Modernizing Omnichannel Check Fraud Detection

Check fraud is discussed on The Payments Podium Some of the "specialized skills" need for check fraud are identified Many financial institutions struggle with rules and regulations that determine liability As has been made clear in this space many times previously, even in today's increasingly digital world checks remain a ...

In spite of its effectiveness, Positive Pay is not yet adopted universally Adoption of Positive Pay is expected to increase over the next two years Positive Pay is an essential tool for check fraud detection, but cannot detect the majority of check fraud alone Positive Pay is an essential tool ...

Download PDF Copy of the Newsletter Check Payments Most Often Subjected to Fraud According to New 2025 AFP® Payments Fraud and Control Survey Earlier this week, AFP released the results of their "2025 AFP® Payments Fraud and Control Survey". This report is an important tool for FIs and the banking ...

Are consumers impressed with anti-fraud protections? A high percentage of customers are pleased with their banks Consumers reported losing more than $12.5 billion to fraud in 2024 One facet of fraud that gets overlooked is the consumer satisfaction factor. Anytime fraud is not detected, there is a victim -- whether ...

AFP released their 2025 AFP® Payments Fraud and Control Survey. Reported fraud was a single percentage point down from 2023 FIs have invested more into fraud technologies, but there is still more work to be done Earlier this week, AFP released the results of their 2025 AFP® Payments Fraud and Control Survey. ...

Fraud is set to become even more challenging Advanced tech allows fraudsters to "flood the zone" Fraud prevention must be viewed as an investment, not just a cost center The fraud landscape is set to become even more challenging for banks and credit unions in 2025, according to Jim Houlihan, ...

143 arrow keys were reported missing from Sacramento post offices Mail theft and robberies are becoming a major issue USPS efforts to improve security seem ineffective Last year, we examined a USPS audit where, out of 84 postal facilities inspected, 76 facilities across 25 states and the District of Columbia ...

Checks and debit cards are leading fraud tools Checks, payee forgery & check washing led the pack in fraud Leveraging multi-technologies to address check fraud is key Earlier this month, the Federal Reserve published its findings from the Annual Federal Reserve Financial Services (FRFS) Financial Institution Risk Officer Survey (2024). ...

The elderly are most vulnerable to fraud Even family members and caregivers attempt fraud Older consumers are the biggest users of checks, making them a target What makes the elderly our most vulnerable population when it comes to fraud? Is it because they are the least technologically savvy? Are they ...

Reverse Positive Pay adds fraud protection but may burden customers Banks should offer, not require, Reverse Positive Pay Reverse Positive Pay alone is not enough - banks need multi-layered fraud detection as well Over the past few months, we've explored the efficacy of Positive Pay systems, noting that "77% of ...

Download PDF Copy of the Newsletter Check Fraud SARs Rise in 2024 to Near 2022 Record-Setting High According to a recent report from the Thomson Reuters Institute, the total number of Suspicious Activity Reports (SARs) filed by U.S. financial institutions in 2024 declined slightly from the record-setting numbers seen in 2023 ...

Digital payments are on the rise Criminal scammers embrace technology More and more financial institutions are turning to AI-powered fraud detection For financial institutions, the battle between utilizing the current legacy fraud systems vs. investing in modern fraud systems -- typically powered by AI -- continues to put pressure on ...

Fraud continues to rise, and tools need to keep up Better fraud detection requires a layered approach Multi-layered tech allows informed decisions on each item We've stated many times that there is no single solution that can detect the majority of check fraud. Well, in a recent Jack Henry Fintalk, ...

Fraud is rampant, but preventable AI technology is being deployed by fraudsters Fighting fraud will require AI tools There's no question about it: modern fraud detection systems -- including check fraud detection -- require the utilization of artificial intelligence to keep up with fraudsters. Why, you may ask? Because AI ...

The USPS announces elevated efforts to prevent mail theft Postmaster General Louis DeJoy, meanwhile, has announced his resignation USPS efforts will likely fall short, as they face a formidable opponent Over the past few months, we've seen a concerted effort by the USPS and the US Government to make drastic ...