraudsters In their latest “Digital Fraud Tracker” feature, PYMNTS talked with Seth Ruden, senior director of fraud operations for First Tech Federal Credit Union. In his analysis of fraud prevention,…
Chris Clausen, executive director of digital payment solutions for Deluxe Corporation, points out via an article at bai.org that, though almost all B2B checks begin and end as data, there remains a “messy middle” consisting of conversions from electronic to paper and back to electronic. That creates both time and monetary costs: on average, check…
55 money laundering fines issued in 2021 totaling approximately $1.6 billion in value Contextual Risk Management is a holistic approach Now is the time to begin implementation In a recent article from Compliance Week, Editor in Chief Kyle Brasseur reviews the AML fines levied to to banks in 2021. According to the Kroll’s Global Enforcement…
In a recent PaymentsJournal Podcast, guest speaker Chuck Doherty, Fiserv’s Director of Client Relations for Deposit Solutions, and Sarah Grotta, Director of Debit and Alternative Products Advisory Service at Mercator Advisory Group, discussed the growth in adoption of mobile deposits. Click the images above to enlarge. The podcast provided data points on customer behaviors and the need…
There are many types of commercial payments fraud hitting organizations Checks are leading the pack Check fraud incidents have declined by 8% since 2019 The new episode of Truth In Data from PaymentsJournal features information on the types of commercial payments fraud that are afflicting organizations — and they find that, while declining, checks are…