We are pleased to announce that the 2024 In-Person Check Fraud Roundtable, held on May 14-15, 2024, at the Hilton Tampa Downtown, was a resounding success!
The roundtable featured highly engaging discussions on the best and worst cases in check fraud, alongside in-depth analysis of market activity, including SARs. Attendees also explored the new capabilities of Version 5.3, mapping them to specific fraud use cases and optimizing detection capabilities.
Highlights from the Roundtable
- Suspicious Activity Report (SAR) Analysis: While mainstream media reported on 680,000 check-related SARs reports in 2022, a detailed analysis shows that “Check Payments”-related fraud SARs was 797,794 in 2022, a 7.6% increase to 863,174 in 2023. It is estimated that only 1 in 4 check fraud cases are reported.
- Deposit Fraud: The complexities of deposit fraud makes it challenging for financial institutions. Attendees noted that about 80% of deposit fraud occurs from new accounts. In their 2024 Deposit Fraud Trends Report, Advanced Fraud Solutions notes that there was over 1,000,000 cases of deposit fraud in the first half of 2023. Additionally, the BAI Executive Report: Safeguarding against fraud reports that there was a 33% increase in deposit fraud in 2023.
- Achieving 95% Detection Rate: Financial institutions are looking to achieve the goal of 95% detection rate. In order to achieve the goal -- and possibly exceed it to 98%, FIs must blend multiple technologies including transactional, image-based, business rules, and consortium data.
- Open vs Closed Consortium: Attendees discussed the pros and cons of both open (where FIs, services bureaus, and other companies are involved) and closed (where only certain FIs participate) consortiums. The majority of attendees (over 85%) believed that open consortiums is more advantageous for check fraud detection as they provide a broader range of checks and data.
- OrboGraph Product Roadmap: OrboGraph detailed new features in OrboAnywhere Sherlock 5.3, including the new Business Rules Engine and Consortium Connector #1 for deposit fraud. Additionally, OrboGraph announced the upcoming release of OrboAnywhere Turbo 6.0 in H3 of 2024.
Please email marketing@orbograph.com to access the PPTs from the roundtable.
For your convenience, the agenda of the roundtable is provided below for reference. Thank you to all who attended and contributed to the success of this year's roundtable!
Roundtable Agenda
Tuesday, May 14, 2024
2:00 PM - 2:45 PM
Welcome to the OrboGraph Check Fraud Roundtable
2:45 PM - 3:45 PM
Fraud Market Update: 2023 & 2024 Check Fraud Trends
3:45 - 4:00 PM
Break
4:00 PM - 5:30 PM
On-us Fraud Roundtable Discussion
6:30 - 9:00 PM
Dinner and Networking
Wednesday, May 15, 2024
7:00 AM - 8:00 AM
Breakfast and Networking
8:00 AM - 8:45 AM
How to Use the New Profile Editor & Rules Engine for Fraud Tuning
8:45 AM - 9:00 AM
Recap and Additional On-us Fraud Wrap-up
9:00 - 9:15 AM
New ECCHO Rule 9 Changes: What Will be the Impact?
9:15AM - 9:30 AM
Break
9:30 - 10:30 AM
Deposit Fraud Roundtable Discussion
10:30 - 10:45 AM
Break
10:45 - 11:45 AM
Sherlock 5.3: Deposit Fraud Functionality
11:45 AM - 12:00 PM
11:45 AM - 12:45 PM
OrboGraph Inter-Bank consortium collaboration planning and actions
Working Lunch
12:45 - 1:00 PM
Closing Remarks
OrboGraph Innovation Conference
In addition to the Check Fraud Roundtable, we will be hosting our first ever OrboGraph Innovation Conference -- focusing on OrboGraph technology updates, roadmap, and in-depth sessions on integration and deployment of our technology.
The OrboGraph Innovation Conference is free for all Check Fraud Roundtable attendees and an excellent way to learn more about OrboGraph's technology. To participate, please select the OrboGraph Innovation Conference check boxes on the registration form.
