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Resources

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.

Reg CC

Compilation of resources to help you navigate Reg CC

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.

Healthcare Payments

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

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.

Modernizing Omnichannel Check Fraud Detection

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

FTC Reports Reveals the Fraud Battleground

  • The FTC refunded $232 million to fraud victims in 2019

  • Check Fraud leads the pack

  • Can you guess which state is the fraud leader per capita?

The Federal Trade Commission released a report indicating that their actions led to more than $232 million in refunds to consumers across the country in 2019.

During 2019, more than 1.9 million consumers cashed FTC checks received as a result of law enforcement cases. When consumers don’t cash their refund checks, the FTC uses that money to send additional mailings to ensure the maximum amount of money is returned to consumers. Any remaining refund money is sent to the U.S. Treasury.

Data and Measurements

The FTC offers outstanding resources for a wide array of interactive reports at their Tableau Public landing page, Data and Visualizations page, and Datasets page.

Additionally, fraud in all of its varied forms continues to climb, as pointed out by Alogent:

The Federal Trade Commission (FTC) reported this month that check fraud reports have risen 65% since 2015, and the typical loss is about $2,000 – much higher than losses from other fraud types. In the same report, the FTC revealed that their fraud network received more than 27,000 reports of check scams, with losses of more than $28 million.

Alogent also pointed out that the check trend carried over to the latest 2019 ABA Deposit Account Fraud Survey Report:

Based on the information that the participants in the survey reported, fraud against deposit accounts amounted to $25.1 billion in 2018, up from $19.1 billion in 2016. This amount includes $2.8 billion in losses to the industry and $22.3 billion in fraud prevention, i.e., fraudulent transactions that were stopped by the financial institution’s prevention measures. The breakdown of the losses, by channel, are bulleted and depicted in Figure 1 and Figure 2 below.

Illustrations: Alogent

• Check fraud accounted for 47% or $1.3 billion of industry deposit account fraud losses

• Debit card losses amounted to 44% or $1.2 billion

• The remaining 9% or $265 million of losses were attributable to electronic bank transactions, including billpay, P2P transfers, wire, and ACH transactions

Leading check fraud categories, according to the report, were counterfeit checks, forged signatures, and return deposited items (RDIs). Remote deposit capture (RDC) accounted for 30% of the check fraud losses (consumer and business RDC combined).

The Fraud Leader

Are you surprised that Nevada, home of Sin City, is reg­is­tered the high­est per capita in­ci­dence of re­ported fraud of any state in 2019? It's a small state, but data com­piled by the Fed­eral Trade Com­mis­sion from con­sumer com­plaints put the me­dian dol­lar loss from fraud in Ne­vada at $395, sec­ond only to Hawaii by $4.

The Las Vegas Journal Review reported that iden­tity theft was the top cat­e­gory, with nearly 4 in 10 iden­tity theft cases in­volving credit card fraud. Im­pos­tor scams came in second af­ter iden­tity theft -- about one-quar­ter of all com­plaints. These scams in­clude peo­ple pos­ing as needy rel­a­tives of the el­derly, small-busi­ness own­ers who re­ceive sup­plies they never or­dered, or job-seek­ing mil­i­tary vets lured into buy­ing work equip­ment in em­ploy­ment scams. Very often a very legitimate-looking check will be sent to the "mark" for deposit, and, after a request to return an "overage" or buy gift cards using a portion of the proceeds, the check bounces and the victim is left liable.

It is critical for banks to keep up-to-date with the fraud trends, data, and resources available to them in order to incorporate new strategies and technologies to better protect themselves and their customers. We are determined to keep our readers informed through our articles in the Modernizing Omnichannel Check Fraud Detection Blog and provide invaluable resources like the Fraud Perpetrator Profile Summary to better educate the market.

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