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Overall banking fraud is climbing Account takeover fraud is now surpassed by authorized payments scams While check deposits are down, check fraud is up 33% NICE Actimize has gathered and published some in-depth research that clearly shows a precipitous rise in banking fraud, which is understandably a growing concern for Financial Institutions (FIs) and consumers…
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While thought of as “old school,” there are still advantages to using checks For many, checks still offer respite from carrying physical money At the same time, growing fraud makes caution necessary Alternative Payments offers a comprehensive look at the advantages and disadvantages to paying with checks, along with a bit of history and key…
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Many parts of the U.S. have been on the blunt end of some “interesting” weather of late. Whether it’s flooding rains, high winds, or excessive heat, it’s been important to be “weather aware.” Effective weather prediction — the kind that helps you postpone that camping trip when storms are ahead, or make sure the snowblower…
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Check fraud is on the increase and touching more and more depositors Over half of financial institutions report checks as the payment method most impacted by fraud Technology currently exists to combat the threat Detecting check fraud is — to say the least — complex. There are many variables that need to be considered, along…
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AI has emerged as a powerful protective tool for banks and their depositors Consumers are becoming more aware of AI services in other areas of their lives What was once a feature will soon be an expectation BizTech Magazine examines AI and the three primary ways banks are deploying this new tool. Consumers, too, are…
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Fraudsters use fake LLCs to perpetrate schemes Even careful consumers can be fooled Consortiums are vitally important to combat this type of tactic A few weeks ago, we talked about the ease with which fraudsters open LLCs in order add an additional layer of “realism” to their schemes. While setting up a fake business is…
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ATMS are more popular than ever Their popularity makes ATMs ripe targets for thieves Legislation has been introduced in the U.S. aimed at curtailing these thefts As reported by the American Banking Institute, ATMs — deposit and withdrawal devices that are more popular than ever — are becoming goldmines for thieves. ATMs have become lucrative…
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Robust consortium data set currently includes 2,500 institutions and 25,000 routing numbers Burlington, MA, June 11, 2024 – OrboGraph, a premier supplier of check processing automation and fraud detection software and services, announced the successful integration of Advanced Fraud Solutions TrueChecks® within its OrboAnywhere Sherlock 5.3 release as part of an open consortium strategy to…
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Open Banking is already popular worldwide The United States is late to adopt Open Banking Regulation is priority on to ensure consumer and bank safety After a late start, it looks like the United States is finally ready to adopt Open Banking. Open banking, a system that allows consumers to share their financial data with…
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Mr. Abagnale was an infamous fraudster before “going straight” The film Catch Me If You Can is based on his life As a fraud-prevention consultant, Mr. Abagnale warns that check fraud is now easier than ever Who better to give fraud-avoidance advise than a famous (infamous) ex-fraudster? Steve Hines of ThreatAdvice sat down with Frank…
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