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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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HELOC records are being used for check fraud The ICBA has been prompted to issue a warning Machine learning and AI detection mechanisms are effective defensive tools Many individuals within the banking sector and home owners are familiar with a “Home Equity Line of Credit” or “HELOC” — a type of second mortgage that allows…
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Check fraud is emerging as a huge problem Many vendors are bringing back older technologies to fight fraud “…They’re blowing the dust off their 20- and 30-year old pieces of software and coming back out and saying, ‘I’ve got some check fraud solutions!’” Scott Anchin, VP, operational risk and payments policy at ICBA, and David…
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A recent CrowdStrike outage impacted an array of businesses and individuals Airline travelers found themselves significantly inconvenienced Financial institutions were not immune from impact A few weeks ago, the world was disrupted by the CrowdStrike outage — with air travel, healthcare, and even the financial industry feeling the impact. Almost everyone knows someone who was…
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We’ve discussed previously the fact that fraudsters, like most insular groups, have their own lingo. Eric Huber, TD Bank Cybercrime Research & Analysis Leader and curator of Fraudsterglossary.com, discusses the dreaded Stimmy, or Stim — a term used by fraudsters for any sort of check issued by the US Treasury regardless of the program. There…
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Deepfake Technology has become a more and more formidable threat Advances in fake image generation tech – and easy availability – has become problematic Biometric scanning as part of multi-factor authentication may be the answer Rembrandt AI, purveyor of state-of-the-art real-time analytics, takes a look at the rising threat of deepfake technology in the financial…
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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.
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The world is becoming “more and more plastic” In the current market, small credit card issuers face an uphill battle Partnerships and collaborations are effective strategies PaymentsJournal addresses the challenges smaller banks face in a financial environment that has become more and more “plastic” — that is, reliant upon credit and debit cards. Credit cards…
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