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Check out our reservoir of information related to check recognition and healthcare payment technologies. We frequently update this section with the latest news, trends, and analysis of the banking and healthcare industries.

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Platform Modernization

Both the financial and healthcare industries are undergoing modernization initiatives in check payments and remittance.  See how OrboGraph is using AI, self-learning and deep learning models to drive innovation in these industries to deliver workflow automation.

Platform Modernization

Modernizing payments in the banking and healthcare industries

AI, Self Learning & Deep Learning Technologies

Optimized AI and deep learning models for the automation of check processing and healthcare posting

Operationalizing AI & Self Learning in Checks

Revolutionizing check processing and fraud prevention for the banking industry

Delivering Healthcare Payment Electronification

Increased accuracy levels, decreased error rate for healthcare payments posting

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OrboAccess automates remittance and payment posting as well as enables full research and business intelligence analysis for RCM companies, clearinghouses, billers, and providers.

Access EOB Conversion

Delivers EOB/EOP electronification with information intelligence via AI and deep learning technologies

Access Correspondence Letters

Extracts posting data and tracks reimbursement progress via workflow management

Access Payment Reconciliation

Streamlines the reconciliation process of ERA, ACH, EOB and checks

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Automates patient payments for posting

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Spotlights trends in denials to reduce receivables via prevention

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Scalable, reliable, flexible cloud-based hosted data center on Amazon Web Services (AWS)

Modernizing RCM with AI

An informative resource to assist RCM companies in understanding how to solve today's problems with the help of AI.

Check Processing

OrboAnywhere automates paper originated payments (i.e. checks, money orders, drafts) and remittances for balancing and posting while reducing risk and losses in the areas of check fraud, payment negotiability and compliance.

Anywhere Fraud

Transaction and image analysis for on-us and deposit fraud detection of counterfeits, forgeries, and alterations.

Anywhere Recognition

Divergent multi-engine CAR/LAR, ICR, OCR & AI check recognition for the Omnichannel

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Validate payment negotiability of paper originated items

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Match, read, and validate payees for risk and operational workflows

Anywhere Positive Pay

Payee name verification of business checks using issue files

Anywhere Compliance

Mitigate risk in check payments for OFAC, BSA/AML, UCC, Reg CC, and KYC

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Based on the Accura XV platform

Modernizing Omnichannel Check Fraud Detection

An informative blog series exploring payments fraud and image technologies used to fight financial crimes.

  • Cheques are spelled differently in Europe, but enjoy the same popularity in many areas
  • Cheque fraud has grown by leaps and bounds in recent years
  • The answer for "cheques" is the same as it is for "checks"

Source: hsbc.uk

 

It is important to understand that while check fraud is a significant problem in the US, similar trends are occurring in Europe as well. In Europe, there was a shared view of paper checks as a payment vehicle on the road to the junkyard years ago -- only to find out that it remains a popular payment method in many countries, no matter how you spell it.

Understanding the Cheque Fraud Landscape in Europe

NICE Actimize reports that, despite decreases in cheque (yes, we're going to go that way for this installment) transactions in recent years, there are significant increases in cheque fraud across the UK.

In the UK, from a very low base, a rise from £20.6 million in 2018 (£3.3 million in H1 2018) to £53.6 million in 2019, a 161 percent increase. In the U.S., losses increased from $789 million in 2016 to $1.3 billion in 2018. In France, losses have increased to 450 million Euros in 2018, a 53 percent increase

According to UK Finance, the most recent UK figures make interesting reading with significant increases across cheque fraud types:

• Counterfeits are up 159 percent to £41.3 million
• Forgery is up 88 percent to £6.4 million
• Fraudulently altered cheques are up 379 percent to £5.9 million.

Fraud Types in Europe Eerily Similar To US

The types of cheque fraud in Europe are not unlike what is occurring here in the US. NICE Actimize identifies five primary types of fraud:

  • Counterfeits is where the whole cheque is fake
  • Altered and forged cheques
  • Uncleareds fraud or cheque kiting
  • Conversion
  • Scams against consumers (when, for instance, the consumer needs to return some of the funds sent by the scammer by cheque, usually via wire transfer)

And the similarities do not stop there...

Reasoning Behind the Increase in Cheque Fraud

NICE Actimize reports that, as of ten years ago in the UK, cheque fraud had dipped so low that cheque losses for a year were equal to three days’ worth of card-not-present (CNP) fraud! While the losses were not as low in the US, the industry saw a similar occurrence.

That soon changed, however:

With the introduction of image clearing, remote deposit capture and faster clearing speeds, we are seeing the fraudsters coming back to attack these changes, hunting for weaknesses and unfortunately often finding them. In the UK, banks no longer have the actual cheque, which can make spotting counterfeits even harder.

It doesn’t help that many customers’ have the perception that cheques are safer than online and mobile banking. Don’t forget that a cheque you share and send unsecured in the post includes your account details, name and a copy of your handwriting and signature.

Banks invested in new technologies to introduce new deposit channels and increase customer satisfaction by decreasing the turnaround time for funds availability to their customers. In doing so, fraudsters migrated back to cheques to identify and exploit the weaknesses and commit fraud.

Sound familiar?

Solving the Cheque Fraud Problem with Technology

Not unlike banks in the US, European banks need to invest in technologies to detect fraud attempts before fraudsters are able to access the funds. NICE Actimize notes that FIs tend to either do cheque image analysis to identify frauds on the cheque itself, or they will undertake some sort of transaction analysis looking for fraud. The key is to combine these techniques and also employ Artificial Intelligence to mine a richer data set of customer behavior.


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