Modernizing Omnichannel Check Fraud Detection

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 ...

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 ...

Download PDF Copy of the Newsletter Millions in IRS Refund Checks Stolen and Altered When you think about different types of checks, which do you believe is the most desirable to fraudsters? The answer is treasury checks. When a fraudster is able to steal a treasury check, they can simply alter ...

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, ...

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. ...

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 ...

Businesses present a big target for check fraudsters Some assume alternative payment methods may be the answer Checks are too widely used for alternative methods to take hold Fraudsters do not discriminate when it comes to who they victimize -- individuals, business, and even the US Treasury are targets. Unfortunately, ...

Refund checks from the IRS are being targeted by thieves Checks range from a few hundred dollars to $500,000 There are reports of "inside job" postal thefts as well When you think about different types of checks, which do you believe is the most desirable to fraudsters? The answer is ...

Check fraud continues to climb Fraudsters are finding their "job" easier and easier Practice Safe Checks aims to help banks educate their consumers The American Banker's Association announced via LinkedIn that, in recognition of Cybersecurity Awareness Month, they are launching Practice Safe Checks, a new campaign that equips banks with ...

As leaders in the banking industry, we are all too aware of the persistent threat that check fraud poses to our institutions and customers. It is a challenge that demands constant vigilance and a proactive approach to safeguard our clients' hard-earned money. At OrboGraph, we are committed to assisting financial ...

Community banks and credit unions are often portrayed as integral to a community or region. Typically, they differentiate themselves from the larger financial institutions by servicing their communities and building a strong relationships and ties within their region. However, could this also be perceived as a weakness that can be ...

In the ever-evolving landscape of banking, the threat of check fraud looms large, presenting a significant risk to the integrity of financial transactions. As leaders in the field, we understand that effective fraud risk assessment and check fraud detection are crucial for protecting both our institutions and our customers. Checks ...

mRDC has seen a 90% increase in suspicious activity from 2021 to 2023 Fidelity responds to their money "glitch" Investment firms need to follow in the footsteps of FIs Mobile RDC (mRDC) may be the most abused deposit channel for check fraud, with the Insikt Group reporting  a 90% increase ...

Download PDF Copy of the Newsletter Check Fraud Scenario Highlights Issues with "Breach of Warranty" This past week OrboGraph's own James Bi, Marketing Manager and Check Fraud Detection Specialist, was in attendance at the Wespay 2024 Payments Symposium. In addition to his presentation, Check Fraud in 2024: Are We Catching ...

The evolving sophistication of fraudsters poses a considerable challenge to banks, necessitating a reevaluation of our preventive strategies. To this end, OrboGraph recognizes the critical need for deploying advanced technological measures to combat this epidemic effectively. With our state-of-the-art solutions such as Behavioral/Transactional Analysis and Image Forensic AI, we stand ...