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The elderly are becoming favored targets of fraudsters An FBI report reveals “astonishing” numbers International scammers are now prevalent Unfortunately — and not unexpectedly — fraudsters are taking aim at older Americans. As CBS News reports, “Elder Fraud” is becoming more and more popular. According to the FBI, older Americans were targeted more frequently last…
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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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Neobanks are gaining popularity Certain accounts are not FDIC-insured Bank consumers are being transferred into vulnerable accounts without notice The American Prospect features a rather alarming story illustrating the higher risk faced by neobanks as compared to conventional financial institutions, and the dangers for FIs partnering with unstable companies. One example: because so much fintech…
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Tech Against Scams is a new anti-fraud consortium Escalating fraud leads to needed coordination among social media, dating apps, financial institutions, and crypto firms About a third of Big Tech and FinTech firms have experienced fraud in recent months PYMNTS.COM reports on Tech Against Scams is a newly announced anti-fraud consortium that includes crypto companies…
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A growing number of FIs deploy machine learning and AI to fight back against fraud Steep declines in fraud are noted However, less success is noted in preventing charitable-donation and fake debt-collection scams According to PYMNTS Intelligence’s “Leveraging AI and ML to Thwart Scammers,” a report created in collaboration with Hawk, a growing number of financial institutions (FIs) are…
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Recently, OrboGraph hosted its fifth — second “in-person” — Check Fraud Roundtable session and first-ever Innovation Conference at the Hilton Tampa Downtown. Needless to say, it was a huge success. These two distinct meetings brought together check fraud professionals from financial institutions and representatives from leading fraud solution providers and service bureaus. The conferences addressed…
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Highlights Include Check Fraud Trends, SARs Analysis, OrboAnywhere Sherlock 5.3, and Deposit Fraud Burlington, MA, May 23, 2024 – OrboGraph, a premier supplier of check processing automation and fraud detection software and services, reports successful Check Fraud Roundtable and Innovation Conferences on May 14-16, 2024, at the Hilton Tampa Downtown. These two distinct meetings brought…
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Fraudsters have graduated beyond mere check washing An LLC “business” can be inexpensively opened and used for fraud Transactional analytics and image forensic AI systems are crucial to meet this challenge We all are aware of check washing/alterations and how effective this method is for stealing funds. However, the success rate is not guaranteed, particularly…
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Mail theft is a growing threat Thieves are usually looking for checks to copy “Inside jobs” by postal service employees raise the stakes We have in past posts related some pretty alarming tales of postal theft and efforts to stop it. Now there’s news of an elaborate and ongoing “inside job” series of postal thefts in…
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An Illinois Mayor is accused of forging checks with the village Clerk’s stamp The Mayor is also accused of wrongful termination of employees who refused political work The FBI has been brought in to investigate Unfortunately, politics and corruption seem to go hand-in-hand. The US is ranked number 24 out of 180 nations in terms…
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