Image Analysis for Check Fraud Detection

A new AI “superhero” has been introduced Claude.AI is a new analysis tool being called a “game changer” This innovation represents a new partner in effectively preventing fraud For nearly a decade, we’ve heard about the potential of artificial intelligence for the bank industry and how it is a “game-changer.” For checks processing and fraud…

Even as digital payments gain popularity, paper checks remain prevalent Businesses and customers alike still regularly use checks Fraudsters exploit the anonymity of depositing checks through ATMs or mobile devices, which adds complexity to tracking We have previously noted that the rise in check fraud can be traced back to the deployment of EMV chips…

  New malware designed for Android phone users Fakecall software redirects calls to scammers Download apps only from official stores — do not allow installations from unknown sources During the pandemic, we saw a shift of banking customers — who, at the time, could not or would not go to their local branch — utilizing…

Fraud continues to rise Fraudsters are now utilizing AI to strengthen scams The battle between AI-powered fraud and AI-powered fraud detection is only just beginning Recently, OrboGraph’s Marketing Manager and Fraud Detection Specialist, James Bi, had an interesting conversation with an industry expert on mRDC and Check Fraud. The expert noted that “Fraudsters are one…

The rise of new payment methods has not eliminated check usage Checks present a security risk to both consumers and financial institutions Are check payments more secure than digital payments? Over the past several months, it’s been suggested by industry experts and technology vendors that the “checks are dead” sentiment has lead to the surge…

Telegram is a bountiful resource for check scammers 20,000 checks were catalogued, sourced from nearly 2,000 different US banks and credit unions Government checks make up 22.6% of the total In order to commit check fraud, the first step for a fraudster is simple: obtaining a legitimate check. Sure, a fraudster can purchase blank check…

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.

A new guide to prevent check fraud is available for businesses Fraudsters prefer business checks Anti-check fraud measures are available and effective Valley Commercial Bank announced via LinkedIn that they’ve released a concise guide to protecting businesses from check fraud called Safeguarding Your Business with Check Fraud Prevention. Commercial checks, as we know, are worth…

Even as check usage declines, check fraud continues to rise There is a sizable demographic that still prefers checks Proactive customer communication and linking fraud/AML systems help banks reduce check fraud losses and turn fraud prevention into a competitive advantage The complexity of check fraud creates difficult challenges for banks. From the methods to the…

Balancing fraud prevention and customer experience is becoming very difficult Some large banks are responding by reducing mobile deposit limits and adding longer holds Consumers now expect fast, seamless banking and will likely not tolerate delays and limits Mobile Remote Deposit Capture (mRDC) has been around for decades. It is the most convenient method for…